Bulgarian ECVP: Spring 2016 Economic Forecast Confirms Trend towards European Economy Recovery (ROUNDUP)

Bulgarian ECVP: Spring 2016 Economic Forecast Confirms Trend towards European Economy Recovery (ROUNDUP)

European Commission (EC) revealed its Spring 2016 Economic Forecast, which envisages a growth of 1.6% in the eurozone and 1.8% in the EU in 2016, the European Commission Representation in Bulgaria announced on Tuesday.
Kristalina Georgieva, European Commission Vice President for the Budget and Human Resources, said: “Today, the EC confirms the trend towards recovery of the European economy it has registered in the past quarters. The growth is still moderate, though, as some of the hitherto existing stimuli, like the low oil price and the favourable euro rate, are gradually losing the effect produced. Solutions to structural problems varying in the separate member states are needed to permanently handle the crisis.
In the case of Bulgaria, the EC raised its expectations about an economic growth to 3% in 2015. A lower growth of 2% is expected this year, mostly as a result of a delay in the EU funds absorption in 2014-2020, which is seen in more than one member state. Today’s forecasts for Bulgaria’s economic growth are more optimistic compared to the Winter Forecast in February, in which the EC envisaged a growth of 1.5%. Expectations about the growth in 2017 also envisage it to be higher – from 2% to 2.4% and it will be mainly due to high domestic consumption.
Public finances remain stable – the good tax collection leads to more budget revenues, which for its part, makes the public sector deficit lower. It is important what is achieved in this sphere is preserved in the future. The [public] debt also remains among the lowest ones in the EU and is even lower than it was in the latest forecasts – 28.1% of the GDP this year and 28.7% of the GDP next year.

FOCUS News Agency

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