Bulgaria's GDP grows by 2.3% in first quarter Y/Y
In the first quarter of 2023, Gross Domestic Product (GDP) grew by 2.3% and Gross Value Added (GVA) by 2.7% compared to the first quarter of 2022, a report in the NSI shows..
The increase in Gross Value Added is 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%.
A decline was registered in Arts, entertainment and recreation, repair of household goods and other services - 0.8%.
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 the imports of goods and services decreased by 2.3% compared to the first quarter of 2022.