Bulgaria targets 5% economic growth in 2022 - innovation min

Bulgaria targets 5% economic growth in 2022 - innovation min

Bulgaria's new government will aim for economic growth of 5% in 2022, innovation minister Daniel Lorer said.

"We were elected with a very clear mandate by the Bulgarian people - to start creating infrastructure for the normal functioning of the state. The mission of our ministry is to generate economic growth and innovations in Bulgaria," Lorer said in a press release on Tuesday.

The ministry of innovation and growth was created by the four-party government coalition formed in parliament after snap elections held in November. The coalition cabinet led by Prime Minister Kiril Petkov took the oath of office in December.

According to the most recent preliminary data published by Bulgaria's statistical office, the country's gross domestic product (GDP) grew by 4.6% on an annual comparison basis in the third quarter of 2021 after a 9.9% increase in the second quarter.

Earlier this month, the World Bank revised upwards its projection for Bulgaria's economic growth in 2022 by 0.5 percentage points to 3.8%. In November, the EU Commission said that it expects Bulgaria's GDP to increase by 4.1% in 2022.

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