Output
According to the National Statistical Institute (NSI) business inquiries in March 2016 the industrial confidence indicator kept its level from the previous month.
In January 2016 working day adjusted Industrial Production Index rose by 3.0% in comparison with the same month of 2015 (preliminary data). On annual basis in January 2016 Industrial production calculated from working day adjusted data increased in the mining and quarrying industry by 8.4% and in the manufacturing by 5.2%, while in the electricity, gas, steam and air conditioning supply a decrease by 4.8% was registered.
In January 2016 working day adjusted data showed a decrease by 10.7% in the construction production, compared to the same month of 2015.
According to the preliminary data the produced Gross Domestic Product (GDP) at current prices for the fourth quarter of 2015 is 23 699 million BGN according to the preliminary data. GDP per capita is 3 300 BGN. GDP is 13 267 million USD, respectively 1 847 USD per capita using the average for the quarter exchange rate of 1.78638 BGN for 1 USD. In euro terms GDP is 12 117 million EUR or 1 687 EUR per capita. According to the seasonally adjusted data1, the GDP growth rate in the fourth quarter of 2015 is 3.0% compared to the same quarter of the previous year and 0.7% compared to the third quarter of 2015.
Private consumption
In January 2016 the total consumer confidence indicator increased by 1.5 percentage points compared to its October 2015 level. The consumers’ total assessment about the development of the economic situation in the country over the last 12 months is less negative compared to the previous survey. However in their expectations for the next 12 months certain pessimism is observed.
In January 2016 the working day adjusted turnover in ‘Retail trade, except of motor vehicles and motorcycles’ (preliminary data) increased by 1.3% in comparison with the same month of the previous year. In January 2016 compared to the same month of 2015 the turnover increased in the ‘Retail sale of food, beverages and tobacco’ by 15.1% and in the ‘Retail sale of textiles, clothing, footwear and leather goods’ by 6.1%. More significantly decrease was registered in the ‘Retail sale of computers, peripheral units and software; telecommunications equipment’ - 17.9%, in the ‘Retail sale of automotive fuel’ - 7.9% and in the ‘Retail sale in non-specialised stores’ - 5.7%.
In the fourth quarter of 2015 for individual consumption were spent 71.1% of the GDP produced. According to seasonally adjusted data, the indicator increased by 1.0% compared to the respective quarter of 2014.
Investment
The average capacity utilization in industry in January 2016 increased by 2.7 percentage points in comparison with October 2015 and it reached 75.2%.
According to seasonally adjusted data, the gross fixed capital formation in the fourth quarter of 2015 increased in real terms by 1.7% compared to the same period of the previous year. The relative share of that indicator in GDP is 23.2%.
Labour market
In the fourth quarter of 2015 the total number of employed persons aged 15 years and over was 3 061.7 thousand representing 49.7% of population in the same age group. In comparison with the fourth quarter of 2014 the employment rate rose by 1.5 percentage points.
In the fourth quarter of 2015 there were 261.0 thousand unemployed persons and the unemployment rate was 7.9%. The number of unemployed persons was by 26.4% lower than in the fourth quarter of 2014 and the unemployment rate decreased by 2.7 percentage points.
According to the NSI business inquiries in March 2016 18.5% of the industrial enterprises pointed out the labour shortage as a factor limiting their activity.
In December 2015 the average wage and salary was BGN 937 or 3.5% more compared to the previous month. Compared to December 2014 the increase was 8.3%.
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Source: National Statistical Institute