Bulgaria's Economy Expands by 0.8% Q3 2013 Y/Y

According to seasonally adjusted data, the GDP growth rate in the third quarter of 2012 has an increase of 0.6% compared with the previous quarter. File photo

Bulgaria's Gross Domestic Product (GDP) expanded by 0.8% in the third quarter of 2013, compared with the same quarter of the previous year and 0.6%, compared with the second quarter of 2013.

These are flash estimates of the Bulgarian National Statistics Institute, NSI.

NSI reminds that the Eurostat Handbook on quarterly National Accounts 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 in the context of general conditions for the preparation of short – term indicators are based on preliminary short – term information (subject to subsequent update and revisions) expert assessments and models for the components of GDP structure, for which direct basic information at the time of calculation is not available.

Flash estimates of GDP for the third quarter of 2013 were prepared within 44 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 third quarter of 2013 on December 4th 2013.

According to the flash GDP estimates for the third quarter of 2013, the GDP at current prices amounted to BGN 21 215 M.

Gross Value Added, GVA, at current prices amounted to BGN 18 076 M.

The services sector has the largest share (61.2%) in total value added, followed by the industrial sector (29.9%) and the agricultural sector (8.9%).

In the structure of GDP by the expenditure approach, the largest share has the final consumption (69.1%), which in nominal terms amounted to BGN 14 667 M. In the third quarter of 2013, gross fixed capital formation was BGN 4 439 M and has a share of 20.9% in GDP. The external balance (exports minus imports) had a positive sign.

According to the seasonally adjusted data, the GDP growth rate in the third quarter of 2013 has an increase of 0.6%, compared with the previous quarter). In the third quarter of 2013, the gross value added of the total economy had an increase of 0.4%.

According to the flash estimates of GDP by final expenditure in the third quarter of 2013, the exports of goods and services with 1.8% had a major contribution to the growth registered. Final consumption increased its level with 0.2%, while gross fixed capital formation increased by 0.1% in the third quarter of 2013, compared with the previous quarter.

During the third quarter of 2013, GDP increased by 0.8% compared with the same quarter of the previous year. Gross value added increased by 0.5%. An increase was recorded in all sectors of the economy – agriculture, industry and services sectors – accordingly with 3.4, 0.8 and 1.0%.

Regarding expenditure components of GDP, the final consumption registered a positive economic growth in the collective consumption - -by 2.1%, compared to the same quarter of the previous year. Gross fixed capital formation recorded an increase of 1.2%, compared to the same quarter of the previous year. Exports and imports of goods and services increased by 6.7 and 5.0%, respectively.

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