BULGARIAN ECONOMY IS IN STAGNATION, THE STATISTIC ANNOUNCED

Agricultural sector's share in the economy increases, against drop of the industry, the Natinal Statistical Institute announced

In the first quarter of 2012 GDP at current prices amounts to 15 705 million levs. In Euro terms GDP is 8 029.8 million euro or 1 097.2 euro per person, the Natinal Statistical Institute announced. According to the seasonally adjusted data, the GDP growth rate in the first quarter of 2012 is 0.5% compared with the same quarter of the previous year and remains at the same level compared with the fourth quarter of 2011.

According to the preliminary data, the Gross Domestic Product (GDP) at current prices in the first quarter of 2012 amounted to 15 705 million levs (Table 1). The GDP per person amounted to 2 145.9 levs. In USD terms at average quarterly exchange rate of 1.4924 levs per dollar, the GDP amounted to 10 523 million dollars or 1 437.8 dollars per person. In Euro terms, the GDP amounted to 8 029.8 million euro or 1 097.2 euro per person.

Gross value added (GVA) at current prices in the first quarter of 2012 amounted to 13 374 million levs. As compared with the first quarter of 2011 the agricultural sector increased its share in the gross value added in the economy by 0.8 percentage points to 3.7% in the first quarter of 2012. The share of industrial sector reached 31.9 %, down by 1.3 percentage points. The share of services reached 64.4% which is an increase of 0.5 percentage points compared to the same period of the previous year.

In the first quarter of 2012 the final consumption expenditure constituted 85.6% of GDP in the economy. Investments (gross fixed capital formation) accounted for 19.7% of GDP. The external balance (exports-imports) was negative amounting to 1 490 million levs.

Quarter-on-quarter growth rates

According to the seasonally adjusted data, the GDP growth rate in the first quarter of 2012 remained at the same level compared with the previous quarter (Annex 2). In the first quarter of 2012 gross value added of the total economy decreased by 0.3%, compared to fourth quarter of the previous year.

According to the preliminary estimates of GDP by final expenditure, in the first quarter of 2012 the final consumption expenditure decreased by 0.5%. For the same period, gross fixed capital formation increased by 0.4%. In the first quarter of 2012, the exports of goods and services decreased by 2.9%.

During the same period, imports of goods and services decreased by 0.8% over the previous quarter.

Growth rates on annual basis

During the first quarter of 2012 GDP increased by 0.5% compared to the same quarter of the previous year. Gross value added decreased by 0.2% compared to same quarter of previous year. The indicator's movement is determined mainly by the increase recorded in the agricultural sector 12.7%, industry 1.8%, trade, transport, hotels and restaurants 2.6%, financial sector 0.9% and real estate activities 2.8%. Construction, general government, education, human health care and other services had a negative contribution to the value added with a decline over the given period.

As regards the expenditure component of GDP, a major contributor to registered positive economic growth had an individual consumption. The collective final consumption had a decline of 2.1% compared with the same quarter of previous year. Imports of goods and services keep the level of the corresponding quarter of the previous year and the exports of goods and services decreased by 0.1%.