65.3% of Bulgarian Workers Earn Below Subsistence Level
According to recent data from the Confederation of Independent Trade Unions of Bulgaria (CITUB), the financial strain on Bulgarian households continues to intensify
Bulgaria's Finance Ministry has downgraded its 2013 economic growth forecast from 1.9% to 1%, according to 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 as there are expectations for increased exports and internal market demand.
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.
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.
The reduction of administration is expected to generate savings in the amount of BGN 332 M a year by the end of 2014.
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