site.btaUPDATED Bulgaria's GDP for 2024 Up by 2.8% YoY

Bulgaria's Gross Domestic Product (GDP) for 2024, obtained as a sum of quarterly data, increased in real terms by 2.8% compared to 2023, the National Statistical Institute (NSI) said in a press release on Friday.

In the fourth quarter of 2024, GDP grew by 3.4% compared to the fourth quarter of 2023 and there was an increase of 0.9% compared to the third quarter of 2024 at seasonally adjusted data. 

In the third quarter of 2024, GDP grew by 2.4% relative to the third quarter of 2023 and by 0.6% relative to the second quarter of 2024, again on a preliminary seasonally adjusted basis.

GDP, current prices

According to the preliminary data, GDP at current prices for the fourth quarter of 2024 is BGN 57,587.2 million. The GDP per person is BGN 8,942. At an average for the quarter exchange rate of BGN 1.830944 for USD 1 the GDP is USD 31,452 million or USD 4,884 per person. In Euro terms, GDP reaches EUR 29,444 million in total and EUR 4,572 per person. 

The Gross Value Added (GVA) generated by the national economy during the fourth quarter of 2024 amounted to BGN 49,971.2 million at current prices.

In the fourth quarter of 2024, the relative share of the economic sector of Agriculture in GVA was 1.8%, which is a decrease of 0.1 percentage points compared to the fourth quarter of 2023. The Industry sector increased its relative share in GVA of the national economy by 1.5 percentage points, to 23.3%. The relative share of the value added of the activities in the Services sector during the fourth quarter of 2024 decreased by 1.5 percentage points compared to the fourth quarter of 2023. In the fourth quarter of 2024, 78.1% of the GDP was used for final consumption expenditures. Investments (gross fixed capital formation) formed 22.1% of GDP. The external balance of goods and services was negative.

2024 - Annual Figures

GDP for 2024, obtained as a sum of quarterly data, increases in real terms by 2.8% compared to 2023. 

The nominal value of the GDP for 2024 is BGN 202,861.5 million. GDP reaches USD 111,901.2 million using the average annual exchange rate of BGN 1.807654 for USD 1. GDP per person is BGN 31,479, or USD 17,364. In EUR terms GDP is EUR 103,441 million, or EUR 16,052 per person. 

Gross Value Added at current prices amounts to BGN 176,760.5 million. In real terms, GVA increased by 2.5% compared to 2023.

In 2024 the Agricultural sector’s relative share in the GVA of the national economy is 2.4%, which is a decrease of 0.5 percentage points compared with 2023. The Industry sector creates 25.8% of GVA of the national economy, with no change recorded compared to 2023. The Services sector increased to 71.8% compared to 71.3% in 2023. 

Labour productivity, persons employed and hours worked for 2024

According to the preliminary data, the GDP per person employed increased in real terms by 1.7% in 2024 compared to the previous year. 

The number of persons employed in the economy was 3,518,700 and the total number of hours worked was 5,718.8 million. Compared to the previous year the structure of employment by economic sector in 2024 showed an increase in the relative share of the Service sector and a decrease in the Agriculture and Industry sectors.

The GDP per person employed is 57 652.8 BGN and the GDP per hour worked is 35.5 BGN.

The GVA per person employed in 2024 increased by 2.9 % compared to 2023. The GVA per hour worked increased in real terms by 5.1%. 

The GVA per person employed in the Service sector was BGN 54,371.4 and GVA per hour worked was BGN 32.8 according to the preliminary data for 2024. In the Industrial sector an average of BGN 53,296.5 GVA was produced by person employed or an average of BGN 31.8 GVA per hour worked. The lowest labour productivity was in the Agricultural sector - BGN 8 570.0 GVA per person employed and BGN 6.1 per hour worked.