GDP Growth Rate in Q3 of 2017 is 3.9%

Business » FINANCE | December 5, 2017, Tuesday // 12:44| Views: | Comments: 0
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Bulgaria: GDP Growth Rate in Q3 of 2017 is 3.9% archive

In the third quarter of 2017 Gross Domestic Product (GDP) at current prices amounts to 26 990 million BGN. In Euro terms GDP is 13 800 million Euro or 1 948 euro per person. According to the seasonally adjusted data, the GDP growth rate in the third quarter of 2017 is 3.9 % compared to the same quarter of the previous year and 0.9% compared to the second quarter of 2017.This was announced by the National Statistical Institute (NSI).

According to the preliminary data, the Gross Domestic Product at current prices in the third quarter of 2017 amounted to 26 990 million BGN. The GDP per person amounted to 3 810 BGN. In USD terms at average quarterly exchange rate of 1.66646 BGN per dollar, the GDP amounted to 16 196 million dollars or 2 287 dollars per person. In Euro terms, the GDP amounted to 13 800 million Euro or 1 948 Euro per person.

Gross value added (GVA) at current prices in the third quarter of 2017 amounted to 23 288 million BGN. As compared to the third quarter of 2016 the share of the agricultural sector in the gross value added of the economy decreases with 0.6 percentage points (pp) to 7.3%. The share of industrial sector decreases by 0.4 pp to 28.5%. The relative share of value added from service activities increases from 63.2% to 64.2% compared to the corresponding period of the previous year.

In the third quarter of 2017 the final consumption expenditure1 formed 68.7% of GDP. Investments (gross fixed capital formation2 ) formed 18.2% of GDP. The external balance (exports-imports) is positive.

According to the seasonally adjusted data, GDP in the third quarter of 2017 increased by 0.9% compared with the previous quarter . In the third quarter of 2017 gross value added of the total economy rises by 0.7%. According to the preliminary estimates of GDP by final expenditure, in the third quarter of 2017 compared with the previous quarter the final consumption increased by 0.9% compared to the previous quarter. For the same period, gross fixed capital formation decreased by 0.4%. In the third quarter of 2017, seasonally adjusted exports and imports of goods and services increased their level compared to the previous quarter by 3.0% and 1.3%.

Growth rates on annual basis During the third quarter of 2017 GDP increased by 3.9% compared to the same quarter of the previous year according to the seasonally adjusted data.

Gross value added increased by 4.0% compared to the same quarter of previous year. The indicator's movement is determined by the increase recorded in: Financial and insurance activities - 6.1%, Real estate activities - 6.0%, Construction - 5.2%, Mining and quarrying; manufacturing; electricity, gas, steam and air conditioning supply; water supply, waste management and remediation activities - 3.9%, Wholesale and retail trade; repair of motor vehicles and motorcycles; transportation and storage; accommodation and food service activities - 3.5%, Public administration and defence; compulsory social security; education; human health and social work activities - 3.4%, Professional, scientific and technical activities; administrative and support service activities - 3.0%, Arts, entertainment and recreation, repair of households goods and other services - 0.4%.

As regards the expenditure components of GDP, main contributors to the registered positive economic growth are the individual final consumption of households with growth of 4.9%, individual final consumption of NPISH - 6.7% and Gross fixed capital formation - 4.3%. Exports of goods and services increased by 4.1%, Imports of goods and services increased by 5.1%.

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Tags: households, gross domestic product, GDP, National Statistical Institute (NSI)
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