site.btaGDP Grows by 2.9% in First Quarter of 2016, Year on Year

GDP Grows by 2.9% in First Quarter of 2016, Year on Year

Sofia, June 7 (BTA) - Bulgaria's gross domestic product (GDP) in the first quarter of 2016 amounted to 18,514,000,000 leva at current prices, according to early estimates published by the National Statistical Institute on Tuesday. This was equivalent to 9,466,000,000 euro, or 1,324 euro per capita. GDP grew by 2.9 per cent in the first quarter of 2016 compared with the first quarter of 2015 and 0.7 per cent compared with the fourth quarter of 2015, according to seasonally adjusted data.

Over the period in review, the national economy generated 15,852,000,000 leva in gross value added (GVA) at current prices, rising by 1 per cent compared with the previous quarter and 2.6 per cent compared with a year earlier. Agriculture contributed 2.8 per cent of GVA, decreasing by 0.3 percentage points, year on year; industry contributed 29.4 per cent, down by 0.2 percentage points; and the share of services was 67.8 per cent, increasing by 0.5 percentage points.

Final consumption accounted for 82.5 per cent of GDP in the first quarter of 2016. Investments (gross fixed capital formation) accounted for 16.3 per cent of GDP. The foreign trade balance was in positive territory and the surplus accounted for 0.4 per cent of GDP.

In the first quarter of 2016 compared with the fourth quarter of 2015, final consumption increased by 0.4 per cent, and gross fixed capital formation decreased by 3.5 per cent. Exports of goods and services remained unchanged, while imports of goods and services went down by 1.2 per cent.

In the first quarter of 2016 compared with the first quarter of 2015, final consumption rose by 2.1 per cent. Exports increased by 0.3 per cent, and imports decreased by 1.3 per cent.

GDP per employee increased by 2.1 per cent, year on year. The national economy employed 3,358,200 people in the first quarter of 2016 and they worked for a total of 1,360,100,000 hours. A breakdown by economic sector shows that the share of employees in the services sector increased from the first quarter of 2015.

GDP per employee amounted to 5,513.1 leva. The average employee produced 13.6 leva of GDP per working hour.

In the first quarter of 2016 compared with the first quarter of 2015, GVA per employee increased by 2.9 per cent in real terms, and GVA per employee per working hour increased by 2.8 per cent.

Productivity in the sector of industry was 5,444.7 leva of GVA per employee, or 12.8 leva per employee per working hour. In the sector of services, the respective figures were 4,930.4 leva and 11.4 leva. Productivity was lowest in agriculture, at 765.8 leva of GVA per employee, or 2.5 leva per employee per working hour.