GDP Drops 4.8% in Second Quarter, 6.5% in Jan-June 2009

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GDP Drops 4.8% in Second Quarter, 6.5% in Jan-June 2009

Bulgaria's gross domestic product dropped by 4.8 per cent in the second quarter of 2009 from the like period a year ago, according to estimates released by the National Statistical Institute (NSI) on Monday. In the first half of 2009, the GDP was down 4.2 per cent in real terms, year-on-year.

In nominal terms, the GDP value at current prices for the second quarter of 2009 is estimated at 15,826 million leva. The January-June 2009 current GDP volume amounts to 29,788 million leva.

The gross value added by the economic sector in April-June 2009 was 13,105 million leva at current prices, down 3.4 per cent in real terms from the second quarter of last year.

The GDP fall in the second quarter was largely due to a 9.8 per cent drop in the gross value added by industry, from April-June 2008. Compared to the same period of last year, the gross value added by services increased by 0.3 per cent and that by agriculture by 3.5 per cent in real terms.

The gross value added by agriculture accounted for 6.2 per cent of the gross value added by the economic sector, industry accounted for 28.7 per cent, and services for 65.1 per cent.

By GDP final use components, individual final consumption dropped by 8.2 per cent in real terms, and collective final consumption rose 10.9 per cent from the second quarter of 2008.

Gross fixed capital formation decreased by 13.9 per cent in real terms. The estimated index of the exports of goods and services shows a real-terms drop of 18.8 per cent, and the index of imports of goods and services a decrease of 26.9 per cent.

Final consumption took up 82.2 per cent of GDP in the second quarter, and gross fixed capital formation 29.2 per cent. The trade balance (exports minus imports) was negative: minus 11.8 per cent of GDP.

In the first half of 2009, the gross value added by the economic sector was 24,713 million leva, down 3.1 per cent, year-on-year.

In January-June 2009, the gross value added by agriculture dropped 6 per cent in real terms, year-on-year, and industry by 11 per cent. The gross value added by services increased by 1.3 per cent in real terms.

Individual final consumption was 7.1 per cent down, and gross fixed capital formation 14 per cent. The trade balance was negative: minus 14.2 per cent of nominal GDP. For the first half of 2009, exports of goods and services dropped by 18.2 per cent, and imports by 24.2 per cent.

Source: BTA

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