The GDP growth rate in the fourth quarter of 2013 is 1.0% compared to the same quarter of the previous year

According to the flash GDP estimates for the fourth quarter of 2013, the GDP at current prices amounted to 21.321 million Levs.

GVA at current prices amounted to 18 569 million BGN. The services sector has the largest share (71.5%) in total value added, followed by the industrial sector (24.6%) and the agricultural sector (3.9%).

In the structure of GDP by the expenditure approach, the largest share has the final consumption (82.2%), which in nominal terms amounted to 17.532 million BGN. In the fourth quarter of 2013 gross fixed capital formation is 4.946 million BGNand has a share of 23.2% in GDP. The external balance (exports minus imports) has a negative sign.

Quarter-on-quarter growth rates

According to the seasonally adjusted data, the GDP growth rate in the fourth quarter of 2013 has an increase of 0.4% compared to the previous quarter. In the fourth quarter of 2013 the gross value added of the total economy has an increase of 0.7%.

According to the flash GDP estimates by final expenditure in the fourth quarter of 2013 the main contributions to the growth registered have the individual consumption with 0.2% and the exports of goods and services with 0.1%. The import of goods and services decreases its level with 4.0% and gross fixed capital formation decreased by 0.8% in the fourth quarter of 2013 compared to the previous quarter.

Growth rates on annual basis

During the fourth quarter of 2013 GDP increased by 1.0% compared to the same quarter of the previous year. Gross value added increased by 1.0%. An increase is recorded in all sectors of the economy – agriculture, industry and services sectors – accordingly with 4.3, 1.3 and 1.7%.

As regards the expenditure components of GDP, the collective consumption registered a positive economic growth of 2.9% compared to the same quarter of the previous year. Gross fixed capital formation recorded a decrease by 0.7% compared to the same quarter of the previous year. Exports and imports of goods and services increased by 9.4 and 4.8%.

Source: National Statistical Institute