EUROPEAN ECONOMIC FORECAST FOR WINTER 2014: ECONOMIC GROWTH OF 1.4% FOR 2014 IN BULGARIA
The European Commission (EC) increased its outlook for Bulgaria’s economic growth to 1.4% for 2014 and to 0.8% for 2015, the European Economic Forecast for winter 2014 shows. EC expects an economic growth of 1% in 2016. In the autumn of 2014, the EC forecasted a growth in Bulgaria’s GDP of 1.2% for 2014 and 0.6% for 2015. Budget deficit is expected to improve to 3% of GDP in 2015 and to 2.9% of GDP in 2016, Zemya daily reported. Reduced trust in the banking system and Corporate Commercial Bank’s bankruptcy are the major problems in the country, while dependency on Russian gas is the main risk, according to the EC.
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