IMF Sees Slim GDP Growth in Bulgaria in 2012, 4.7% Contraction in Greece

IMF Sees Slim GDP Growth in Bulgaria in 2012, 4.7% Contraction in Greece

The International Monetary Fund (IMF) said it sees the Bulgarian economy expanding by 0.8% this year and growing a further 1.5% in 2013.

The IMF expects an annual average inflation of 2.1% in 2012 for Bulgaria and 2.3% in 2013, its World Economic Outlook report published on its website on Tuesday indicated.

The current account surplus in the Balkan country is seen declining from 2.1% of GDP this year to 1.6% in 2013, while the unemployment rate is projected to remain almost unchanged at 12.5% in 2012 and at 12% the following year.

The Greek economy is expected to contract by 4.7% this year and to post zero growth in 2013. The IMF forecasts that the annual average inflation in the Mediterranean country will be -0.5% in 2012 and -0.3% the following year, while the current account deficit will gradually shrink from 7.4% of GDP in 2012 to 6.6% in 2013.

For Cyprus the outlook is for 1.2% economic contraction in 2012 and 0.8% growth in 2013 while annual average inflation is seen at 2.8% and 2.0% for 2012 and 2013, respectively. The current account deficit is seen almost unchanged at 6.2% of GDP this year and 6.3% in 2013.

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