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Bulgaria on Rocky Road to Recovery, GDP to Grow 3% 2011
BULGARIA ON ROCKY ROAD TO RECOVERY, GDP TO GROW 3% 2011
Date: 02/08/2011
Source: novinite.com
Bulgaria on Rocky Road to Recovery, GDP to Grow 3% 2011

Driven by strong exports, as well as the good performance of the industry and services sectors, the Bulgarian economy has started to expand, but too weakly and unsteadily, a local think-tank has said.

Bulgaria's gross domestic product will grow by up to 2.5-3% in 2011, the experts from the Center for Economic Development stated in their quarterly report.

The economy expanded by 2% in the second quarter on an annual basis, down by 1.4% in comparison with the previous quarter, which marked the first considerable increase in economic growth since the country plunged into a recession, the analysts said.

The forecast comes just days after the European bank for Reconstruction and Development (EBRD) lowered its annual economic growth forecast for Bulgaria from 3.1% to 2.3% in 2011.

The International Monetary Fund said earlier this year it expects Bulgaria's economy to grow 3% at the end of 2011 as a global recovery boosts exports demand in the EU.

All forecasts for the Bulgarian economy in 2011 are below the 3.6% growth projected by the Bulgarian government in its 2011 budget.


Topic: Macroeconomic Data



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A ticket for the city bus and for the subway in Sofia costs about 30 Euro cents. ... More

Borovets is a very popular ski resort in Bulgarian with many deluxe hotels and high-end restaurants. Borovets has been hosting Alpine Skiing World Cup competitions and is one of Bulgaria's most spectacular winter landscapes and well-recognized tourist destination in Europe.

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