site.btaBulgaria's Real GDP Increases by 7.6% in 2021 Compared to 2020

In 2021, Bulgaria's GDP increased by 7.6% in real terms compared to 2020, according to updated data from the National Statistical Institute (NSI) released on Friday. For 2021, the GDP reached BGN 139,012 billion in nominal terms.

As a result of ongoing adjustments, which are applied every year because of new and more comprehensive incoming information, the GDP figures based on all three approaches (production or output approach, the expenditure approach and the income approach) for the period 2020 and 2021 have been revised, the NSI said. The nominal GDP has been revised by 4.7% compared to the preliminary annual data for 2021.

Compared to the announced preliminary annual estimates, the nominal value of GDP for 2021 was BGN 6.268 billion higher (a total of BGN 139.012 billion), and real growth has been revised from 4.2% to 7.6% . In 2020, the reported decline in real terms was revised from 4.4% to 4%.

The updated annual GDP data was prepared 9 months after the end of the reporting period and is subject to revisions, while the preliminary annual estimates for GDP are a sum of the estimates of the quarterly data and are developed 65 days after the end of the reporting period, NSI recalled.

With regard to the gross value added (GVA) by economic sectors, the nominal value of the services sector went up by BGN 6.669 billion compared to the preliminary data and amounted to BGN 86.558 billion.

Regarding real GDP growth by economic sectors in 2021 (compared to 2020), the largest growth was in the agricultural sector, followed by the service sector and industry.

More specifically, in 2021, GVA growth reflected an increase in:

Agriculture, forestry and fisheries - by 28.8%;

Financial and insurance activities - by 23%;

Trade, repair of cars and motorcycles; transport, storage and mail; hotel and restaurant industry - by 14.5%;

Professional activities and scientific research; administrative and auxiliary activities - by 10.1%;

Real estate operations - by 7.7%;

Creation and distribution of information and creative products; telecommunications - by 6.2%;

Mining industry; manufacturing industry; production and distribution of electrical and thermal energy and gaseous fuels; water supply; sewerage services, waste management and recovery - by 5.4%;

Government; education; human health care and social work - by 0.9%.

In the following activities, a decrease was recorded in 2021: Culture, sports and entertainment and other activities - by 0.4%; Construction - by 17.1%.