/ world today news/ Bulgaria‘s GDP grew by 0.5% in the third quarter of the year compared to the same period of 2011. This is shown by seasonally adjusted data based on express estimates of the National Statistical Institute. Compared to the second quarter of this year, the growth is 0.1%.
For the third quarter of 2012 GDP in nominal terms reaches 21.7 billion. BGN The realized added value for the same period is 18.6 billion. BGN The largest share is the services sector with 57.3%. Next comes industry with 31.2 percent. The share of the agricultural sector is 11.5%.
Statistics also show that the recession continues in many European countries. For example, GDP in Greece contracted in the third quarter by 7.2% compared to the same period in 2011. In Portugal there was a drop of 3.4 percent, and in Italy – of 2.4 percent. GDP in Cyprus decreases by 2.3 percent.
In the third quarter of 2012 compared to the same quarter of the previous year, the highest economic growth was observed in Latvia. There, GDP increased by 5.3 percent. Then came Estonia with a growth of 3.4% and Lithuania – with 3.3%.
#GDP #grew
What are the implications of Bulgaria’s GDP growth for foreign investors considering opportunities in the region?
Welcome to our interview segment about Bulgaria’s GDP growth and European economic conditions. We are pleased to have with us two esteemed guests, Mr. Petar Petrov, an economist specializing in regional economic development, and Mrs. Maria Stoyanova, a financial analyst with extensive experience in analyzing global financial trends.
Petar, could you share your insights on Bulgaria’s GDP growth of 0.5% in the third quarter of 2012? How does this data compare to the government’s initial projections and previous quarters?
Petar Petrov: Thank you for having me. The growth rate of 0.5% is slightly lower than what the government initially projected but it is still positive growth. It’s important to note that this data is based on seasonally adjusted figures, and we expect the final GDP figures to be released in a few weeks. Comparing it to the second quarter of this year, the growth rate is stable, which is encouraging.
Maria, how does Bulgaria’s economic performance compare to the rest of Europe, specifically its neighbors and Eurozone countries?
Maria Stoyanova: Indeed, Bulgaria’s growth rate in the third quarter is lower than the Eurozone average of 0.1%. But considering the situation in Greece, Portugal, Italy, and Cyprus, where GDP has contracted, Bulgaria’s performance seems quite stable. In fact, we are now among the top five economies in the EU with the highest economic growth rates. This demonstrates the resilience of our economy and our continued attractiveness to foreign investors.
Petar, could you elaborate on the breakdown of GDP by sector? What factors contributed to the growth of the services sector, and what challenges does the agriculture and industry sectors face?
Petar Petrov: Absolutely. The services sector has grown steadily in recent years, driven by increased foreign investment in tourism, outsourcing services, and a growing IT industry. However, the challenges facing the agriculture and industry sectors are considerable. Agriculture is largely subsidized by the government, but farmers face difficulties in increasing productivity and accessing new markets. As for industry, we still rely heavily on traditional exports such as minerals and metals, which are in decl
