Bulgaria's Economy Expands by 0.7% Q3 2013 Y/Y
In the third quarter of 2013, Bulgaria's Gross Domestic Product (GDP) at current prices amounts to BGN 21 590 M.
The data was released Friday by the Bulgarian National Statistics Institute, NSI.
In Euro terms, GDP was EUR 11 039 M or EUR 1 519 per person. Compared with the same quarter of the previous year, seasonally adjusted GDP grew by 0.7%. It increased by 0.5%, compared with second quarter of 2013.
According to the preliminary data, GDP at current prices in the third quarter of 2013 amounted to BGN 21 590 M. GDP per person amounted to BGN 2 971.
In USD terms at the average quarterly exchange rate of 1.47704 BGN per USD, the GDP amounted to USD 14 617 M or USD 2 011 per person. In Euro terms, the GDP amounted to EUR 11 039 M or EUR 1 519 per person.
The Gross Value Added (GVA) at current prices in the third quarter of 2013 amounted to BGN 18 448 M.
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 reached 29.8 % and decreased by 0.8 pp.
The share of the service sector reached 61.4%, compared to 58.0% in the same period of the previous year.
In the third quarter of 2013, the final consumption expenditure1 formed 70.5% of GDP in the economy. Investments (gross fixed capital formation2) accounted for 20.4% of GDP and the external balance sheet (exports-imports) was positive.
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. The 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, the gross fixed capital formation increased by 0.1%. In the third quarter of 2013, 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.
During the third quarter of 2013, GDP increased by 0.7% compared to the same quarter of the previous year. The Gross Value Added increased by 0.5%, compared to same quarter of the previous year.
The indicator is mainly influenced by an increase in the agricultural sector (3.8%), in 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%).
Regarding the expenditure component of GDP, collective consumption with 3.9% is the contributor to registered positive economic growth. Individual final consumption has declined by 1.2%, compared with the same quarter of previous year. The Gross Fixed Capital Formation increased by 1.2%. Imports and exports of goods and services increased by 7.4% and 8.5%, respectively, and compared with the corresponding quarter of the previous year.
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