Bulgaria Country Report - June, 2013

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Bulgaria Country Report - June, 2013

An early election is the only democratic way out of the ongoing political crisis, President Rossen Plevneliev said in an extraordinary address to the nation on July 5.

Both the World Bank and Moody's expect Bulgaria's GDP to increase by 1.2% in 2013. This figure is slightly higher than the recently revised forecast of the Bulgarian government for 1% economic growth this year.

Annual CPI inflation remained unchanged at 2% in May 2013, while PPI declined by 0.7%.

The overall business climate indicator decreased in June 2013. The industrial production fell by 6% y/y in May. On the positive side, retail sales (excl. autos) increased by 1.5% y/y in May.

The general government budget turned to a surplus of BGN 45.5mn (EUR 23.3mn) in Jan-May. The surplus is 32.5% lower on the year.

Bulgaria's current account balance posted a EUR 162mn surplus in Jan-Apr 2013 after ending the first quarter with a gap of EUR 357mn.

Number of pages: 22
Release Date: Wed, 10 Jul 2013