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GDP rises by 3.4 per cent in the second quarter of 2018

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GDP rises by 3.4 per cent in the second quarter of 2018

The economy expanded by 3.4 per cent year-on-year in the second quarter of 2018, after growing by 3.6 per cent in the first quarter, flash data from the National Statistical Institute (NSI) showed on Tuesday, as quoted by SeeNews. On a quarterly comparison basis, Bulgaria's GDP increased by 0.8 per cent in the second quarter of the year, after it grew 0.9% quarter-on-quarter in the first three months of 2018, NSI said in a statement. Calculated in current prices, Bulgaria's GDP totalled 26.047 billion leva in the first quarter of the year.

Meanwhile, Bulgaria's unemployment rate dropped to 5.5 per cent in the second quarter of 2018 from 6.3 per cent in the same period last year. Youth unemployment, covering youths in the age bracket 15-29 years, dropped to 9.3 per cent in the period under review from 9.5% in the second quarter of last year, NSI said in a quarterly labour force survey.

Long-term unemployment rate - covering people who have been without a job for more than a year - was 3.2% in the second quarter, 0.3 percentage points lower than in the same period of last year. The employment rate among people aged 15 to 64 rose by 0.7 percentage points year-on-year to 67.9% in the second quarter.

The share of economically active people aged 15-64 increased by 1.4 percentage points year-on-year to 70.6% in the review period. There were 1.28 million economically inactive persons aged 15-64 in the second quarter, or 28.2% of the population in this age group. Of them, 84,400 were discouraged persons.

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