Euler Hermes maintains Bulgaria's 2021 GDP growth forecast at 3.5%

Euler Hermes maintains Bulgaria's 2021 GDP growth forecast at 3.5%

Bulgaria's gross domestic product (GDP) is expected to increase by 3.5% in 2021, France-based credit insurance company Euler Hermes said on Monday, keeping its April forecast unchanged.

Bulgaria's economy is expected to expand by 3.8% next year, Euler Hermes said in a statement, maintaining its April projection for next year, too.

The country's GDP increased by 9.9% on an annual comparison basis in the second quarter of 2021, following a 1.8% year-on-year decrease in the previous quarter, the National Statistical Institute (NSI) said earlier this month.

According to Euler Hermes, economic uncertainty is linked to factors such as the disruption of supply chains. The recovery of supply chains will not happen until 2023, the credit insurance company said.

"Additional economic unrest is expected with the gradual or complete termination of state policies for support of businesses and people during the COVID-19 crisis," Euler Hermes noted.

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