Gross Domestic Product

Romania's economy shrank by 12.3 percent in the second quarter of this year compared to the first quarter, according to data released on Friday by the National Institute of Statistics. Compared to Q2 2019, the Gross Domestic Product fell 10.5 percent both in gross and seasonally adjusted terms.

Bulgaria will increase defence spending in line with decisions of the recent NATO summit in Wales to address global challenges, President Rosen Plevneliev said on Friday.

"The crisis in Ukraine returned us to harsh reality," Plevneliev said at a defence industry forum in Sofia attended by senior NATO officials and representatives of Bulgarian military plants and research institutes.