EBRD Downs Bulgaria's 2011 Growth Forecast to 2.3%

EBRD Downs Bulgaria's 2011 Growth Forecast to 2.3%

The European bank for Reconstruction and Development (EBRD) has lowered its annual economic growth forecast for Bulgaria from 3.1% to 2.3% in 2011.

"Bulgaria emerged from recession last year but the pace of recovery in the first half of 2011 seems to be slowing slightly. Year-on-year industrial production growth has dropped since the first quarter though it remains robust at 9.4% in June," says a report of the bank.

The EBRD operates in the Balkans, Turkey, Central and Eastern Europe, former Soviet countries and Central Asia. In its Regional Economic Prospects report, it said the area's 29 economies should grow by 4.8% this year.

Its previous forecast, back in May, predicted a 4.6% growth rate. The 2012 forecast was unchanged at 4.4%.

However, 'an escalation of the eurozone crisis would pose serious risks to growth and recovery across the region, especially in south-eastern Europe and the new European Union members,' EBRD Chief Economist Erik Berglof said in a statement.

The International Monetary Fund said earlier this year it expects Bulgaria's economy to grow 3% at the end of 2011 as a global recovery boosts exports demand in the EU.

The IMF forecast for the Bulgarian economy in 2011 is below the 3.6% growth projected by the Bulgarian government in its 2011 budget./Source: Sofia News Agency/

Cookies Preferences
Choose Type of Cookies You Accept Using


These cookies are required for the website to run and cannot be switched off. Such cookie are only set in response to actions made by you such as language, currency, login session, privacy preferences. You can set your browser to block these cookies but our site may not work then.


These cookies allow us to measure visitors traffic and see traffic sources by collecting information in data sets. They also help us understand which products and actions are more popular than others.


These cookies are usually set by our marketing and advertising partners. They may be used by them to build a profile of your interest and later show you relevant ads. If you do not allow these cookies you will not experience targeted ads for your interests.