EBRD Raises Bulgaria's 2018 GDP Growth Forecast

EBRD Raises Bulgaria's 2018 GDP Growth Forecast

The European Bank for Reconstruction and Development (EBRD) said on Wednesday it has increased its projection for Bulgaria's economic growth to 3.6% in 2018 from 3.2% forecast in November.
"Growth is expected to remain around 3.6% in 2018, declining slightly to 3.4% in 2019. Growth will continue to be driven by domestic demand, as tight labour market conditions spur consumption and investment strengthens as work on infrastructure projects financed under the EU’s 2014-2020 budget continues," EBRD said in its new Regional Economic Prospects report.
In 2017, the Bulgarian economy is estimated to have expanded by 3.6%, the bank said.
"Private consumption was the main driver of growth, as average wages increased on account of the tightness of the labour market and a 10% increase in the minimum wage," the report reads.

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