GDP in the third quarter of 2013 grew by 0.7% compared with the same quarter of the previous year

GDP, current prices - Third quarter of 2013

According to the preliminary data, the Gross Domestic Product (GDP) at current prices in the third quarter of 2013 amounted to 21.590 million BGN. The GDP per person amounted to 2.971 BGN. In USD terms at average quarterly exchange rate of 1.47704 BGN per dollar, the GDP amounted to 14.617 million dollars or 2.011 dollars per person. In Euro terms, the GDP amounted to 11.039 million euro or 1.519 euro per person.

Gross value added (GVA) at current prices in the third quarter of 2013 amounted to 18.448 million BGN.

Compared with the same quarter of the previous year the agricultural sector has decreased its share in GVA by 2.6 percentage points and for the third quarter of 2013 it was 8.8%. The share of industrial sector reaches 29.8 %, decreased by 0.8 pp. The share of services reaches 61.4% over the 58.0% in the same period of the previous year.

In the third quarter of 2013 the final consumption expenditure formed 70.5% of GDP in the economy. Investments (gross fixed capital formation) accounted for 20.4% of GDP and the external balance sheet (exports-imports) was positive.

Quarter-on-quarter growth rates

According to the seasonally adjusted data, the GDP growth rate in the third quarter of 2013 increased by 0.5% compared with the previous quarter. Gross value added of the total economy for the same period increased by 0.4%.

According to the preliminary estimates of GDP by final expenditure, in the third quarter of 2013 the final consumption expenditure increased by 0.2%. For the same period, gross fixed capital formation increased by 0.1%. In the third quarter of 2013, the exports of goods and services increased by 3.5%. During the same period, imports of goods and services increased by 2.3% over the previous quarter.

Growth rates on annual basis

During the third quarter of 2013 GDP increased by 0.7% compared to the same quarter of the previous year. Gross value added increased by 0.5% compared to same quarter of previous year. The indicator is mainly influenced by; an increase in the agricultural sector (3.8%); Financial and insurance activities (3.3%), Mining and quarrying; manufacturing; electricity, gas, steam and air conditioning supply; water supply; sewerage, waste management and remediation activities (3.0%), Information and communication (3.0%), Public administration and defense; compulsory social security; education; human health and social work activities (1.7%); Arts, entertainment and recreation activities and other services (1.2%), and in Wholesale and retail trade; repair of motor vehicles and motorcycles; transportation and storage; accommodation and food service activities (0.9%).

As regards the expenditure component of GDP, contributor to registered positive economic growth is the collective consumption with 3.9%. The individual final consumption has a decline of 1.2% compared with the same quarter of previous year. Gross fixed capital formation increased by 1.2%. Imports and exports of goods and services increased by 7.4% and 8.5% respectively when compared with the corresponding quarter of the previous year.

Source: National Statistical Institute