In the first quarter of 2025, the Gross Domestic Product (GDP) grew by 3.1% compared to the first quarter of 2024 and there was an increase of 0.6% compared to the fourth quarter of 2024 at the seasonally adjusted data.
GDP, current prices
According to the preliminary data, GDP at current prices for the first quarter of 2025 is 45 617.3 million BGN (Annex, Table 1). The GDP per person is 7 093 BGN. At an average for the quarter exchange rate of 1.859196 BGN for 1 USD the GDP is 24 536 million USD, or 3 815 USD per person. In Euro terms, GDP reaches 23 324 million EUR in total and 3 626 EUR per person.
The Gross Value Added (GVA) generated by the national economy during the first quarter of 2025 amounted to 39 623.8 million BGN at current prices.
In the first quarter of 2025, the relative share of the economic sector of Agriculture in GVA was 1.3%, which indicates that there is no change compared to the first quarter of 2024.
The Industry sector decreased its relative share in GVA of the national economy by 1.0 percentage points, to 26.3%.
The relative share of the value added of the activities in the Services sector during the first quarter of 2025 is 72.4%, increasing by 1.0 percentage points compared to the first quarter of 2024.
In the first quarter of 2025, 74.7% of the GDP was used for final consumption expenditures. Investments (gross fixed capital formation formed 14.9% of GDP.
The external balance of goods and services was negative.
GDP and GVA growth rates from seasonally adjusted data
Growth rates on a quarterly basis
According to the preliminary and seasonally adjusted data, in the first quarter of 2025, GDP increased by 0.6% compared to the previous quarter (Annex, Table 2). For the same period, GVA increased by 0.5%.
According to the seasonally adjusted data for the first quarter of 2025, the final consumption increased by 2.3% compared to the previous quarter. Exports of goods and services decreased by 2.4% and the imports of goods and services increased by 0.3% compared to the previous quarter, according to the seasonally adjusted data.
Growth rates on an annual basis
GDP increased by 3.1% and GVA increased by 2.6% in the first quarter of 2025 compared to the first quarter of 2024, according to the seasonally adjusted data.
The increase in Gross Value Added is determined by the growth in the following economic activities: ‘Construction’ - by 7.6%, ‘Information and communication’ - by 4.7%, ‘Financial and insurance activities’ - by 4.6%, ‘Wholesale and retail trade; repair of motor vehicles and motorcycles; transportation and storage; accommodation and food service activities’ - by 3.9%, ‘Public administration and defense; compulsory social security; education; human health and social work activities’ - by 3.7%, ‘Professional, scientific and technical activities; administrative and support service activities’ - by 2.2%, ‘Arts, entertainment and recreation, repair of household goods and other services’ - by 1.3%, ‘Real estate activities’ - by 0.8% and ‘Agriculture, forestry and fishing’ - by 0.2%.
A decline was registered in ‘Mining and quarrying; manufacturing; electricity, gas, steam and air conditioning supply; water supply, waste management and remediation activities’ - by 3.1%.
Regarding the expenditure components of GDP, the main contributor to the registered positive economic growth was the gross capital formation with an increase of 9.0% and the final consumption - an increase of 7.2%. During the first quarter of 2025, a decrease was recorded in the exports of goods and services - by 3.2%, while the imports of goods and services increased by 4.6% compared to the same quarter of the previous year.
Labor productivity, employment and hours worked - First quarter of 2025
According to the preliminary data, the Gross domestic product (GDP) per person employed increased in real terms by 1.5% in the first quarter of 2025 compared to the same quarter of the previous year.
The number of persons employed in the economy is 3 474.6 thousand and the total number of hours worked is 1 430.3 million. Compared with the same quarter of the previous year the structure of employment by economic sector in the first quarter of 2025 shows an increase in the relative share of Service sector and decrease in the Agriculture and Industrial sectors.
The GDP per person employed is 13 128.9 BGN and GDP per hour worked is 31.9 BGN.
Gross value added (GVA) per person employed in the first quarter of 2025 increased by 1.2% compared to the first quarter of 2024. GVA per hour worked increased in real terms by 2.5%.
The GVA per person employed in the Service sector is 12 017.2 BGN and GVA per hour worked is 28.3 BGN according to the preliminary data for the first quarter of 2025. In the Industrial sector, an average of 12 142.9 BGN GVA is produced by person employed or an average of 28.3 BGN GVA per hour worked. The lowest labor productivity is in the Agricultural sector 1 261.5 BGN GVA per person employed and 4.1 BGN per hour worked.
