site.btaRelative Share of Value Added in Services Sector Up to 65.8% from 64% in Q2 of 2023, Y/Y

In the second quarter of 2023, Bulgaria's GDP grew by 1.9% compared to the second quarter of 2022, according to seasonally adjusted figures released by the National Statistical Institute on Thursday. The relative share of the value added of the activities in the Services sector increased to 65.8% compared to 64% in the second quarter of 2022.

According to the seasonally adjusted data, in the second quarter of 2023, GDP increased by 0.4% compared to the previous quarter.

According to the preliminary data, GDP at current prices for the second quarter of 2023 is BGN 42.315 billion. The GDP per person is BGN 6,564.

The Gross Value Added (GVA) generated by the national economy during the second quarter of 2023 amounted to BGN 37.444 billion at current prices.

The share of the economic sector of Agriculture in GVA in the second quarter of 2023 is 4.2%, which is an increase of 0.2 percentage points compared to the second quarter of 2022. The Industry sector decreases its relative share in GVA of the national economy by 2 percentage points to 30%. 

In the second quarter of 2023, 79.7% of the GDP is used for final consumption expenditure. Investments (gross fixed capital formation) form 17.6% of GDP. The external balance of goods and services is positive.

GVA grew by 2.2% in the second quarter of 2023 year-on-year.

The increase in GVA is determined by the growth in the following economic activities:

• Construction - 5.8%,
• Wholesale and retail trade; repair of motor vehicles and motorcycles; transportation and storage; accommodation and food service activities - 4.6%,
• Professional, scientific and technical activities; administrative and support service activities - 4.4%,
• Agriculture, forestry and fishing - 4.2%,
• Information and communication - 3.1%,
• Public administration and defence; compulsory social security; education; human health and social work activities - 1.9%,
• Financial and insurance activities - 1.8%,
• Arts, entertainment and recreation, repair of household goods and other services - 1%,
• Real estate activities - 0.9%.

A 1% decline was registered in Mining and quarrying; manufacturing; electricity, gas, steam and air conditioning supply; water supply, waste management and remediation activities.

Exports of goods and services decreased by 0.9%, and the imports of goods and services dropped by 6.9% compared to the second quarter of 2022.