NSI: There is a Slight Revision of GDP

Business » FINANCE | March 9, 2020, Monday // 11:06| Views: | Comments: 0
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In the fourth quarter of 2019 GDP1 at current prices amounted to 32 682 million BGN. In Euro terms GDP reaches 16 710 million EUR in total and 2 391 EUR per person. According to the seasonally adjusted figures, the GDP growth rate in the fourth quarter of 2019 is 3.1% compared to the same quarter of the previous year and 0.8% compared to the third quarter of 2019.

In 2019 GDP at current prices amounts to 118 669 million BGN. In EUR terms GDP is 60 674 million EUR or 8 678 EUR per person. GDP for 2019 increases in real terms by 3.4% compared to 2018.

GDP, current prices

Fourth quarter of 2019

According to the preliminary data Gross Domestic Product at current prices for the fourth quarter of 2019 is 32 682 million BGN. GDP per person is 4 677 BGN. GDP is 18 499 million USD and 2 647 USD per person using the average for the quarter exchange rate of 1.766702 BGN for 1 USD. In Euro terms GDP is 16 710 million EUR or 2 391 EUR per person.

The GVAgenerated by the national economy during the fourth quarter of 2019 amounted to 28 359 million BGN at current prices.

The share of agricultural sector in GVA of the national economy in the fourth quarter of 2019 retains its level from the same quarter of 2018.

Industry increases its relative share in the GVA of the national economy to 23.5% which is an increase by 1.6 percentage points compared to the same quarter of the previous year. As compared with the fourth quarter of 2018, the service sector decreases its share into gross value added of the economy from 75.3% to 73.7%.

Growth rates on quarterly basis from seasonally adjusted figures

In the fourth quarter of 2019 GDP1 increases by 0.8% compared to the previous quarter. For the same period GVA increase is 0.7%.

According to the preliminary data for the fourth quarter of 2019, the final consumption increases by 1.1% compared to the previous quarter. Gross fixed capital formation increases by 1.3% for the same period. In the fourth quarter of 2019 the export of goods and services decreases by 0.5% and the import of goods and services decreases by 3.1% compared to the previous quarter.

Growth rates on annual basis from seasonally adjusted figures

GDP for the fourth quarter of 2019 increases by 3.1% compared to the same quarter of the previous year. During the fourth quarter of 2019 GVA increases by 2.7% compared to the fourth quarter of 2018. The growth is based on the increase in the following economic activities: Construction - 4.3%, Agriculture – 3.8%, Financial and insurance activities - 3.8%, Public administration and defence; compulsory social security; education; human health and social work activities - 3.7%, Mining and quarrying; manufacturing; electricity, gas, steam and air conditioning supply; water supply, waste management and remediation activities - 3.5%.

With reference to the expenditure components of GDP, contributors to the registered positive economic growth are - individual final consumption with growth of 6.4% and in the collective consumption with 5.3%. Gross fixed capital formation increases by 3.0%. Import and export of goods and services decrease by 0.2% and 0.4% respectively compared to the same quarter of the previous year.

2019 - Annual figures

GDP for 2019 calculated as a sum of quarterly data increases in real terms with 3.4% in comparison to the previous year.

The nominal value of the GDP for 2019 (Annex, Table 1) is 118 669 million BGN. GDP reaches 67 927 million US dollars using the average annual exchange rate of 1.746998 BGN for 1 USD. GDP per person is 16 973 BGN or 9 716 USD. In euro GDP is 60 674 million or 8 678 EUR per person.

Gross value added at current prices amounts to 102 269 million BGN. In real terms GVA increases by 3.0% in comparison with 2018.

The Industry sector relative share in the GVA of the national economy is 25.9%, which is an increase by 0.1 percentage points compared with 2018. The service sector creates 70.4% of the total GVA and agriculture 3.7%, respectively 70.3% and 3.9% in 2018, the NSI announced in a press release.

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