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Economic Update - Bulgaria: Slow Growth Amid a Changing Growth Model

Sberbank CIB, 2013.
Gavrilenkov E., Stroutchenevski A., Konygin S.
Под общей редакцией: Gavrilenkov E.

There is a growing consensus that the major European economies will continue to stage a recovery in 2014, which will help smaller countries bounce back. The Bulgarian government has approved a budget for 2014 that envisages GDP growth of 1.8%. This number is above the 0.5% y-o-y reported for 9m13 and 0.8% seen in 3Q13, but is still relatively unimpressive for a country with relatively low GDP per capita (around $7,000 in 2012). Moreover, achieving this level of growth is not a foregone conclusion, as it will depend on the economic situation in Germany and Bulgaria's other major trade partners, particularly as the government expects growth to be driven by exports and improvements in the tourism sector

Economic Update - Bulgaria: Slow Growth Amid a Changing Growth Model