Due to shrinking consumption and export, Bulgaria’s economy will slow down its growth down to 1.8% in 2023, according to the Ministry of Finance spring macroeconomic forecast. In 2022, the growth rate was 3.4%.
Due to the war in Ukraine an alternative scenario has been developed, in which the GDP growth is projected to drop down to 0.5%. The average annual inflation rate will be 8.7%. Due to an expected decline in the prices of some foodstuffs and their share in consumption, inflation is expected to shrink by the end of the year down to 5.6%, the analysis reads. The annual unemployment rate is expected to be 4.1%, a minimum decline by 0.2% compared to 2022.
On the basis of to the spring forecast, in April the Finance Ministry is to present a draft budget for 2023, and submit it to the newly elected parliament for discussion.
In view of the country's declining population, the Fiscal Council recommends that the government take savings measures in the 2026 state budget. The measures include: reducing the municipal administration by merging municipalities;..
No disruptions or price increases are expected on Bulgaria’s fuel market following the US sanctions imposed on Russian oil companies Rosneft and Lukoil, Bulgarian Petroleum and Gas Association Chairman Svetoslav Benchev told BTA. "For now, I..
The annual growth of Bulgaria's gross domestic product will remain above 3% in the period 2025-2027 , according to a report by commercial credit insurer Allianz Trade, BTA reports. According to Allianz this means that the Bulgarian economy will become..
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