Bulgarian economy grows by 1.6% year-on-year in Q2 2014

Bulgaria’s economy is continuing its slow yet positive growth: the country’s GDP rose by 1.6% GDP in the second quarter compared to the same period of last year. Compared to the first quarter of 2014, the growth was 0.5%, the National Statistical Institute informed.

In the second quarter the GDP amounted to BGN 19.517 billion, which as per capita means BGN 2696.

The main contributor to the positive results between April and June were Bulgaria’s exports, yet the gross value added by industry (3.8%), investments (3.9%) and final consumption (2.3%) were also pulling powers.

Growth was also occuring in labor productivity: on a yearly basis the GDP produced by an employee was up by 1.7%.

The number of the employed increased by about 10,000 year-on-year and they numbered 3.526 million at the end of June. Of these, 24.5% worked in the industrial sector. With BGN 6,488 generated per employee, this segment also had the highest productivity generated per worker.