The GDP growth rate in the first quarter of 2020 is 2.4%

In the first quarter of 2020, GDP at current prices amounted to BGN 25 575 million. In Euro terms, GDP reaches EUR 13 076 million in total and EUR 1 881 per person. According to the seasonally adjusted figures, the GDP growth rate in the first quarter of 2020 is 2.4% compared to the same quarter of the previous year and 0.3% compared to the fourth quarter of 2019.

 GDP, current prices

First quarter of 2020

 According to the preliminary data, Gross Domestic Product at current prices for the first quarter of 2020 is BGN 25 575 million. GDP per person is BGN 3 678. GDP is USD 14 414 million and USD 2 073 per person using the average for the quarter exchange rate of 1.774328 BGN for 1 USD. The GVA generated by the national economy during the first quarter of 2020 amounted to BGN 21 956 million at current prices. The share of agricultural sector in GVA of the national economy in the first quarter of 2020 increases its level in comparison to the same quarter of 2019 with 0.1 p.p. The Industry increases its relative share in GVA of the national economy with 0.1 p.p to 27.6%. As compared with the first quarter of 2019, the service sector decreases its share into gross value added of the economy from 70.4% to 70.2%.

For the final consumption expenditure, 83.5% of the GDP is used during the first quarter of 2020. Investments (gross fixed capital formation) form 13.9% of the GDP. The external balance (exports-imports of goods and services) is positive.

Growth rates on quarterly basis from seasonally adjusted figures

In the first quarter of 2020, GDP increases by 0.3% compared to the previous quarter. For the same period GVA increase is 0.1%. According to the preliminary data for the first quarter of 2020, the final consumption decreases by 0.1% compared to the previous quarter. Gross fixed capital formation decreases by 1.5% for the same period. In the first quarter of 2020, the export of goods and services increases by 0.9% and the import of goods and services increases by 1.5% compared to the previous quarter.

 Growth rates on annual basis from seasonally adjusted figures

 GDP for the first quarter of 2020 increases by 2.4% compared to the same quarter of the previous year. During the first quarter of 2020, GVA increases by 2.3% compared to the first quarter of 2019. The growth of gross value added is determined by the registered increase in: Financial and insurance activities - 4.2%, Construction - 3.7%, Real estate activities - 3.3%, Professional, scientific and technical activities; Administrative and support service activities - 3.0%. With reference to the expenditure components of GDP, contributors to the registered positive economic growth are - collective final consumption with growth of 4.1% and the individual consumption with 3.7%. Gross fixed capital formation increases by 1.2%. Import and export of goods and services increase by 1.2% and 1.9% respectively compared to the same quarter of the previous year.