Bulgarian economy grew by 3.4% in third quarter of 2016

Bulgarian economy grew by 3.4% YoY in third quarter of 2016, according to preliminary data from the National Statistics Institute. Compared to the second quarter the gross domestic product (GDP) grew by 0.7%. Today’s figures were slightly revised to flash estimates for 3.5% YoY and 0.8% MoM economy growth during the reported quarter.

The positive dynamics of the Bulgarian economy this year remains, as during the first quarter GDP grew by 2.9% and during the second quarter by 3.5%.

The GDP in the in third quarter of 2016 amounted to 25.336 billion BGN (12.96 billion EUR) at current prices. The GDP per capita accounts for 3,549 BGN of value volume indicator. At average quarterly, the USD/BGN exchange rate of 1.75152, means that GDP amounted to 14.465 billion USD and respectively GDP per capita to 2,026 USD. In Euro terms, the GDP amounted to 12.954 billion EUR and GDP per capita accounted for 1,815 EUR.

The branches of the national economy gross value added in the third quarter of 2016 amounted to 21.91 billion BGN at current prices.

In the third quarter of 2016 the share of agriculture in the economy reduces its level by 0.7% compared to the same quarter of the previous year to 7.3%. The industrial sector increased its share of value added in the economy by 1.4% to 28.9%. The proportion of added value realized from activities in the service sector decreased by 0.7% to 63.8%.

Final consumption in the third quarter of 2016 spent 68.8% of GDP. The investment (gross fixed capital formation) accounted for 18.5% of GDP. The foreign trade balance of goods and services is positive. During the third quarter. GDP increased compared to the second quarter by 0.7%, according to seasonally adjusted data. The gross added value in the economy grew by 0.6%.

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