Bulgaria's Economy Expands by 0.5% in Q1 2012 Y/Y

According to the seasonally adjusted data, in the first quarter of 2012 the Gross Value Added of the total economy decreased by 0.4%, compared to fourth quarter of the previous year. File photo

The Gross Domestic Product, GDP, in Bulgaria in the first quarter of 2011 increased by 0.5%, compared with the same quarter of the previous year.

GDP remains at the same level compared to the fourth quarter of 2011.

These flash estimates were released Tuesday by the Bulgarian National Statistics Institute, NSI.

According to the flash GDP estimates for the first quarter of 2012, the GDP at current prices amounted to BGN 15 661 M.

Bulgaria's Gross Value Added, GVA, at current prices amounted to BGN 13 358 M. The services sector have the largest share (63.7%) in the total value added, followed by industrial sector (32.3%). The agricultural sector constitutes 4% of the value added in the total economy.

In the structure of GDP by the expenditure approach, final consumption (86.9%), which in nominal terms amounted to BGN 13 612 M, has largest share in GDP. In the first quarter of 2012 the Gross Fixed Capital Formation is BGN 3 346 M and has a share of 21.4% in GDP. The external balance (exports minus imports) was negative.

According to the seasonally adjusted data, the GDP growth rate in the first quarter of 2012 remains at the same level compared with the previous quarter

According to the seasonally adjusted data, in the first quarter of 2012 the Gross Value Added of the total economy decreased by 0.4%, compared to fourth quarter of the previous year.

The GDP growth rate in the first quarter of 2012 remains at the same level compared with the previous quarter

According to flash estimates of GDP by final expenditure, the Final Consumption Expenditure increased by 0.2% in the first quarter of 2012. For the same period, the Gross Fixed Capital Formation increased by 2.5%. In the first quarter of 2012, the exports of goods and services decreased by 4.6%. During the same period, imports of goods and services decreased by 2.4% over the previous quarter.

During the first quarter of 2012, GDP increased by 0.5% compared to the same quarter of the previous year. Gross Value Added decreased by 0.3% compared to same quarter of previous year. The indicator's movement is determined mainly by the increase recorded in the agricultural sector (12.4%) and industry (2%). Services have a negative contribution to Value Added with a decline of 0.8% over the period.

Regarding the expenditure component of GDP, a major contributor to registered positive economic growth of 2.2% is final consumption. Gross Fixed Capital Formation recorded a decrease of 3.4% compared to the same quarter of the previous year. Exports and imports of goods and services decreased respectively by 1.9% and 1.6% compared to the corresponding quarter of previous year.

The Eurostat (the statistical office of the EU) defines a flash estimates as: „...the earliest picture of the economy according to national accounts concepts, which is produced and published as soon as possible after the end of the quarter, using a more incomplete set of information than that used for traditional quarterly accounts..."

Flash estimates for GDP are based on the preliminary available monthly and quarterly indicators for the components of GDP structure (subject to subsequent update and revisions).

Flash estimates of GDP for the first quarter of 2012 were prepared within 45 days after the reference period. They are presented in a standard format for publication of quarterly national accounts data - current prices, relative shares of the components in the GDP structure and growth rates as compared with the previous quarter and compared with the same period of the previous year.

According to the Calendar of statistical surveys, NSI will prepare and publish official quarterly estimates of GDP for the first quarter of 2012 on 6 June 2012.

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