World Bank cuts Bulgaria's 2013 GDP growth forecast to 1.2%

By bne IntelliNews June 13, 2013

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).

Related Articles

RBI doubles net profit y/y in Q1 as Russian business recovers

Raiffeisen Bank International (RBI), the second largest bank operating across Central and Eastern Europe by assets, reported that net profit almost doubled year-on-year to €220mn in the first ... more

Bulgarian prosecutors charge former foreign minister in procurement case

Bulgaria's specialised anti-corruption unit has charged former Foreign Minister Daniel Mitov with violating the laws on public finance and public procurement, ... more

Bulgaria’s antitrust regulator allows BAT’s €100mn acquisition of Bulgartabac assets

The Commission for Protection of Competition (CPC) has allowed the €100mn acquisition of assets of Bulgaria’s Bulgartabac Holding by British American Tobacco (BAT), a notice on CPC’s website ... more

Register here to continue reading this article and 2 more for free or purchase 12 months full website access including the bne Magazine for just $119/year.

Already a subscriber or registered - click here to recover access.

If you a IntelliNews Pro user - click here to login.

Thank you. Please complete your registration by confirming your email address.
A confirmation email has been sent to the email address you provided.

To continue viewing our content you need to complete the registration process.

Please look for an email that was sent to with the subject line "Confirmation bne IntelliNews access". This email will have instructions on how to complete registration process. Please check in your "Junk" folder in case this communication was misdirected in your email system.

Already a subscriber or registered - click here to recover access.

If you a IntelliNews Pro user - click here to login.

If you have any questions please contact us at sales@intellinews.com

Subscribe to bne IntelliNews website and magazine

Subscribe to bne IntelliNews website and monthly magazine, the leading source of business, economic and financial news and commentary in emerging markets.

Your subscription includes:
  • Full access to the bne content daily news and features on the website
  • Newsletters direct to your mailbox
  • Print and digital subscription to the monthly bne magazine
  • Digital subscription to the weekly bne newspaper

Already a subscriber or registered - click here to recover access.

If you a IntelliNews Pro user - click here to login.

bne IntelliNews
$119 per year

All prices are in US dollars net of applicable taxes.

If you have any questions please contact us at sales@intellinews.com

Register for free to read bne IntelliNews Magazine. You'll receive a free digital subscription.

Already a subscriber or registered - click here to recover access.

If you a IntelliNews Pro user - click here to login.

Thank you. Please complete your registration by confirming your email address.
A confirmation email has been sent to the email address you provided.

IntelliNews Pro offers daily news updates delivered to your inbox and in-depth data reports.
Get the emerging markets newswire that financial professionals trust.

"No day starts for my team without IntelliNews Pro" — UBS

Thank-you for requesting an IntelliNews Pro trial. Our team will be in contact with you shortly.

Dismiss