Bulgaria's gross domestic product (GDP) grew by 3.6 per cent in the fourth quarter of 2008 from the like period in 2007, according to flash estimates released by the National Statistical Institute (NSI) on Monday. The GDP in 2008 grew by 6 per cent.

In nominal terms, 2008 fourth-quarter GDP amounted to an estimated 18,059 million leva in real terms. The annual GDP totaled an estimated 66,096 million leva.

The gross value added by the economic sector in the fourth quarter of 2008 was 14,846 million leva at current prices, up 2.9 per cent in real terms from the third quarter of the previous year.

The GDP growth in the fourth quarter was largely due to a 20.6 per cent rise in the gross value added by agriculture from the like period in 2007 which was largely unfavorable for farming. Compared to the same period of the previous year, the gross value added by industry decreased by 0.1 per cent while that by services increased by 3.2 per cent.

The gross value added by the economic sector in 2008 totaled 54,303 million leva which is 6.2 per cent more in real terms than the figure for 2007.

In 2008 the value added in agriculture grew by an estimated 23.4 per cent while that of the industry increased by 3.9 per cent compared to the previous year. The value added in the service sector gained 5.7 per cent.

The trade balance (exports minus imports) was negative: minus 22.9 per cent of GDP. Exports grew by 2.8 per cent in 2008 while imports increased by 4.8 per cent.

Source: BTA