This report covers the main Bulgarian macroeconomic releases of December 2013 as well as financial and political trends in the country during this period.
S&P Ratings Services has affirmed Bulgaria's long- and short-term foreign and local currency sovereign credit ratings at BBB/A-2 but revised its outlook from stable to negative. The economy is projected to expand by 0.6% in 2013 but growth will accelerate to 1.7% in 2014, the World Bank said in the December issue of its EU11 Regular Economic Report.
Some 51% of Bulgarian companies, up from 2012’s 25%, expect the economic crisis to worsen in 2014, according to a survey by the Bulgarian Industrial Association (BIA) carried out in the period from December 1 to December 10 among 462 local firms.
Key Points:
• The calendar-adjusted industrial production index increased 4.1% year on year in October on the back of the rebounding manufacturing sector. The calendar-adjusted retail sales growth (excluding autos) strengthened to 6.9% year on year in October from 6.2% year on year in September.
• Bulgaria's overall business climate indicator fell 3.4 points month on month in December 2013 on the worsened outlook in industry, construction and retail trade.
• The unemployment rate inched up 0.3pps month on month to 11.5% in November as a result of the decrease in seasonal hiring. The consumer price index registered a fourth consecutive month of deflation after prices fell by 1.5% in November.
• Bulgaria's consolidated budget deficit widened to BGN 572mn (EUR 292.5mn) in January–November 2013 from BGN 105.3mn a year ago and equalled to 0.7% of the full-year GDP projection.
• Over 40% of the prospective voters call for the resignation of the socialist-led government of PM Plamen Oresharski.
S&P Ratings Services has affirmed Bulgaria's long- and short-term foreign and local currency sovereign credit ratings at BBB/A-2 but revised its outlook from stable to negative. The economy is projected to expand by 0.6% in 2013 but growth will accelerate to 1.7% in 2014, the World Bank said in the December issue of its EU11 Regular Economic Report.
Some 51% of Bulgarian companies, up from 2012’s 25%, expect the economic crisis to worsen in 2014, according to a survey by the Bulgarian Industrial Association (BIA) carried out in the period from December 1 to December 10 among 462 local firms.
Key Points:
• The calendar-adjusted industrial production index increased 4.1% year on year in October on the back of the rebounding manufacturing sector. The calendar-adjusted retail sales growth (excluding autos) strengthened to 6.9% year on year in October from 6.2% year on year in September.
• Bulgaria's overall business climate indicator fell 3.4 points month on month in December 2013 on the worsened outlook in industry, construction and retail trade.
• The unemployment rate inched up 0.3pps month on month to 11.5% in November as a result of the decrease in seasonal hiring. The consumer price index registered a fourth consecutive month of deflation after prices fell by 1.5% in November.
• Bulgaria's consolidated budget deficit widened to BGN 572mn (EUR 292.5mn) in January–November 2013 from BGN 105.3mn a year ago and equalled to 0.7% of the full-year GDP projection.
• Over 40% of the prospective voters call for the resignation of the socialist-led government of PM Plamen Oresharski.
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