Bulgaria’s economy registered a modest growth of 1.8% last year, preliminary data from the National Institute of Statistics (NSI) show, a significant slowdown compared to the 3.9% advance in 2022, Novinite reports.

In 2023, the nominal value of Bulgaria’s GDP was BGN 183.74 billion (approximately EUR 93.95 billion), and GDP per capita stood at BGN 28,516 (EUR 14,580). Gross added value reached 161.19 billion leva last year, an increase of 0.8% compared to 2022, according to NSI data. In 2023, the share of the agricultural sector in total gross value added fell to 3.5%, while the contribution of industry rose to 28.9% and that of the services sector reached 67.6%, from 67% in 2022 , according to Agerpres.

In the fourth quarter of 2023, Bulgaria’s economy grew by 0.5% compared to the previous three months, and by 1.6% compared to the same period in 2022. Exports rose by 1.4% compared to the previous three months but decreased by 1.9% compared to the similar period of 2022, while imports registered an advance of 4.1% compared to the previous three months and a decline of 4.4% compared to the similar period of 2022.

Bulgaria hopes to join the euro zone in 2025.

Analysts believe that joining the euro zone would help Bulgaria, the European Union’s poorest member state, attract more foreign investment and get a better sovereign rating, which would reduce its debt financing costs. The neighboring country decided a long time ago to peg its national currency to the euro.