site.btaQ1 GDP Growth Slows Y/Y

In the first quarter of 2024, the Gross Domestic Product (GDP) grew by 1.8% compared to the first quarter of 2023 and there is an increase of 0.4% compared to the fourth quarter of 2023 at seasonally adjusted data, released by the National Statistical Institute on Friday.

By comparison, in the first quarter of 2023 GDP grew by 2% compared to the first quarter of the previous year and by 0.4% compared to the fourth quarter of 2022.

According to the preliminary data, GDP at current prices for the first quarter of 2024 is BGN 43,279.9 million. The GDP per person is BGN 6, 722N. In Euro terms, GDP reaches EUR 22,129 million in total and EUR 3,437 EUR per person.

The Gross Value Added (GVA) generated by the national economy during the first quarter of 2024 amounted to BGN 38, 298.6 million at current prices.

The share of the economic sector of agriculture in GVA in the first quarter of 2024 is 1.7%, which is a decrease of 0.7 percentage points compared to the first quarter of 2023.

The industry sector decreases its relative share in GVA of the national economy by 3.2 percentage points to 31.3%.

The relative share of the value added of the activities in the services sector increased to 67.0% compared to 63.1% in the first quarter of 2023.

In the first quarter of 2024, 80.6% of the GDP is used for final consumption expenditure.

Investments (gross fixed capital formation) form 14.2% of GDP.

The external balance of goods and services is positive.