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The European Commission predicts slowdown in Bulgaria's economic growth

published on 11/15/23 2:09 PM

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Economic growth in Bulgaria is expected to slow down in 2023, according to the autumn economic forecast of the European Commission.

After the good performance in 2022, exports will shrink this year due to reduced external demand. The imports for 2023 will also shrink sharply after their significant increase a year ago. The forecast foresees a temporary stagnation of domestic consumption at the end of this year and the beginning of 2024, after which moderate growth is expected.

Inflation is expected to slow down further, albeit at a slower pace.

GDP growth is likely to be 2 percent in 2023. Output growth is expected to slow to 1.8 percent in 2024 and reach 2.6 percent in 2025.

After the deficit dropped to 2.9 % of the country's GDP in 2022, it is expected to rise slightly to 3% in 2023.

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