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 0.3%, compared to fourth quarter of the previous year. File photo

Bulgaria's Gross Domestic Product, GDP, was BGN 15.7 M or EUR 8.8 M in the first quarter of 2012 at current prices.

The GDP growth rate in the first quarter of 2012 was 0.5% compared with the same quarter of the previous year and remains at the same level compared with the fourth quarter of 2011.

The official quarterly estimates of GDP for the first quarter of 2012 were released Tuesday by the Bulgarian National Statistics Institute, NSI.

According to the preliminary data, the GDP at current prices in the first quarter of 2012 amounted to BGN 2 146 or EUR 1 097 per person. In USD terms at average quarterly exchange rate of BGN 1.4924 levs per USD, the GDP amounted to USD 10 523 M or USD 1 438 dollars per person.

Gross value added, GVA, at current prices in the first quarter of 2012 amounted to BGN 13 374 M.

Compared with the first quarter of 2011, the agricultural sector increased its share in CVA in the economy by 0.8 percentage points to 3.7% in the first quarter of 2012. The share of industrial sector reached 31.9 % - down by 1.3 percentage points. The share of services reached 64.4% which is an increase of 0.5 percentage points compared to the same period of the previous year.

In the first quarter of 2012 the final consumption expenditure constituted 85.6% of GDP in the economy. Investments (gross fixed capital formation) accounted for 19.7% of GDP. The external balance (exports-imports) was negative amounting to BGN 1 490 M.

According to the seasonally adjusted data, the GDP growth rate in the first quarter of 2012 remained at the same level compared with the previous quarter. In the first quarter of 2012, the GVA of the total economy decreased by 0.3%, compared to fourth quarter of the previous year.

According to the preliminary estimates of GDP by final expenditure, in the first quarter of 2012 the final consumption expenditure decreased by 0.5%. For the same period, gross fixed capital formation increased by 0.4%. In the first quarter of 2012, the exports of goods and services decreased by 2.9%. During the same period, imports of goods and services decreased by 0.8% over the previous quarter.

During the first quarter of 2012, GDP increased by 0.5% compared to the same quarter of the previous year. GVA decreased by 0.2% compared to same quarter of previous year. The indicator's movement is determined mainly by the increase recorded in the agricultural sector 12.7%, industry 1.8%, trade, transport, hotels and restaurants 2.6%, financial sector 0.9% and real estate activities 2.8%. Construction, general government, education, human health care and other services had a negative contribution to the value added with a decline over the given period.

Regarding the expenditure component of GDP, individual consumption was a major contributor to registered positive economic growth. The collective final consumption had a decline of 2.1% compared with the same quarter of previous year. Imports of goods and services keep the level of the corresponding quarter of the previous year and the exports of goods and services decreased by 0.1%.

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