Bulgaria’s GDP Increased by 1.7% Year-on-Year in 2014

Business | March 6, 2015, Friday // 11:54
Bulgaria: Bulgaria’s GDP Increased by 1.7% Year-on-Year in 2014 Bulgaria's National Statistical Institute, photo by BGNES

In the fourth quarter of 2014, GDP at current prices amounted to BGN 22 692 million, according to data of Bulgaria’s National Statistical Institute.

In EUR terms GDP reached EUR 11 602 million in total and EUR 1 607 per person.

According to the seasonally adjusted figures, the GDP growth rate in the fourth quarter of 2014 was 0.4% compared to the third quarter of 2014 and 1.3% compared to the same quarter of 2013.

This means 2014 has been the fifth year in a row registering GDP growth, following the five-percent contraction in 2009.

In 2014 GDP at current prices amounted to BGN 82 164 million.

In EUR terms GDP stood at EUR 42010 million or EUR 5 808 per person.

In 2014 GDP increased by 1.7% in real terms compared to 2013.

According to preliminary data of the NSI, the produced Gross Domestic Product at current prices for the fourth quarter of 2014 was BGN 22 692 million.

GDP per person stood at BGN 3 144.

GDP stood at USD 14 509 million, using the average exchange rate of BGN 1.56398 for USD 1 for the quarter. In EUR terms GDP was EUR 11 602 million or EUR 1 607 per person.

The GVA generated by the national economy during the fourth quarter of 2014 amounted to BGN 19 688 million at current prices.

The Industrial sector (incl. construction) increased its relative share in the GVA of the national economy by 0.6 percentage points compared to the same quarter of the previous year, reaching 25.4 %.

The service sector decreased its share into gross value added of the economy by 0.3 percentage points on the year to 70.8 %.

The share of the agricultural sector in the GVA of the national economy decreased by 0.3 percentage points to 3.8% in the fourth quarter of 2014.

Investments (gross fixed capital formation) formed 22.5% of the GDP in Q4, 2014. The external balance (exports-imports of goods and services) was negative.

In the fourth quarter of 2014 GDP increased by 0.4% compared to the previous quarter.
For the same period the GVA increase was 0.3%.

According to preliminary data for the fourth quarter of 2014, the final consumption increased by 1.1% compared to the third quarter of 2014. Gross fixed capital formation increased by 0.6% for the same period.

In the fourth quarter of 2014 the exports of goods and services increased by 8.3%, and the imports increased by 4.6% compared to the previous quarter.

GDP for the fourth quarter of 2014 increased by 1.3% compared to the same quarter of 2013.

During the fourth quarter of 2014 the GVA increased by 1.2% compared to the fourth quarter of 2013.

The growth was based on the increases in the following economic activities: Professional, scientific and technical activities; administrative and support service activities - by 4.3%, Agriculture, forestry and fishing - 3.9%, Mining and quarrying; manufacturing; electricity, gas, steam and air conditioning supply; water supply, waste management and remediation activities - 2.9%, Real estate activities - 2.6%. Financial and insurance activities - 2.5%, Wholesale and retail trade; repair of motor vehicles and motorcycles; transportation and storage; accommodation and food service activities - 1.5%, Construction -1.1%.

As regards the expenditure components of the GDP, a contributor to the positive economic growth was the growth in the collective final consumption by 1.6% and individual consumption - by 0.9%.

The real growth of gross fixed capital formation was 3.3%. Import and export of goods nd services increased by 7.5 and 5.4%, accordingly.

GDP for 2014 ncreased in real terms by 1.7% compared to 2013.

The nominal value of the GDP for 2014 was BGN 82 164 million. GDP reached USD 55 728 million using the average annual exchange rate of BGN 1.47437 for USD 1. GDP per person was BGN 11 360 or USD 7 705. In EUR, GDP was EUR 42 010 million or EUR 5 808 per person.

Gross value added at current prices amounted to BGN 70 666 million. In real terms the GVA increased by 1.6% in comparison with 2013.

The Industry’s relative share in the GVA of the national economy was 28.3%, up by 0.4 percentage points from 2013.

The service sector created 66.4% of the total GVA and agriculture generated 5.3% of it.

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Tags: National Statistical Institute, NSI, GDP, GVA

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