In the third quarter of 2012 GDP at current prices amounted to 21 734 Million Levs. In Euro terms GDP was 11 112 Million Euro or 1 522 Euro per person. According to the seasonally adjusted data, the GDP growth rate in the third quarter of 2012 was 0.5% compared with the same quarter of the previous year and 0.1% compared with the second quarter of 2012.
GDP, current prices
According to the preliminary data, the Gross Domestic Product1 (GDP) at current prices in the third quarter of 2012 amounted to 21 734 Million Levs. The GDP per person amounted to 2 977 Levs. In USD terms at average quarterly exchange rate of 1.56497 Levs per USD, the GDP amounted to 13 888 Million USD or 1 902 USD per person. In Euro terms, the GDP amounted to 11 112 Million Euro or 1 522 Euro per person.
Gross value added2 (GVA) at current prices in the third quarter of 2012 amounted to 18 514 Million Levs.
As compared with the third quarter of 2011 the agricultural sector increased its share in the gross value added of the economy by 1.7 percentage points to 11.8% in the third quarter of 2012. The share of industrial sector reached 30.8%, down by 0.3 percentage points. The share of services decreased and reached the level of 57.4%, from 58.8% during the same period of the previous year.
Quarter-on-quarter growth rates
According to the seasonally adjusted data, the GDP growth rate in the third quarter of 2012 was 0.1% compared with the previous quarter, and the gross value added of the total economy increased also by 0.1%.
According to the preliminary estimates of GDP by final expenditure, in the third quarter of 2012 the final consumption expenditure increased by 0.5% compared to the previous quarter. For the same period, gross fixed capital formation increased by 0.4%. During the same period, imports of goods and services decreased by 2.8% over the previous quarter and the exports of goods and services remained at the same level.
Growth rates on annual basis
During the third quarter of 2012 GDP increased by 0.5% compared to the same quarter of the previous year.
Gross value added increased by 0.2% compared to the same quarter of previous year. The indicator's movement was determined mainly by the increase recorded in the professional, scientific and technical and support service activities with 9.8%, agricultural sector with 7.0%, financial sector with 3.6%, real estate activities with 1.1%, industry with 2.6% and trade, transport, hotels and restaurants with 0.9%, other services with 3.0%. Construction, information and communication, general government, education, human health care had a negative contribution to the value added with a decline over the given period.
As regards the expenditure component of GDP, a major contributor to registered positive economic growth had an individual consumption with 3.0%. The collective final consumption had a decline of 0.2% compared with the same quarter of previous year. Imports and exports of goods and services increased by 4.0 and 3.3% accordingly, compared to the corresponding quarter of the previous year.
Source: National Statistical Institute