Bulgaria's finance ministry lowers GDP projection to 2.8-2.9% next year.

By bne IntelliNews October 19, 2011
Finance minister Simeon Dyankov said that the ministry has lowered the GDP forecast to 2.8-2.9% next year as compared to 4.1-4.2% projected in the spring, investor.bg informs. The reduction is based on worse economic expectations for the European economy. Also, minister Dyankov said that the 2012 project budget is conservatively based on economic growth of just 2% and therefore changes will not be needed. GDP dropped by 5.5% in 2009 and then recovered by 0.2% last year, 1.5% y/y in Q1 this year and 2.2% y/y in Q2 2011. According to latest available data, the economy has been growing in the past five quarters. The latest forecasts of the ministry point to economic growth of up to 2.8%. The ministry has also revised the inflation forecast down to 2.5% this year from earlier expectations for 3.7% and expects it to decelerate further to 2-2.2% next year.
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