Home News Bulgarian economy shows a growth by 3.4% in the second quarter of the year

Bulgarian economy shows a growth by 3.4% in the second quarter of the year

The main trigger continues to be the domestic consumption, with its growth rate increasing to 5% on an annual basis, reported National Statistical Institute (NSI)

In the second quarter of 2018 Bulgarian economy grew by 3.4% compared to the same period last year. The new seasonal data of the National Statistical Institute (NSI) shows that The Gross Domestic Product (GDP) registered an increase of 0.8% compared to the first quarter of the year.
This shows that the country’s economy is accelerating again after a slight annual slowdown in the last quarter of the year. Investor.bg recalls that Bulgaria is fifth in the EU on GDP growth on an annual basis in the second quarter with 3.4 %, according to preliminary data of the European Statistical Office of Eurostat. For comparison, GDP grew by 3.6% in the first quarter.
At current prices, The Gross Domestic Product at the end of June is BGN 25,913 billion, and recalculated in euro – 13,249 billion, with 1882 thousand euro per capita, according to NSI.
GDP in values, current prices
The gross value added created by the branches of the national economy in the second quarter of 2018 amounts to BGN 22,235 billion at current prices.
In the second quarter of 2018, the relative share of the agrarian sector in the value added to the economy declines by 0.8 percentage points to 3.3% compared to the same period last year.
The industrial sector reduces its relative share in the value added to the economy by 0.2 percentage points to 29.3 %.
The relative share of value added from services increases to 67.4 % compared to 66.4 % a year ago.
The final consumption in the second quarter of 2018 accounts for 78.4% of the GDP. Investments (gross fixed capital formation) account for 21.2% of the GDP. The external trade balance of goods and services is negative.
Quarterly changes
In the second quarter of 2018 the gross value added in the economy grew by 0.5 %.
According to the preliminary data for the period April – June 2018 the final consumption increased by 2 % and the gross fixed capital formation – by 0.3 % compared to the previous quarter, reported NSI.
Imports of goods and services increased their level compared to the previous quarter, according to the seasonal data by 0.9 %, while exports of goods and services decreased by 1.3 %, according to data from the national statistics.
Annual changes
In the second quarter of 2018, compared to a year earlier, the gross value added increased by 3 %.
Its dynamics is mainly determined by the registered growth in: Real estate activities – 7.2%; Financial and insurance activities – 6%; Construction – 5.9%; Creation and dissemination of information and creative products; Telecommunications – 4.9%. 3% is growing of the Mining Industry; Processing industry; production and distribution of electricity, heat and gas fuels; water supply; sewage, waste management and restoration services.
In terms of end-use components, individual consumption increased by 5%, with a larger share of gross fixed capital formation of 4.6% and collective consumption of government by 2,3 %.
The export of goods and services increased by 1.7% and the import of goods and services by 4.3 %.
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