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Financial News: Bulgaria GDP Expands At Slower Pace; Inflation Eases

Bulgaria GDP Expands At Slower Pace; Inflation Eases Slightly

11/15/2022 - 09:25:00 (RTTNews)

(RTTNews) - Bulgaria's economy expanded at a slower pace in the three months ended September, while consumer price inflation eased marginally in October, separate reports from the statistical office showed on Tuesday.

Gross domestic product advanced a seasonally adjusted 3.2 percent year-on-year in the September quarter, following a 4.2 percent expansion in the three months to June.

On the expenditure breakdown, final consumption increased 3.0 percent annually in the September quarter, while gross capital formation decreased 8.4 percent. Both exports and imports grew by 7.8 percent and 5.3 percent, respectively.

On a quarterly basis, GDP growth moderated slightly to 0.6 percent in the third quarter from 0.7 percent in the preceding three-month period.

Separately, the statistical office revealed that consumer price inflation eased to 17.6 percent in October from 18.7 percent in September, which was reportedly the highest since May 1998.

Prices for food and non-alcoholic beverages grew the most by 26.3 percent annually in October, closely followed by a 24.2 percent surge in utility costs.

Transport charges were 15.1 percent more expensive compared to last year, and those for restaurants and hotels grew 20.7 percent.

On a monthly basis, consumer prices increased 0.9 percent from September, when they climbed by 1.2 percent.

EU harmonized inflation also moderated somewhat to 14.8 percent in October from 15.6 percent in the prior month.

Month-on-month, the harmonized index of consumer prices, or HICP, moved up 0.6 percent in October versus 0.7 percent in September.

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