EC lifts Bulgaria's 2019 GDP f'cast, lowers f'cast for 2020

EC lifts Bulgaria's 2019 GDP f'cast, lowers f'cast for 2020

The European Commission said on Thursday that it has lifted its forecast for Bulgaria's gross domestic product (GDP) real growth to 3.6%, from 3.3% projected in July.
At the same time, the EU institution lowered its projection for Bulgaria's economic expansion in 2020 to 3.0% from 3.4% forecast previously, the European Commission said in its Autumn 2019 economic forecast.
The country's GDP is expected to expand by 2.9% in 2021.
"Domestic demand is expected to continue to lose some growth momentum, but remain the main growth driver," the Commission noted.
Domestic demand is likely to be supported by a strong wage growth in 2020 and 2021, according to the data.
"Risks to the forecast are mainly on the downside, associated with a potential sharp and protracted deterioration of external demand from the major trading partners and second-round effects through higher unemployment and lower domestic demand," the Commission noted.

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