The overall improvement of the economic situation in the EU in the last year has not had a positive effect on Bulgaria's economy, according to an expert.

Although the European Union has began to shake off the crisis effects, Bulgaria has not recorded economic growth, economist Georgi Ganev told private TV station bTV.

It is alarming that the labor market in Bulgaria has not recorded any drop in unemployment rates and there have not been more job openings, Ganev commented. Still, the fact that savings deposits of Bulgarian households reached BGN 40.3 B in the end of Q1 2014 is good news, he claimed.

"Of course, these are not only household savings, the statistics include business deposits, as well. In recent years, households have increased their savings as a reaction to the crisis. This is good because these funds are a source of long-term growth," Ganev added.

According to him, it is a normal trend that the number of people having deposits for over BGN 1M is increasing. The reason is the purely nominal growth of Bulgarian economy, Ganev said.