Bulgaria's FinMin Revises 2014 GDP Growth Forecast to 2.1% from 1.8%

Bulgaria's FinMin Revises 2014 GDP Growth Forecast to 2.1% from 1.8%

Bulgaria’s finance ministry said it revised its projection for the country's economic growth this year to 2.1% from 1.8%. Bulgaria's economy is expected to expand by 2.6% in 2015, and by 3.4% in each of 2016 and 2017, the ministry's short-term budget projections posted on its website indicated. Gross domestic product (GDP) is seen growing from 80.7 billion levs ($56.6 billion/41.3 billion euro) in 2014 to 93.3 billion levs in 2017.The country's budget gap is projected to shrink from 1.5% of GDP in 2015 to 1.1% of GDP in 2016 and 0.9% of GDP a year later. The ministry expects that Bulgaria will post an annual deflation of 0.2% this year, and inflation of 2.4% next year. For 2016 and 2017 its expectations are for inflation of 1.7%  and 1.8%, respectively. The ministry also said that the unemployment rate in Bulgaria is expected to continue to drop to 12.8% by the end of the year and 10.9% in 2017. State debt is seen at 20.1% - 22.9% of the projected GDP in the next three years, reaching 20.1% of GDP by 2017. At the end of January IMF said it expects that Bulgaria's economic growth will accelerate to 1.6% in 2014 from 0.5% in 2013 as domestic demand recovers gradually while the World Bank forecasts a 1.7% increase this year.

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