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
February 16, 2021
According to a flash estimate, GDP slid 3.8% year-on-year in the fourth quarter of 2020, marking a more moderate decline than the 5.2% contraction recorded in Q3, as activity gradually continued to firm.
February 10, 2021
Industrial output slid 3.3% compared to the same month a year earlier in December, which was a less pronounced drop than November's 5.0% decrease.
January 18, 2021
Consumer prices rose 0.52% in November over the previous month, above the 0.11% rise seen in November.
January 8, 2021
Industrial output dropped 5.0% in year-on-year terms in November, which was a sharper decline than October's 3.1% decrease.
December 15, 2020
Consumer prices rose 0.11% in November over the previous month, below the 0.64% rise seen in October.