The Gross Domestic Product (GDP) expanded 0.5% in the second quarter of 2012 over the same quarter of the previous year and 0.2% compared with the first quarter of 2012.
GDP in monetary terms, current prices
According to the flash GDP estimates for the second quarter of 2012, the GDP at current prices amounted to BGN 19 077 million.
GVA at current prices amounted to BGN 16 438 million. The services sector has the largest share (59.8%) in total value added, followed by industrial sector (35.0%) and agricultural sector (5.2%).
In the structure of GDP by the expenditure approach the largest share has the final consumption (79.5%), which in nominal terms amounted to BGN 15 170 million. In the second quarter of 2012 gross fixed capital formation is BGN 4 418 million and 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 second quarter of 2012 has an increase of 0.2% compared with the previous quarter. In the second quarter of 2012 gross value added of the total economy increased by 0.5%, compared to the first quarter of 2012.
According to flash estimates of GDP by final expenditure in the second quarter of 2012 major contribution to the growth registered have the final consumption expenditure and the gross fixed capital formation increased by 1.9 and 1.5% respectively. In the second quarter of 2012, the exports of goods and services increased by 2.4%. During the same period, imports of goods and services increased by 5.9% over the previous quarter.
Growth rates on annual basis
During the second quarter of 2012 GDP increased by 0.5% compared to the same quarter of the previous year. Gross value added decreased by 0.4%. The indicator's movement is determined mainly by the increase recorded in the agricultural sector (7.2%) and industry (1.8%). Services sector has a negative contribution to value added with a decline of 1.0% over the period.
As regards the expenditure components of GDP, the final consumption registered a positive economic growth of 2.7% compared to the same quarter of the previous year. Gross fixed capital formation recorded decrease by 2.1% compared to the same quarter of the previous year. Exports and imports of goods and services increased by 2.8 and 6.9%.
Source: National Statistical Institute