National Statistical Institute reports GDP growth of 3.3% for the third quarter of 2022

The National Statistical Institute reports gross domestic product growth of 3.3% for the third quarter of 2022 compared to the third quarter of 2021. The increase from the second quarter of 2022 is 0.6% on a seasonally adjusted basis.

Over the same period, gross value added (GVA) increased by 3.1% on an annual basis and by 0.6% on a quarterly basis.

GVA growth was driven by increases in the following economic activities:

• Industry - 17.7%
• Professional and scientific activities; administrative and support activities - 1.4%
• General government; education; human health and social work activities - 1.4%
• Creation and distribution of information and creative products; telecommunications - 0.9%
• Financial and insurance activities - 0.8%
• Real estate operations - 0.6%.

A year-on-year decline was recorded in:

• Construction - 13.4%
• Trade, repair of motor vehicles and motorcycles; transportation, storage and post; hotels and restaurants - by 0.7%
• Culture, sport and other activities - by 0.1%.

In the third quarter of 2022, the GDP produced amounted to BGN 44 959 million at current prices according to preliminary data.

The per capita value of the indicator is BGN 6,601.

At an average exchange rate for the quarter of BGN 1.941935 per USD 1, GDP amounts to USD 23 151 million and USD 3 399 per capita, respectively.

Converted into euros, GDP was EUR 22,987 million, with EUR 3,375 per capita.

According to preliminary data, in the third quarter of 2022, gross domestic product (GDP) per capita increased in real terms by 1.7% compared to the third quarter of 2021.

The number of employed persons in the economy is 3,699.7 thousand and the total number of hours worked is 1,457.4 million.

Each employed person accounts for BGN 12,152.0 of the current gross domestic product, with each employed person creating on average BGN30.9 of the current gross domestic product. GDP per hour worked.

Gross value added (GVA) per employee on average in Q3 2022 increased by 2.1% in real terms compared to Q3 2021 and GVA per man-hour worked increased by 3.3% in real terms.

For the third quarter of 2022, the level of labour productivity in the industrial sector is BGN 12,222.5 GVA per employee on average and BGN 29.8 per man-hour worked, according to preliminary data.

In the service sector, each employee produces on average BGN 10 437.8 per hour worked. GVA, with an average of BGN 26.7 produced per man-hour worked from the current volume of the indicator.

Labour productivity in the agricultural sector is the lowest at BGN 5 904.8. GVA per employee and BGN 15.5 per man-hour worked.