EU Commission lifts Bulgaria's 2021 GDP growth fcast, projects 4.7% rise in 2022

EU Commission lifts Bulgaria's 2021 GDP growth fcast, projects 4.7% rise in 2022

The European Commission said on Wednesday that it expects Bulgaria's gross domestic product (GDP) to increase by 3.5% in 2021, up from its previous projection for 2.7% growth this year.

The Commission lowered its forecast for increase in Bulgaria's GDP in 2022 to 4.7% from 4.9% projected in February, the EU institution said in its Spring 2021 Economic Forecast report.

Goods exports are expected to be the main driver behind the recovery of Bulgaria's economy in 2021, on the back of improved foreign demand. The dynamics of services exports will depend largely on developments in tourism sector, according to the Commission. Total exports are expected to rise by 7% in 2021 and 8.3% in 2022. Imports are seen growing 6% in 2021 and 6.1% in 2022.

GDP growth will also be support by domestic demand. Private consumption is expected to increase by 1.9% in 2021 followed by a 3.6% rise in 2022.

Bulgaria's harmonised index of consumer prices is expected to increase by 1.6% in 2021 and 2% in 2022.

The country's unemployment rate is seen falling from 5.1% in 2020 to 4.8% this year and 3.9% in 2022.

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