In Q2 2012, GDP registers a 0.5% increase year-on-year

In Q2 2012, Bulgaria’s gross domestic product (GDP) increased by 0.5%, compared to Q2 2011 and by 0.2%, compared to Q1 2012, showed express data of the National Statistical Institute (NSI). The nominal GDP reached BGN 19.077 bn and the value added amounted to BGN 16.438 bn. The service sector accounted for the largest 59.8% share in GDP, followed by industry with a 35% share.

However, the gross value added (GVA) declined by 0.4% year-on-year in Q2 2012, according NSI. GDP comprises GVA and adjustments (taxes and subsidies). As adjustments increase by 5.4% on an annual basis, domestic GDP increases, too. GVA includes the value produced in the sector of services, industries and agriculture. Agriculture and industries registered an increase on an annual basis of 7.2% and 1.8%, respectively. They have a small share in the economy and the sector of services, with its 1% drop on an annual basis, brought GVA to -0.4%, compared to Q2 2011. Actually, GVA reported a decrease for a second consecutive quarter, after declining by 0.2% in Q1 2012 on an annual basis.

The foreign trade balance registered a BGN 1.17 bn deficit, or 6.2% of GDP. Exports of goods and services increased by 2.8% in Q2 2012 and imports of goods and services - by 6.9% year-on-year, showed NSI’s express data.

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