Bulgaria's finance ministry forecasts 3% drop in 2020 GDP

Bulgaria's finance ministry forecasts 3% drop in 2020 GDP

Bulgaria's gross domestic product (GDP) is expected to decrease by a real 3% in 2020, following a partial improvement of economic activity in the second half of the year, the finance ministry said.

The country's economic output declined by 3.8% in the first half of the year.

Bulgaria's economy is then expected to expand by 2.5% in 2021 but will still fall short of its 2019 performance, the finance ministry said in its autumn economic forecast, published on Tuesday.

Household consumption is expected to support GDP growth in 2021 and exceed its 2019 level, while exports are seen recovering to their 2019 level after a 5.6% rise in 2021.

Investment is expected to be the indicator recovering most slowly, with the first increase expected in late 2021 and the beginning of 2022.

The harmonised index of consumer prices (HICP) is seen rising by 1.4% in 2020, to be followed by a 2.1% increase in 2021 supported by an expected rise in global oil prices.

Bulgaria's unemployment rate is projected at 5.6% in 2020 and 5.2% next year in the finance ministry's autumn 2020 forecast.

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