NSI: Bulgaria’s economy “froze” in Q4 2012

Bulgaria’s gross domestic product (GDP) increased by 0.1% in Q4 2012, showed preliminary data of the National Statistical Institute (NSI). This practically means that our economy has been at a standstill for half a year now. Although the last quarter of the year is usually the strongest period for the Bulgarian economy, the country’s GDP even fell - something that normally happens in the first quarter.

However, GDP rose in nominal terms to BGN 21.2 bn in Q4, 2012, registering an increase of 0.5%, compared to Q4 2011. The value added for the last quarter of 2012 stood at approximately BGN 18.15 bn, largely accounted for by the service sector (69.3%), followed by industry (26.5%) and agriculture (4.2%).

The annual growth of industrial production remained unchanged during the last three months of 2012 at 3.2%. An increase of 0.8% was registered on a quarterly basis, compared to 0.7% in the July-September period.

The agricultural sector slowed growth in the last three months of the year. A year-on-year increase of 3% was reported in Q4 2012, compared to 7% in Q3.

NSI’s preliminary data showed that throughout 2012, Bulgaria’s economic growth slowed down to 0.5%, which is much less than the Government’s forecasts of 1.5%-2% and way down from the 1.6 % growth reported in 2011.

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