site.btaQ3 GDP Grows by 2.4% in Bulgaria

In the third quarter of 2024, the Gross Domestic Product (GDP) grew by 2.4% from the third quarter of 2023 and by 0.6% from the second quarter of 2024, according to seasonally adjusted data, the National Statistical Institute said Friday.

According to the preliminary data, GDP at current prices for the third quarter of 2024 was BGN 53,769.8 million. Per-person GDP was BGN 8,331. At an average for the quarter exchange rate of 1.781610 BGN for 1 USD the GDP is 30 180 million USD
or 4 676 USD per person. In Euro terms, GDP reaches 27 492 million EUR in total and 4 260 EUR per person.

The Gross Value Added (GVA) generated by the national economy in Q3 of 2024 amounted to BGN 46,802.7 million at current prices.

In the third quarter of 2024, the relative share of the economic sector of Agriculture in GVA was 3.7%, which is a decrease of 0.9 percentage points compared to this time last year. The Industry sector kept its relative share of 25.7%. The share of the Services sector increased by 0.9% from the third quarter of 2023.

As much as 74% of the GDP was used for final consumption expenditures in Q3. Investments (gross fixed capital formation) formed 17.4% of GDP.

The external balance of goods and services was positive.

According to the seasonally adjusted data for the third quarter of 2024, final consumption increased by 1.3% compared to the previous quarter. Exports of goods and services decreased by 1.5% and imports of goods and services increased by 0.1% compared to the
previous quarter.

The increase in GVA was driven by a growth in the following economic activities: Public administration and defense; compulsory social security; education; human health and social work activities - by 6.2%, Construction - by 4.2%, Information and communication - by 3.7%, Financial and insurance activities - by 3.7%, Wholesale and retail trade; repair of motor vehicles and motorcycles; transportation and storage; accommodation and food service activities - by 3.4%, Mining and quarrying; manufacturing; electricity, gas, steam and air conditioning supply; water supply, waste management and remediation activities - by 1%, Arts, entertainment and recreation, repair of household goods and other services - by 0.6% and Professional, scientific and technical activities; administrative and support service activities - by 0.4%.

A decline was registered in Agriculture, forestry and fishing - by 9.7%.

No change was registered in Real estate activities.

The expenditure components of GDP, which drove the registered positive economic growth were gross capital formation (by 7.3%) and final consumption (with a growth of 4.6%).

The exports of goods and services decreased by 0.4%, while imports of goods and services increased by 3.0% for the third quarter of 2024.