This report covers the key macroeconomic and financial releases for Bulgaria for the period from March 7, 2015 to April 8, 2015.

The International Monetary Fund (IMF) has lowered its forecast for Bulgaria's GDP growth in 2015 to 1.25% from 2% projected in October.

The unemployment rate edged down to 11% in February from 11.1% the month before, the state labour agency said. Bulgaria's unemployment rate dropped to 11.4% in 2014 from 12.9% in 2013, data from the statistics office's labour force survey showed.

There were two important events concerning external government debt. Firstly, on March 19 Bulgaria raised €3.1bn through three euro-denominated Eurobond issues, its largest ever debt sale. Secondly, on March 27 the Balkan country repaid in full a €1.5bn bridge loan received from HSBC, Societe Generale, Citibank, and Unicredit Bulbank.

Key points:
• The overall business climate indicator rose by 0.9 points m/m in March, improving for the third consecutive month, after rising by 3.8 points m/m in January and by 1.2 points m/m in February
• Bulgaria’s annual consumer price deflation softened to 0.5% in February from 1% the month before
• Strong growth in tax revenues helped Bulgaria post the smallest end-February budget deficit in the last five years
• Bulgaria’s current account deficit narrowed by 90% y/y to €43.8mn in January