Ministry of Finance reports slowdown in economy due to the pandemic

In its monthly economic review, Bulgaria’s Ministry of Finance .reported a slight slowdown in economic growth due to the coronavirus pandemic and a double-digit collapse in industry and trade.

In the first three months of the year, the Gross Domestic Product increased by 1.2% on an annual basis with a growth of 2.9% in the last three months of 2019. The slowdown is due to reduced domestic demand.

In the short-term macroeconomic indicators, due to the pandemic and emergency measures, industrial production decreased by 15.7% compared to April 2019, and trade decreased by 20%.

The number of employed decreased by 1.3% to just over 3 million and 390 thousand people. The largest decline in employment is in the agricultural sector, industry and trade. A slight increase in business attitudes began in May, according to the Ministry of Finance, but the business situation is still characterized as "unfavourable".