Bulgaria is in recession
Updated on: 10.06.2009, 20:20
Published on: 10.06.2009, 20:15
Bulgaria’s gross domestic product marks downturn with 3.5% in the first quarter of this year compared to the same period of 2008, show preliminary data from the national statistics.
In the first quarter of this year the economy has shrank with 5% compared to the previous three months. According to the statistical data this is the second successive quarter in which the GDP marks a downturn compared to the previous three months, which means that Bulgaria can be defined as being in recession.
The GDP of the country for the first quarter of 2009 is 13 961 100 000 BGN according to current prices.
The created by the economic sectors gross added value accounts for 11 606 800 000 BGN according to current prices. Re-calculated in comparable prices the added value reduces with 2.8 % compared to the respective period in the previous year.
The industrial sector reduces its relative share in the added value of the economy compared to the first quarter of 2008 and reaches 31.1% in the first quarter of 2009.
The relative share of the added value, realized from activities in the field of services is 64.9%, which is with 1.7% points more than the respective period in 2008.
The relative share of the agricultural sector in the added value of the economy decreases with 0.7% points and reaches 4% in the first quarter of 2009.
The changes in the structural shares are determined by the actual increase of the added value of the service sector 2.5%, while the added value, created by the industrial and agricultural sectors marks a downturn respectively with 12.4% and 4.8% compared to the same quarter in 2008.
81.7% of the produced GDP has been spent for individual consumption in the first quarter of 2009.
The actual reduction is 6% compared to the respective quarter of 2008. The index of the physical volume of the investments 85.9% determines a relative share of this category from 25.9% of the produced GDP.
The external balance of goods and services is negative. The import of goods and services surpasses with 2382 million BGN the value volume of the export. For this period the volume of the external turnover has decreased with 21%. The export of goods and services has decreased with 17.4% while the reduction in the import of goods and services compared to the respective quarter in 2008 is 21.1%.
