site.btaBulgaria's GDP Increases by 4.8% in Q2 Y/Y

In the second quarter of 2022, the gross domestic product (GDP) increased by 4.8% from the second quarter of the previous year and by 1.1%  from the first quarter of 2022, according to seasonally adjusted express estimates, reported the National Statistical Institute (NSI) on Wednesday.

The gross added value increased by 5.3% compared to this time last year and by 1.1% from the previous quarter.

Final consumption registered a growth of 5.3%, while gross fixed capital formation decreased by 7.3%  in the second quarter compared to this time last year based on seasonally adjusted data.

The export of goods and services increased by 11.8%, and the import of goods and services by 18%.

According to the express estimates of GDP by elements of final consumption, the quarter-on-quarter increase in economic growth was due to an increase in final consumption by 1.1% and in the export of goods and services by 3.3%.

According to NSI's express estimates for the second quarter of 2022, GDP reached BGN 38,302.7 million. The added value in the second quarter of 2022 was worth BGN 33,303.3 million.

By elements of final consumption, the largest share in GDP was taken by final consumption with 76%, which in value terms amounted to BGN 29,108.1 million. Gross capital formation was BGN 8,948.3 million and had a 23.4% relative share in GDP.

Foreign trade showed a surplus.