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EU maintains Covid-19 economic forecast for Bulgaria

published on 7/7/20 2:05 PM

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Bulgaria's GDP in 2020 will shrink by 7.1%, and in 2021 will return to a growth of 5.3 percent, according to the summer economic forecast of the European Commission. In May, Brussels forecast a decline in the Bulgarian economy of 7.2% for 2020 and growth of 6% for 2021.

Despite the good economic performance at the beginning of the year, the Covid-19 pandemic had a negative impact on the economy, the European Commission notes in relation to Bulgaria. It points to declining private consumption due to the restrictive measures, while reduced revenues, lower capacity utilization and greater uncertainty are limiting investment.

Exports are also affected by the deteriorating situation abroad, with a revival expected in the second half of 2021.

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Radio Bulgaria News Covid-19 pandemic economic growth economic recovery GDP

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