The Gross Domestic Product (GDP) for Bulgaria in the third quarter of 2024 grew by 2.4% compared to the same period in 2023, as reported by the National Statistical Institute (NSI). The increase was also evident when compared to the previous quarter, with a 0.6% rise in GDP. In monetary terms, GDP reached 53,769.8 million leva at current prices, translating to 30,180 million US dollars or 27,492 million euros. The per capita GDP for the third quarter amounted to 8,331 leva, or 4,676 dollars and 4,260 euros, respectively.

The Gross Value Added (GVA) produced by various economic sectors reached 46,802.7 million leva, with significant changes in sector contributions. The agricultural sector’s share of added value fell by 0.9% to 3.7%, while the industrial sector maintained a steady share of 25.7%. The service sector saw a 0.9% increase in its contribution to the national economy. Consumption, which accounts for 74% of GDP, remains the largest expenditure, while investments constitute 17.4%. The foreign trade balance of goods and services showed a positive result.

In terms of economic activity, the sectors that showed the most growth on an annual basis include public administration, education, health, and social work (up by 6.2%), construction (up by 4.2%), and telecommunications (up by 3.7%). Other sectors also saw moderate growth, including financial and insurance activities, trade, and manufacturing, although agriculture experienced a significant decline of 9.7%.

On a quarterly basis, seasonally adjusted data indicates a 0.6% increase in both GDP and GVA compared to the second quarter of 2024. While final consumption rose by 1.3%, exports of goods and services decreased by 1.5%, and imports increased slightly by 0.1%. In terms of labor productivity, GDP per employee grew by 1.7% in real terms year-on-year. The number of employed persons stood at 3,643.7 thousand, and the total number of hours worked amounted to 1,435.8 million.

The services sector saw the highest labor productivity, with an average of 13,614.0 BGN per employee. However, labor productivity was lowest in agriculture, at just 3,319.6 BGN per employee. These figures reflect the overall performance of the Bulgarian economy during the third quarter, showing steady growth in various sectors, with a notable increase in services and investment activities.

Source: National Statistical Institute (NSI)