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Bulgarian economy expands by 3.4 percent in 2016

Staff Writer |
Bulgarian gross domestic product (GDP) grew by 3.4 percent year-on-year in 2016 in real terms, according to preliminary data by the country's National Statistical Institute (NSI).

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The nominal value of the GDP for 2016 was 92.64 billion BGN (52.39 billion U.S. dollars), based on the average annual exchange rate of 1.77 Bulgarian lev to 1 U.S. dollar, the NSI said.

GDP per person was 7,333 U.S. dollars, the NSI said.

Meanwhile, gross value added (GVA) at current prices amounted to 79.94 billion lev, and in real terms it increased by 2.9 percent in comparison with 2015, the NSI said.

According to the data, the industry's relative share in the GVA of the national economy was 28 percent, while the service sector made up 67.6 percent of the total GVA and agriculture accounted for 4.4 percent.

In 2015, Bulgaria's GDP grew by 3 percent year-on-year.