Bulgaria downgrades 2013 economic growth

EU

Bulgaria’s Finance Ministry has downgraded its 2013 economic growth forecast from 1.9% to 1%, local media reported citing data from an updated program for national reforms report sent to the European Commission. In 2014-2016, the growth is expected to be 1.8%, 2.9%, and 3.4%, respectively. According to the updated estimates, the unemployment rate in 2013 will be 13%, and will go down to 12.8% in 2014. The high unemployment rate would lead to a modest wage increase between 4% and 6% in the next seven years, it said. Inflation in 2013 will be 2.4%, 2.7% in 2014 (the highest in the next 7 years), and will drop to 2% in 2020.

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