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Sat, Feb 11 2012
Economic growth will return to Bulgaria in 2011 – Finance Ministry
Photo: Nadezhda Chipeva
A recovery from the economic crisis will come to Bulgaria in 2011 when, after two consecutive years of further contraction, the economy will grow by 3.8 per cent, mainly on the back of exports. So says Bulgaria’s Finance Ministry, in its macro-economic outlook for 2010 to 2013.
The ministry expects that this year, gross domestic product (GDP) will decrease by 6.3 per cent.
In 2009, the expected decline in the share of investments is 26.5 per cent of GDP, versus 38.4 per cent of GDP in 2008.
Household incomes will be hit by a slowdown in the rate of wage growth and worsening unemployment, according to the Finance Ministry forecast. Household consumption will decrease by 4.2 per cent by the end of 2009, the ministry said.
The ministry foresees annual inflation of 1.8 per cent by the end of 2009, and annual average inflation of 2.3 per cent.
In 2010, the economy will shrink by two per cent.
All figures are based on an exchange rate of 1.40 leva to the dollar.
Boosted by exports, GDP will grow 3.8 per cent in 2011, 4.8 per cent in 2012, and five per cent in 2013.
Bulgaria's current account deficit was expected to rise from 2.5 billion euro in 2009 to 2.8 billion euro in 2013, according to the Finance Ministry.
By 2013, foreign investment in Bulgaria would reach about 3.5 billion euro, the ministry said.
The ministry expects that this year, gross domestic product (GDP) will decrease by 6.3 per cent.
In 2009, the expected decline in the share of investments is 26.5 per cent of GDP, versus 38.4 per cent of GDP in 2008.
Household incomes will be hit by a slowdown in the rate of wage growth and worsening unemployment, according to the Finance Ministry forecast. Household consumption will decrease by 4.2 per cent by the end of 2009, the ministry said.
The ministry foresees annual inflation of 1.8 per cent by the end of 2009, and annual average inflation of 2.3 per cent.
In 2010, the economy will shrink by two per cent.
All figures are based on an exchange rate of 1.40 leva to the dollar.
Boosted by exports, GDP will grow 3.8 per cent in 2011, 4.8 per cent in 2012, and five per cent in 2013.
Bulgaria's current account deficit was expected to rise from 2.5 billion euro in 2009 to 2.8 billion euro in 2013, according to the Finance Ministry.
By 2013, foreign investment in Bulgaria would reach about 3.5 billion euro, the ministry said.
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Yes, I also want to ask that If there is only about 6 billion BGN left in the central bank,over 1 or 1 1/2 negative growth would basically wipe out the reserves? reply me I am waiting and thanks for this informative article...
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SHELLY KANE
<a href="http://www.fastrealestate.net" rel="dofollow">real estate</a>
If there is only about 6 billion BGN left in the central bank,over 1 or 1 1/2 negative growth would basically wipe out the reserves?