National Statistical Institute: The Bulgarian economy grew by 3.1% in 2018

In the fourth quarter of 2018, Gross Domestic Product (GDP) amounted to BGN 29,813 million at current prices. Recalculated in euro, GDP is EUR 15 243 million, with per capita EUR 2 168. Seasonally adjusted data showed growth of 3.2% of GDP in the fourth quarter of 2018 compared to the corresponding quarter of the previous year and 0.8% on the third quarter of 2018. Total 2018 GDP amounted to BGN 107 925 million at current prices. Recalculated in euro, GDP is EUR 55,181 million, with EUR 7,829 per person. The Bulgarian economy, according to preliminary data, grew in real terms by 3.1% compared to 2017, according to data from the National Statistical Institute.

The Gross Value Added (GVA) generated by the national economy branches in the fourth quarter amounted to BGN 25,785 million at current prices. Compared to the same quarter of the previous year, the share of the agrarian sector in the value added of the economy decreased by 0.2 percentage points to 3%. The industrial sector reduces its relative share in the value added of the economy by 2.6 percentage points to 23.5%. The share of value added from service activities grew to 73.5% against 70.7% in the corresponding period of the previous year. Gross value added for the past year amounted to BGN 93,513 million. The real value of the metric is 3% higher than that reached in 2017. The industrial sector accounts for 27.4% of the value added of the economy, which is a 1 percentage point reduction compared to 2017. The services sector accounts for 68.4%, and the agrarian sector - 4.2% of value added, with 66.9 and 4.7% respectively in 2017.

Final consumption in the fourth quarter accounts for 81% of GDP. Investments (gross fixed capital formation) account for 20.1% of GDP. The external trade balance of goods and services is negative. According to preliminary data, final consumption declined by 0.1% compared to the previous quarter, while gross fixed capital formation increased by 2.8%. Exports of goods and services increased by 3.1% and imports of goods and services by 2.4%. In the fourth quarter of 2018, compared with the same period of the previous year, gross value added increased by 2.9%. Regarding the components of the final use, the increase in individual consumption by 5.7% and the collective by 4% contributed to the real increase of GDP. Gross fixed capital formation increased by 6.6%. Imports and exports of goods and services rose by 1.6% and 1.4%, respectively, compared to the respective quarter of the previous year.