EC Downgrades Bulgaria's Economy Forecast
The European Commission has predicted in its fall forecast sluggish economic recovery in the second half of the year.
For Bulgaria, the expected real Gross Domestic Product growth (GDP) in 2013 is 0.5%; in 2014 - 1.5 % and in 2015 - 1.8%. The draft budget for 2014, proposed by the government, projected a growth of 1.8%.
The EC inflation forecast for Bulgaria for the three consecutive years is as follows - 0.5%, 1.4 % and 2.1%. Unemployment in the country in 2013 is expected to be 12.9%; 12.4% in 2014, and 11.7% for 2015.
In its spring forecast, the European Commission predicted for Bulgaria unemployment of 12.4%, debt of 20.3% and a deficit of 1.3%. The spring forecast included economic growth of 1.7% for 2014.
In the EU, EC expects growth of 0.5 % in the second half of 2013 and zero growth for the entire year. In its spring forecast, published in May, the Commission expected contraction of GDP across the EU by 0.1%.
The Commission expects the Eurozone recovery to continue in quarterly terms. For the entire 2013, however, the outlook is for GDP contraction of 0.4%, while for 2014, GDO is expected to increase by 1.1%.
European Commission predicted the unemployment rate in the Eurozone to remains at record high - 12.2% in 2013 and 2014.
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