site.btaGDP Grows 2.9 Per Cent in First Quarter of 2016 Y/Y

GDP Grows 2.9 Per Cent in First Quarter of  2016 Y/Y

Sofia, May 13 (BTA) - The Gross Domestic Product (GDP) grew 2.9 per cent in the first quarter of 2016 compared to the like period in the previous year, according to snap estimates the National Statistical Institute released on Friday. The Q1 seasonally-adjusted GDP increased 0.7 per cent compared to the fourth quarter of 2015.

In nominal terms, the GDP in the first quarter of 2016 was 17,962 million leva. The Q1 added value was 15,207 million leva and increased by 0.9 per cent compared to the fourth quarter of 2015.

End consumption totalled 15,268 million leva, increasing by 2.4 per cent, and continued to account for the biggest share of the GDP, 85.2 per cent. The Q1 gross fixed capital formation totalled 2,839 billion leva and accounted for 15.8 per cent of the GDP. The index slumped 3.9 per cent compared to the figure for the first quarter of 2015. 

A foreign trade deficit was reported for the first quarter of the year. Year-on-year export and import of goods and services decreased by 0.3 per cent and 2.8 per cent, respectively.