The World Bank cut its projection for Bulgaria's 2013 economic growth to 1.2%, according to the June edition of its Global Economic Prospects report. The projection was lowered from a previous estimate of 1.8%. GDP growth is seen accelerating to 2.1% in 2014 (revised down from a 2.4% estimate in January) and 3% in 2015 (unchanged from the previous forecast).
The revised forecast for economic growth this year is close to the 1% growth projection the Bulgaria's caretaker government adopted in April (changed from 1.9% due to lowered domestic demand expectations). The latest forecasts of the EBRD and the European Commission for the country's GDP growth in 2013 were also downgraded in May to 1% and 0.9% respectively (down from 1.9% and 1.4% respectively).
Bulgaria's current account deficit is expected to reach 1.6% of GDP in 2013 (revised from 2.9% in January), according to the WB.
Bulgaria's economy expanded by 0.4% y/y in real terms in the first quarter of 2013. Figures provided by the statistics office showed that the economic growth in Q1 was mainly exports-driven while private spending, which was the main growth driver in 2012, decreased for the first time in two years (by 1% y/y).
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