According to the seasonally adjusted data, the GDP growth rate in the first quarter of 2012 increased by 0.5%, compared to the same quarter of the previous year and remained at the same level compared to the fourth quarter of 2011.
GDP in monetary terms, current prices
According to the flash GDP estimates for the first quarter of 2012, the GDP at current prices amounted to BGN 15 661 million.
GVA at current prices amounted to BGN 13 358 million. The services sector had the largest share (63.7%) in total value added, followed by industrial sector (32.3%). The agricultural sector constituted 4% of value added in the total economy.
In the structure of GDP by the expenditure approach, final consumption had the largest share in GDP (86.9%), which in nominal terms amounted to BGN 13 612 million. In the first quarter of 2012 gross fixed capital formation was BGN 3 346 million and had a share of 21.4% in GDP. The external balance (exports minus imports) was negative.
Growth rate of GDP, total and by components
According to the seasonally adjusted data, the GDP growth rate in the first quarter of 2012 remained at the same level compared to the previous quarter.
Quarter-on-quarter growth rates
According to the seasonally adjusted data in the first quarter of 2012 gross value added of the total economy decreased by 0.4%, compared to the fourth quarter of the previous year. GDP growth rate in the first quarter of 2012 remained at the same level compared to the previous quarter.
According to flash estimates of GDP by final expenditure, in the first quarter of 2012 the final consumption expenditure increased by 0.2%. For the same period, gross fixed capital formation increased by 2.5%. In the first quarter of 2012, the exports of goods and services decreased by 4.6%. During the same period, imports of goods and services decreased by 2.4% over the previous quarter.
Growth rates on annual basis
During the first quarter of 2012 GDP increased by 0.5% compared to the same quarter of the previous year. Gross value added decreased by 0.3% compared to same quarter of previous year. The indicator's movement was determined mainly by the increases recorded in the agricultural sector (12.4%) and industry (2%). Services had a negative contribution to value added with a decline of 0.8% over the period.
As regards the expenditure component of GDP, final consumption was a major contributor to the registered positive economic growth of 2.2%. Gross fixed capital formation recorded decrease by 3.4% compared to the same quarter of the previous year. Exports and imports of goods and services decreased respectively by 1.9% and 1.6% compared to the corresponding quarter of the previous year.
Source: National Statistical Institute