Output

According to the National Statistical Institute (NSI) business inquiries in March 2018 the industrial confidence indicator slightly increased by 0.2 percentage points compared to February 2018.

In January 2018 working day adjusted Industrial Production Index rose by 3.5% in comparison with the same month of 2017 (preliminary data). On annual basis in January 2018 Industrial Production Index calculated from working day adjusted data rose in the manufacturing by 10.3%, while the production fell in the electricity, gas, steam and air conditioning supply by 8.7% and in the mining and quarrying industry by 4.6%.

According to the preliminary data the produced Gross Domestic Product (GDP) at current prices for the fourth quarter of 2017 is 27 427 million BGN. GDP per person is 3 876 BGN. GDP is 16 507 million USD and 2 333 USD per person using the average for the quarter exchange rate of 1.66154 BGN for 1 USD. In Euro terms GDP is 14 023 million EUR or 1 982 EUR per person. According to the seasonally adjusted data, the GDP growth rate in the fourth quarter of 2017 is 0.7% compared to the third quarter of 2017 and 3.5% compared to the same quarter of the previous year.

Private consumption

In January 2018, the total consumer confidence indicator increases by 1.1 percentage points in comparison with its October 2017 level, which is due entirely to the increased confidence among the urban population. The consumers’ opinions about the occurred changes in the financial situation of households and the general economic situation in the country over the last 12 months remain substantially unchanged compared to the previous survey.                     

However, in the forecasts over the next 12 months the inquiry is registered some pessimism by rural population as regards the financial situation and slightly decreased expectations about the economic situation, while among the urban population their expectations are improved.

In January 2018, the working day adjusted turnover in ‘Retail trade, except of motor vehicles and motorcycles’ marked rise from 4.4% in comparison with the same month of the previous year. In January 2018 compared to the same month of 2017 the turnover increased more significantly in the ‘Retail sale of computers, peripheral units and software; telecommunications equipment’ by 5.7%, in the ‘Retail sale of audio and video equipment; hardware, paints and glass; electrical household appliances’ and in the ‘Dispensing chemist; retail sale of medical and orthopaedic goods, cosmetic and toilet articles’ by 5.5% and in the ‘Retail sale via mail order houses or via Internet’ by 4.8%. Decline was registered only in the ‘Retail sale of textiles, clothing, footwear and leather goods’ - 10.1%.

In the fourth quarter of 2017 for individual consumption were spent 73.5% of the GDP produced. According to seasonally adjusted data, the indicator increased by 3.6% compared to the respective quarter of 2016.

Investment

In January 2018, the average capacity utilization in industry was by 1.3 percentage points over its October 2017 level and it reached 76.8%.

According to seasonally adjusted data, the gross fixed capital formation in the fourth quarter of 2017 increased in real terms by 4.5% compared to the same period of the previous year. The relative share of that indicator in GDP is 20.3%.

Labour market

In the fourth quarter of 2017 there were 3 167.6 thousand employed persons aged 15 years and over, of whom 1 704.3 thousand men and 1 463.3 thousand women. The share of employed persons in the total population aged 15 years and over was 52.3%, up by 3.1 percentage points compared to the fourth quarter of 2016. In employment were 58.6% of men and 46.5% of women in the age group concerned.