NSI reports GDP growth of 1.8% for 2023

The gross domestic product for 2023 will increase in real terms by 1.8% compared to 2022, according to preliminary data of the National Statistics Institute.

GDP for 2023, as a sum of quarterly data, amounts to 183 743.4 million BGN at current prices.

According to preliminary data for 2023, the gross domestic product (GDP) per employee increases in real terms by 0.9% compared to the previous year.

The number of employed persons in the economy is 3 480.7 thousand and the total number of hours worked is 5 630.7 million. The employment structure by economic sector in 2023 compared to 2022 shows an increase in the relative share of the service sector and a decrease in the relative share of the industrial and agricultural sectors.

Employment structure by economic activity in 2022 and 2023:

Each employee accounts for 52 788.9 BGN of the current GDP, with each employee generating on average 32.6 BGN of the current GDP. GDP per hour worked.

In 2023, gross value added (GVA) on average per employee increases by 0.5% in real terms and GVA per man-hour worked increases by 0.4% in real terms.

According to preliminary data for 2023, the level of labour productivity in the industrial sector is 54,391.4 BGN on average per employee and 32.5 BGN per man-hour worked. In the service sector, each employee produces on average 47 176.7 lv. GVA, with an average of BGN 28.7 produced per man-hour worked from the current volume of the indicator. Labour productivity in the agricultural sector is the lowest at BGN 10,775.2. GVA per employee and BGN 7.7 per man-hour worked.

Industrial production indices in January 2024:

The industrial production index declined by 2.5% in January 2024 compared to the previous month. Data are preliminary and seasonally adjusted.

Compared to January 2023, a decrease of 7.5% is recorded in the calendar-adjusted industrial production index.

Industrial Production Index (2015 = 100):

Annual changes

On an annual basis, a decline in industrial production, calculated from calendar-adjusted data, was recorded in manufacturing - by 10.4%, in mining - by 8.2%, and an increase in the production and distribution of electricity, heat and gas - by 7.8%.

In manufacturing, significant declines compared to January 2023 were observed in: manufacture of vehicles, except motor vehicles, by 51.3%; manufacture of tobacco products, by 50.8%; manufacture of textiles and textile products, except wearing apparel, by 30.2%; manufacture of articles of other non-metallic mineral raw materials, by 28.2%; manufacture of leather; manufacture of footwear and other articles of leather, without hair, by 27.5%.

Growth was recorded in printing and reproduction of recorded media - by 12.4%, and in the manufacture of pharmaceuticals - by 8.2%.

Change in the index of industrial production compared to the corresponding month of the previous year (Calendar adjusted):