Economy with annual growth of 3.6%
Consumption and exports of goods and services drive the increase
8 September, 2017
According to the seasonally adjusted preliminary data of the National Statistical Institute (NSI) released on Tuesday, Bulgaria’s economy grew 3.6% on annual basis in the second quarter of 2017, with the gross domestic product (GDP) amounting to BGN 24.1bn at current prices.
This is the highest growth rate that the country’s economy has recorded since the second quarter of 2016. In comparison, the previous quarter’s figures showed a growth rate of 3.5%.
In euro terms, GDP is €12.3bn for the second quarter of this year, or €1.741 per capita.
The total value of goods and services produced was up 1% compared with the first quarter of 2017, while the initial assessment was for 0.9% of growth, a repeat of the previous period’s result.
The economic growth was largely driven by consumption and exports of goods and services. The figures released on 5 September show that final consumption increased by 4.2%. Exports of goods and services increased by 6.5%, while imports of goods and services increased by 7.7%.
According to the seasonally adjusted data, the relative share of value added from service activities increased to 66.4% compared to 66% in the corresponding period of the previous year.
In the second quarter of 2017 the share of the agricultural sector in the gross value added of the economy inched upwards by 0.2 percentage points year-on-year to 4.1%. The share of the industrial sector in the gross value added of the economy decreased by 0.6 percentage points to 29.5%.
In the second quarter of 2017 the final consumption expenditure formed 75.4% of GDP, while investments formed 21.3% of GDP. The external balance (exports-imports) was positive, show NSI data.
For the April-June period of 2017 the gross value added increased by 3.7% compared to the same quarter of the previous year. The indicator's movement was helped by a 4% increase recorded in the category “wholesale and retail trade; repair of motor vehicles and motorcycles; transportation and storage; accommodation and food service activities.” Mining and quarrying; manufacturing; electricity, gas, steam and air conditioning supply; water supply, waste management and remediation activities increased by 3.1%. Real estate activities grew 3%.