Experts: Bulgaria’s Economy Set to Grow 2.9% in 2016
Friday, 21 October 2016
According to experts of the Institute for Economic Studies with the Bulgarian Academy of Sciences (BAS), the country's economy is set to grow by 2.9% in 2016, owing mostly to private consumption and export. This is one-percent increase from their previous forecast for 1.9% GDP growth.
The revised forecast lends itself mostly to the successful summer tourist season and the high yields in the agriculture sector.
BAS experts are a bit less optimistic in their forecast for 2017 and 2018 – 2.2 or 2.7 percent, respectively, because of the unstable international environment.
"On the whole, we see a decrease in the global production and trade," said Assoc. Prof. Viktor Yotsov.
In his words, this negative tendency owes itself to the Brexit vote and to the slowdown in the American and Japanese economies.
The experts also forecast an unemployment rate of about 8% in 2016 and an average monthly income of just under 1,000 levs.