Quarterly gross domestic product increased by 0.4%. In nominal terms at the end of July, its value is almost BGN 41 billion
In the second quarter of 2023, gross domestic product (GDP) grew by 1.8% from the second quarter of the previous year and by 0.4% from the first quarter of 2023, according to seasonally adjusted express estimates.
In the first quarter of 2023, GDP grew by 2.1% on an annual basis.
Gross value added increased in the second quarter of 2023 by 1.9% on an annual basis. Final consumption registered a growth of 1.3%, gross fixed capital formation increased by 3.4% in the second quarter of 2023 compared to the second quarter of the previous year according to seasonally adjusted data. Exports of goods and services decreased by 0.8%, and imports of goods and services decreased by 6.7%.
In the second quarter of 2023, compared to the previous quarter, seasonally adjusted GDP grew by 0.4%. Gross value added increased by 0.4%. According to the express estimates of GDP by elements of final use in the second quarter of 2023, the reason for the registered economic growth according to seasonally adjusted data compared to the previous quarter is the increase in final consumption by 0.4%.
The NSI’s express estimates for the second quarter of 2023 show that GDP in nominal terms reaches BGN 40,959.5 million. The realized added value in the second quarter of 2023 is BGN 35,946.2 million.
By elements of final use, the largest share in GDP is taken by final consumption with 76.5%, which in value terms amounts to BGN 31,320.3 million. In the second quarter of 2023, gross capital formation was BGN 7,853.9 million and took a 19.2% relative share in GDP.
The foreign trade balance is positive.
NSI specifies that the express estimates for GDP are based on preliminary, currently available, monthly and quarterly data (subject to subsequent updates and revisions), on expert estimates and models for the behavior of components in the composition of GDP, for which at the time of calculations no direct baseline information available.