Bulgaria's GDP Up 0.2% Y/Y in Q2, 2013

In Q2, 2013, Gross value added (GVA) at current prices amounted to BGN 16 691 M. File photo

In the second quarter of 2013, Bulgaria's current price GDP (gross domestic product) amounted to BGN 19 398 M, or EUR 9 918 M (EUR 1 363 per capita), according to data of the National Statistical Institute (NSI).

Compared to the same quarter of the previous year, seasonally adjusted GDP grew by 0.2% and decreased by 0.1% compared to the first quarter of 2013.

According to preliminary data of the NSI, Bulgaria's current price GDP in the second quarter of 2013 amounted to BGN 19 398 M. GDP per capita amounted to BGN 2 666.

On the basis of an average quarterly exchange rate of BGN 1.498526 per USD, GDP amounted to USD 12 945 M or USD 1 779 per capita. Converted in Euro, GDP stood at EUR 9 918 M or EUR 1 363 per capita.

In Q2, 2013, Gross value added (GVA) at current prices amounted to BGN 16 691 M.

Compared to the same quarter of the previous year, the agricultural sector increased its share in GVA by 1.0 percentage points, reaching 6.4% in Q2, 2013. The share of the industrial sector fell by 1.3 pp to 31.8%.

The share of services went up by 0.3 pp to 61.88% compared to Q2, 2012.

In the second quarter of 2013, final consumption expenditure accounted for 82.2% of GDP. Investments (gross fixed capital formation2) amounted to 21.3% of GDP and the external balance sheet (exports-imports) was negative.

According to seasonally adjusted data of the NSI, both GDP and GVA fell by 0.1% in Q2, 2013 compared to Q1, 2013.

According to preliminary estimates, final consumption expenditure increased by 1.0% in Q2, 2013 compared to Q1, 2013, while gross fixed capital formation decreased by 2.4% over the same period.

In Q2, 2013, exports of goods and services increased by 2.3% as compared to Q1, 2013, while imports of goods and services increased by 2.4%.

In Q2, 2013, GDP increased by 0.2% compared to the same quarter of the previous year. At the same time, GVA increased by 0.2% compared to same quarter of previous year.

GVA was mainly influenced by the increases registered in the following sectors: agriculture  (6.2%); Professional, scientific and technical activities; administrative and support service activities (2.7%), Information and communication (2.6%), Financial and insurance activities (2.0%), industry (1.4%), Public administration and defense; compulsory social security; education; human health and social work activities (0.8%), and Wholesale and retail trade; repair of motor vehicles and motorcycles; transportation and storage; accommodation and food service activities (0.6%).

As regards the expenditure component of GDP, a key contributor to the positive economic growth was collective consumption with 2.6%.

Individual final consumption declined by 1.3% compared to the same quarter of previous year. Gross fixed capital formation increased by 1.4%. Imports and exports of goods and services increased by 2.0% and 4.5%, respectively, compared to the corresponding quarter of the previous year.

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