Bulgaria Economic Outlook
November 3, 2020Available figures for Q3 paint a bleak picture, following the record decline in activity in Q2. Although the contraction in industrial output eased further in August, marking the best result in six months, foreign tourist arrivals fell by over two thirds year-on-year in August–September, which likely weighed heavily on the key tourism sector. Turning to Q4, consumer sentiment soured in October, likely owing to increasing concerns over surging numbers of new Covid-19 cases. In a bid to halt the spread of the virus, the authorities closed high schools, universities and night clubs on 29 October for at least two weeks, boding ill for activity in the final months of the year. In other news, on 28 October, the government approved the 2021 draft budget, directing EUR 1.5 billion towards pandemic relief measures, while foreseeing a budget deficit of 4.4.% of GDP in 2020 and 3.9% of GDP in 2021.
Bulgaria Economic GrowthIn 2021, the economy is set to rebound from its coronavirus-induced contraction this year. Household and capital spending should expand solidly, while a pickup in global demand should support the external sector. Heightened general uncertainty and a prolonged health crisis pose key downside risks. FocusEconomics panelists see the economy expanding 4.2% in 2021, which is unchanged from last month’s estimate, and 3.6% in 2022.
Bulgaria Economy Data
5 years of Bulgaria economic forecasts for more than 30 economic indicators.
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Bulgaria Economic News
July 14, 2021
Consumer prices dropped 0.21% in June over the previous month, swinging from the 0.14% rise seen in May.
July 9, 2021
Industrial output expanded 16.5% compared to the same month a year earlier in May, which followed April's 22.1% increase.
Bulgaria: July snap election expected to result in lengthy government formation; unlikely to change commitment to the EU
July 6, 2021
On 11 July, Bulgarian voters will return to the polls to elect their new parliament, after the April vote failed to produce a government.
June 15, 2021
Consumer prices increased 0.14% in May over the previous month, a smaller increase than April's 0.70% rise.
June 10, 2021
Industrial output rose 22.8% in year-on-year terms in April, which followed March's 7.2% increase.