Bulgaria's Economy Grows by Real 0.8% in 2012

Bulgaria's Economy Grows by Real 0.8% in 2012

Bulgaria's economic growth slowed down to a real 0.8% last year from 1.8% in 2011, the statistics office said.

In nominal terms, last year's gross domestic product (GDP) amounted to 77.58 billion levs ($51.7 billion/39.67 billion euro), the National Statistics Office (NSI) said in a statement.

In the last quarter of 2012, the country's GDP remained unchanged from the previous three months and went up by 0.5% on the year, according to seasonally-adjusted preliminary data.

In a flash estimate released last month, the statistics office said the fourth-quarter GDP edged up by a quarterly 0.1% and by an annual 0.5%, based on seasonally-adjusted data.

Gross value added went up by 0.3% in 2012 to 66.6 billion levs. Gross value added in the fourth quarter alone inched up by 0.2% compared to the third quarter and was 0.6% higher on the year.

The agricultural sector increased its share in the gross value added in the economy by 0.8 percentage points on the year to 4.3% in the fourth quarter of 2012. The share of the industrial sector reached 26.3%, up by 0.6 percentage points, while the share of services decreased to 69.4% from 70.8% a year earlier.

The government in Sofia expects the country's economy to grow by between 2.5% and 4.0% annually in the 2013 - 2015 period.

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