Bulgaria Economic Outlook
September 8, 2020GDP contracted at a record-breaking pace in Q2 as the economy felt the full brunt of the Covid-19 health crisis and related containment measures. Q2’s downturn was largely driven by plunging fixed investment amid depressed business confidence, while falling exports reflected frail European demand and disrupted global supply chains. Turning to Q3, available data paints a brighter picture, with the economic sentiment indicator strengthening in July–August on improved confidence in the services and retail trade sectors. Moreover, the country is poised to receive a EUR 511 million loan under the EU’s SURE scheme to help cover the costs of unemployment spending. Meanwhile, in politics, on 28 August justice minister Danail Kirilov became the fifth consecutive minister to step down since July, following nearly two months of anti-corruption protests and demands for the government’s resignation.
Bulgaria Economic GrowthGDP is set to shrink markedly this year as the pandemic takes its toll. Containment measures at home will constrain household and capital spending, while muted European demand will hammer the external sector. Although fiscal stimulus should cushion the blow, potential new virus flare-ups pose a key risk. FocusEconomics panelists see the economy contracting 5.1% in 2020, which is up 0.4 percentage points from last month’s forecast, before growing 4.7% in 2021.
Bulgaria Economy Data
5 years of Bulgaria economic forecasts for more than 30 economic indicators.
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Bulgaria Economic News
September 15, 2020
Consumer prices rose 0.04% over the previous month in August, moderating from July's 0.47% rise.
September 10, 2020
Industrial output fell 6.0% in year-on-year, calendar-day adjusted terms in July, a softer decline than June's 7.7% drop.
September 4, 2020
The economy contracted 8.5% in calendar-adjusted year-on-year terms in the second quarter, slightly greater than the 8.2% drop reported in the preliminary estimate and contrasting the previous quarter’s 2.4% expansion.
August 17, 2020
Consumer prices rose 0.47% over the previous month in July, after the 0.39% drop logged in June.
August 14, 2020
According to a preliminary reading, GDP dropped 8.2% year-on-year in the second quarter, contrasting the 2.4% expansion tallied in the first quarter.