Bulgaria Economic Outlook
May 12, 2020The economy likely contracted in the first quarter, hit by measures adopted to contain the spread of coronavirus in March, as industrial output dropped in January–March and business and consumer sentiment fell in March. Turning to Q2, subsequent slumps in business and consumer confidence in April hint at a much sharper pace of contraction at the start of the quarter. On a more positive note, in late April the European Commission approved a EUR 150 million Bulgarian scheme to provide financial support to strained small- and medium-sized enterprises. Moreover, the government is considering giving Bulgarians holiday vouchers to support the hard-hit tourism sector, which could possibly start its summer season on 1 July. Meanwhile, in late April, Fitch Ratings downgraded the outlook for Bulgaria’s BBB rating from positive to stable, due to lockdown measures.
Bulgaria Economic GrowthThe economy is seen shrinking this year due to the Covid-19 blow. Domestic demand is set to shrink amid sustained job shedding and falling investment activity, while the tourism sector will be smashed by the collapse in travel and foreign demand. The severity and duration of the pandemic and associated containment measures are the key downside risks to the outlook. FocusEconomics panelists project the economy to contract 5.3% in 2020, which is down 2.2 percentage points from last month’s forecast, before growing 5.1% in 2021.
Bulgaria Economy Data
5 years of Bulgaria economic forecasts for more than 30 economic indicators.
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Bulgaria Economic News
June 15, 2020
Consumer prices fell 0.3% from the previous month in May, following April’s sharper 0.6% drop.
June 9, 2020
Industrial output tumbled 15.7% compared to the same month a year earlier in working-day adjusted terms in April, which followed a 6.8% contraction in March.
June 5, 2020
The economy grew 2.4% in year-on-year calendar-adjusted terms in the first quarter of this year, matching the preliminary estimate and slowing from the previous quarter’s 3.1% expansion.
May 18, 2020
Consumer prices fell 0.6% from the previous month in April, matching March’s drop.
May 15, 2020
The economy grew 2.4% year-on-year in the first quarter, down from Q4 2019’s 3.1% outturn but beating market expectations that the economy would contract in Q1, according to a preliminary release by the Statistical Institute on 15 May.