European Commission Lowers 2014 Economic Growth Forecast for Bulgaria

European Commission Lowers 2014 Economic Growth Forecast for Bulgaria

The European Commission said it has lowered its economic growth forecasts for Bulgaria to 1.7% in 2014 and 2.0% in 2015.

In September, the Commission said Bulgaria was set for a gross domestic product (GDP) growth of 2.0% in 2014.

The Commission expects economic recovery in Bulgaria to broaden in 2014 and 2015 thanks to rising domestic demand, it said in a statement on Tuesday. However, economic growth is expected to be modest, affected by declining population, and labour market is forecast to remain weak.

Inflation is seen accelerating from 0.5% this year to 1.8% next year, while unemployment is expected to shrink from 12.7% this year to 12.1% in 2015.

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