site.btaBulgaria's GDP Grows by 2.3% in First Quarter Y/Y

Bulgaria's GDP Grows by 2.3% in First Quarter Y/Y
Bulgaria's GDP Grows by 2.3% in First Quarter Y/Y
NSI Table

In the first quarter of 2023, gross domestic product (GDP) grew by 2.3% compared to the first quarter of 2022 and by 0.5% compared to the fourth quarter of 2022, according to seasonally adjusted data from the National Statistical Institute (NSI). In the fourth quarter of 2022, GDP increased by 2.3%, and gross value added increased by 2.8%, compared to the fourth quarter of 2021, a report in the NSI shows.

In the first quarter of 2023, the generated GDP amounted to BGN 39,970 million at current prices according to preliminary data, BGN 6,201 per capita. At an average exchange rate for the quarter of BGN 1.822536 per USD, GDP amounted to USD 21,931 million and USD 3,402 per capita. Converted into euros, the GDP was EUR 20,436 million, with 3,171 euros per capita. The gross added value (GVA) created by the branches of the national economy in the first quarter of 2023 amounted to BGN 34,878 million at current prices.

In the first quarter of 2023, the relative share of the agricultural sector in the added value of the economy was 2.5%, which was an increase of 0.2 percentage points compared to the first quarter of 2022. The industrial sector decreased its relative share in the added value of the economy by 0.6 percentage points to 34.4%. The relative share of added value realized by the service sector increased to 63.1% in the first quarter of 2023, compared to 62.7% in the first quarter of 2022.

The increase in Gross Value Added (VAT) was determined by the growth in the following economic activities: Construction - 7.0%, Wholesale and retail trade; repair of motor vehicles and motorcycles; transportation and storage; accommodation and food service activities - 5.9%, Information and communication - 3.2%, Real estate activities - 3.2%, Public administration and defence; compulsory social security; education; human health and social work activities - 1.6%, Financial and insurance activities - 1.1%, Agriculture, forestry and fishing - 1.1%, Mining and quarrying; manufacturing; electricity, gas, steam and air conditioning supply; water supply, waste management and remediation activities - 0.1%.

Regarding the expenditure components of GDP, contributors to the registered positive economic growth are the Final consumption, with a growth of 2.1% and gross fixed capital formation - 1.8%. According to the seasonally adjusted data, in the first quarter of 2023, exports of goods and services increased by 2.3%, while theimports of goods and services decreased by 2.3% compared to the first quarter of 2022, reads the report.

NSI data shows that the impact on the recorded economic growth in the last quarter of last year was final consumption with an increase of 5.8% and gross fixed capital formation - by 1.1%. In the fourth quarter of 2022, exports of goods and services increased by 9% and imports of goods and services increased by 9.3%, compared to the fourth quarter of 2021 on a seasonally adjusted basis.

In mid-February, according to the seasonally adjusted NSI data, in the fourth quarter of 2022, GDP recorded a growth of 2.1% compared to the fourth quarter of the previous year and by 0.5% compared to the third quarter of 2022 .

In the third quarter of 2022, GDP grew by 3.3% compared to the third quarter of 2021 and by 0.6% compared to the second quarter of 2022 on a seasonally adjusted basis, showed data published by the NSI in mid-December.

According to preliminary seasonally NSI adjusted data released at the beginning of September, in the second quarter of 2022 Bulgaria's GDP grew by 4% compared to the second quarter of 2021.

In the first quarter of 2022, seasonally adjusted GDP data showed a growth of 4% compared to the corresponding quarter of the previous year.

/DT/

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By 10:00 on 27.02.2024 Today`s news

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