GDP grows 0.5% in the third quarter

Bulgaria's gross domestic product (GDP) recorded a 0.5% growth year-on-year in the third quarter. The increase is just 0.1%, compared to the previous three months, according to the latest NSI data. For the three months to September, GDP amounted to BGN 21.73 bn, based on current prices. In Euro terms, the amount stands at €11.11 bn, or €1,522 per capita. The break-down shows that industry grew by 2.6% year-on-year and by 0.6% from the previous quarter. Agriculture grew by 7%, compared to a year earlier, but was flat on a quarterly basis. The industry makes up 26.2% of GDP, while agriculture accounts for only 10%. The service sector is the biggest – 49%.
Finance and insurance grew by 3.6% year-on-year, while the category Professional, Scientific and Technical activities; Administrative and Support Service Activities contributed an additional 9.8% to GDP. The double-digit growth in exports last year has been replaced by a rate of only 3.3%, while imports increased by 4%. Consumer spending took up 70% of the economic output in the third quarter of 2012. Capital spending formed 16.7% of GDP. The trade balance, including goods and services, shows a surplus of BGN 1.84 bn.

According to NSI, the highest economic growth in the EU during Q3 2012 vs the previous quarter was reported in Estonia - 1.7%, Latvia - 1.7%, Lithuania - 1.3%, the United Kingdom - 1%, and Slovakia - 0.6%, while the Netherlands, Portugal, Slovenia, Cyprus and Romania registered a decrease by 1.1%, 0.8%, 0.6%, 0.5% and 0.5%, respectively. Compared to Q3 2011, seasonally adjusted data showed a 0.4% decrease in GDP in the EU-27. Within the same period, GDP grew by 0.5% in Bulgaria. During Q3 2012, the highest economic growth vs Q3 2011 was registered in Latvia - 5.3%, Estonia - 3.4%, Lithuania - 3.3%, and Slovakia - 2.5%, while Greece reported a decrease of 7.2%, Portugal - 3.4%, Slovenia - 2.9%, and Italy - 2.4%.

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