site.btaThird-Quarter GDP Up 1.5% YoY - Statistical Institute

Third-Quarter
GDP Up 1.5% YoY -
Statistical Institute


Sofia, December 3 (BTA) - In the third quarter of 2014,
Bulgaria's GDP totalled 22,838 million leva (11,677 million
euro) at current prices, according to preliminary data of the
National Statistical Institute. The per capita GDP was 1,616
euro. Seasonally adjusted data show 1.5 per cent GDP growth year
on year, and a 0.4 per cent rise from the second quarter of
2014.

The gross value added generated by the national economy stood at
19,508 million leva at current prices.

The relative share of agriculture in the third-quarter value
added rose 0.2 percentage points from a year earlier to 8.2 per
cent. The industrial sector also increased its share in the
value added by 0.2 percentage points to 27.9 per cent. The share
of the value added in the services sector dropped to 63.9 per
cent from 64.3 per cent a year earlier.

In the third quarter of 2014, final consumption expenditure
accounted for 69.1 per cent of GDP. Investments (gross fixed
capital formation) accounted for 20.7 per cent of GDP. The
foreign trade balance (exports - imports) was positive.

Compared to the second quarter, GDP went up 0.4 percentage
points according to seasonally adjusted data.

Preliminary data on the third quarter show a 0.3 per cent
increase in final consumption expenditure from the second
quarter. Gross fixed capital formation increased 0.7 per cent.
Exports of goods and services decreased 2.6 per cent, while
imports increased 0.7 per cent.

Gross value added grew 1.9 per cent from the third quarter of
2013. As regards the expenditure component of GDP, the
contributors to the registered positive economic growth are
final consumption with 0.8 per cent growth and gross fixed
capital formation with 4.4 per cent growth. Imports of goods and
services increased by 2.6 per cent, while exports decreased by
2.8 per cent from a year earlier.

The GDP per employed person increased 1.2 per cent from third
quarter of 2013.

In the third quarter of 2014, 3,648,200 people were employed in
the economy. The hours worked were 1,466,300,000. Compared to
the third quarter of 2013, the structure of employment by
economic activity showed an increase in the proportion of people
employed in services.

The current volume of GDP per employed person was 6,260.1 leva.
Every employed person generated 15.58 leva of GDP per hour
worked on average.

The average gross value added per employed person in the third
quarter dropped 0.2 per cent in real terms and 0.1 per cent per
man-hour worked from a year earlier.

Preliminary data on the third quarter show that labour
productivity was highest in industry at an average of 6,095.4
leva of gross value added per employed person and 14.6 leva per
man-hour worked. The services sector came second with an average
of 5,573.6 leva of gross value added per employed person and
14.0 leva per man-hour worked. Agriculture had the lowest labour
productivity at 2,011.8 leva of gross value added per employed
person and 5.1 leva per man-hour worked. PK/DD


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