site.btaQ2 GDP Up by 4% Y-Y

In the second quarter of 2022 Gross Domestic Product (GDP) increased by 4% compared with the second quarter of 2021 and by 0.8% compared with the first quarter of 2022 at seasonally adjusted figures, the National Statistical Institute said on Wednesday.

During the same period, gross value added (GVA) increased by 4.5% on an annual basis and by 0.7% on a quarterly basis (data are preliminary and seasonally adjusted).

The increase in gross value added is driven by the growth in following economic activities: mining and quarrying; manufacturing; electricity, gas, steam and air conditioning supply; water supply, waste management and remediation activities - 11.9%, information and communication - 5.6%, professional, scientific and technical activities; administrative and support service activities - 5.2%, wholesale and retail trade; repair of motor vehicles and motorcycles; transportation and storage; accommodation and food service activities - 4.7%, financial and insurance activities - 3.9%, while construction saw a decline of 16.4% on an annual basis.

According to preliminary data, GDP generated in the second quarter of 2022 totalled BGN 38,962 million. The GDP per person stood BGN 5,708. The GDP stood at USD 21,214 million and USD 3,108 per person using the average for the quarter exchange rate of 1.836621 BGN for 1 USD. In euro terms, GDP reached EUR 19,921 million in total and EUR 2,918 per person.

The GVA generated by the national economy during the second quarter of 2022 amounted to BGN 33,972 million at current prices.

The share of the economic sector Agriculture in GVA in the second quarter of 2022 is 4%, which is an increase of 0.4 percentage points compared with the second quarter of 2021.

The Industry sector increased its relative share in GVA of the national economy by 5.1 percentage points. to 32.3%.

In the second quarter of 2022 the relative share of the value added of the activities in the Services sector decreased to 63.7%, down from 69.2% year-on-year.

According to the preliminary seasonally adjusted data for the second quarter of 2022, final consumption increased by 1% compared to the first quarter of 2022. Exports of goods and services increased by 2.5% and imports of goods and services increased by 1.4%.