GDP grows by 8.5% y/y in Q1 2022 according to second estimate

Gross Domestic Product (GDP) (seasonally unadjusted, constant average prices of the previous year) increased by 8.5 percent y/y in the first quarter of 2022 vs. 7.6 percent y/y growth in the previous quarter, the Central Statistical Office (GUS) has said, presenting its second estimate of the figure.

According to the rapid estimate (published in mid-May), GDP growth in this respect in the first quarter was 8.5%.

"GDP growth in the first quarter of 2022 came in at an annualized rate of 8.5 percent. This was driven by strong growth in domestic demand, which stood at 13.2 percent (the fourth quarter of 2021 saw a 10.9 percent increase in domestic demand). This consisted of a 57.3 percent increase in gross accumulation (compared to a 24.1 percent increase in the fourth quarter of 2021) and a 5.1 percent increase in total consumption (compared to a 6.7 percent increase in the fourth quarter of 2021). Household consumption increased by 6.6 percent (vs. an increase of 8 percent in the fourth quarter of 2021). Gross fixed capital formation increased by 4.3 percent (vs. an increase of 5.2 percent in the fourth quarter of 2021)," the release reads.

(ISBnews)