/View.info/ The economy rebounded from the bottom by 1.2 percent. GDP growth in 2013 was above the forecasts of the Ministry of Finance
The economy rebounded from the trough in the fourth quarter of 2013, with GDP growing by 1.2% year-on-year, NSI data show. There has not been such a large growth of GDP in the last two years.
After the GDP growth was 0.5% on an annual basis in the first two quarters of last year, in the second and third quarters the growth accelerated to 1% and 1.2%, respectively. As a result, for the whole of 2013, the growth of the economy was 0.9%. This result is well above the Ministry of Finance’s forecasts for growth of 0.6%.
The growth achieved in the fourth quarter of 2013 puts us somewhere on the trail among the EU countries. Countries such as Romania (+5.1%), Lithuania (+3.6%), Latvia (+3.3%), Sweden (+3.1%) and Great Britain (+2,) perform better than us 7%). Worse than us are Cyprus (-5.3%), Greece (-2.6%), Croatia (-1.2%), Italy (-0.8%) and Finland (-0.5%).
In the fourth quarter of 2013, Bulgaria’s GDP was BGN 21.46 billion, or EUR 10.97 billion, which is EUR 1,511 per capita.
Compared to the third quarter, GDP growth was 0.3%. For the whole of 2013, GDP amounted to BGN 78.115 billion, or EUR 39.94 billion. That makes 5,493 euros per person. GDP growth in the fourth quarter was mainly due to government spending. Individual consumption decreased by 1.5% on an annual basis, while collective consumption increased by 1.3%.
By sector of the economy, the largest growth in the fourth quarter of 5.5% was recorded in “Creation and distribution of information and creative products; telecommunications”.
Next comes “Culture, sports and entertainment; activities of households in the production of goods and services for own consumption; other activities” with a growth of 4.7%. Growth in the agricultural sector was 2.1%, in industry – by 1.6%, in financial and insurance activities – by 4%, in real estate operations – by 1%.
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