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EC: Inflation in Bulgaria is expected to be 3.1% in 2024

published on 5/15/24 3:13 PM

According to the European Commission's spring economic forecast for this year, inflation in Bulgaria is expected to reach 3.1 % in 2024 and 2.6 % in 2025. The anticipated downtrend in external prices is expected to limit inflation in both energy and non-energy industrial goods prices.

In terms of economic growth, Bulgaria's gross domestic product (GDP) is projected to increase by 1.9 % this year and by 2.9 % in 2025. Domestic demand is seen as the main driver of this growth, although private consumption is expected to remain moderate.

Wage increases are forecast to stabilise at around 10%, close to the long-term average, as inflationary pressures ease. In addition, the budget deficit is expected to reach 2.8 % this year.

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