EBRD Lowers Forecast for Bulgaria’s 2013 Economic Growth to 1.7%

EBRD Lowers Forecast for Bulgaria’s 2013 Economic Growth to 1.7%

The European Bank for Reconstruction and Development (EBRD) said it lowered its forecast for Bulgaria's economic growth next year to 1.7% of the gross domestic products (GDP), from 2.5% projected by the bank in May.

The EBRD, however, continues to expect 1.2% expansion of Bulgaria's economy this year, it said in its Regional Economic Prospects report published on its website on Wednesday.

"Recovery is expected to continue to be modest in Bulgaria into 2012, in contrast to earlier projections of vigorous growth, due to sluggish export demand," the report read.

 EBRD highlighted Bulgaria's fiscal discipline achieved through May, the generated budget surplus, although minimal, and the country's successful entry in the international markets with the eurobond issue in July.

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