The Bulgarian economy grew by 3.4% between October and December compared to the same quarter of the previous year, the National Statistical Institute says in a flash estimate.

GDP increased by 0.9% quarter-on-quarter, according to seasonally adjusted data of the National Statistical Institute (NSI). GVA increase in the fourth quarter of 2016 was also 0.9%.

At current prices, GDP amounted to BGN 25.361 B in the fourth quarter. Gross value added (GVA) was BGN 21.74 B.

GDP growth in the fourth quarter of 2016 is determined by increase of the final consumption with 1.3% and increase of the gross fixed capital formation with 1.2%.

In the structure of GDP by expenditure, the largest share had the final consumption (81.2%), which in nominal terms amounted to BGN 20.6 B. Gross capital formation in the fourth quarter was BGN 5.431 B, with a share of 21.4% in GDP.

The external balance (exports minus imports) had a negative sign.

Flash estimates are "the earliest picture of the economy according to national accounts concepts, which are produced and published as soon as possible after the end of the quarter, using a more incomplete set of information than that used for traditional quarterly accounts", according to the National Statistics Institute.