site.bta2014 Second Quarter GDP Up 1.6 Per Cent, Year on Year

Sofia, August 14 (BTA) - Bulgaria's gross domestic product (GDP) grew by 1.6 per cent in the second quarter of 2014 from the same quarter of 2013 and by 0.5 per cent from the first quarter of 2014, according to flash estimates released by the National Statistical Institute (NSI) on Thursday. The GDP at current prices amounted to 19,215 million leva in the second quarter of 2014.

Gross value added in the second quarter of 2014 amounted to 16,423 million leva at current prices. Services had the largest share (61.2 per cent) in the total value added, followed by industry (34.0 per cent) and agriculture (4.8 per cent).

In the structure of GDP by the expenditure approach, final consumption had the largest share (80.4 per cent), amounting to 15,443 million leva in nominal terms. In the second quarter of 2014, gross fixed capital formation was 4,127 million leva and had a 21.5 per cent share in GDP. The external balance (exports minus imports) was in a deficit.

According to seasonally adjusted data, GDP increased by 0.5 per cent in the second quarter of 2014 from the previous quarter. Gross value added increased by 0.6 per cent in the second quarter of 2014.

Export of goods and services, which increased by 1.0 per cent, gross fixed capital formation, which grew by 0.8 per cent, and individual consumption by 0.1 per cent largely contributed to the growth of GDP by final expenditure, registered in the second quarter of 2014.

In the second quarter of 2014, seasonally adjusted GDP increased by 1.6 per cent compared to the same period of 2013. Gross value added grew by 2.4 per cent. An increase is recorded in industry (4.5 per cent) and the services sector (1.0 per cent), while agriculture decreased by 1.5 per cent.

As regards the expenditure components of GDP, final individual and collective consumption registered a positive economic growth of 1.9 and 0.3 per cent, respectively, from the same quarter of the previous year. Gross fixed capital formation increased by 3.9 per cent from the same quarter of 2013. Exports of goods and services increased by 2.9 per cent, and imports by 1.0 per cent.