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Bulgaria's finmin affirms 2019 GDP growth fcast at 3.4%

Author Mario Tanev
Bulgaria's finmin affirms 2019 GDP growth fcast at 3.4% tanatat/

SOFIA (Bulgaria), October 21 (SeeNews) - Bulgaria's finance ministry affirmed on Monday its forecast for a 3.4% real increase in the country's gross domestic product (GDP) this year.

The ministry also affirmed its projection for a real 3.3% increase in GDP in each of 2020, 2021 and 2022, it said in its autumn macroeconomic forecast.

The sharp rise in consumption is expected to taper off from 5.7% in 2019 to 5.2% next year, 4.5% in 2021 and 3.7% in 2022.

This is expected to be offset by a rise in both exports and imports.

Exports are seen edging down 0.4% in 2019, and turning to a 2.3% rise next year, and 2.5% increases in both 2021 and 2020. The rise in imports is expected to pick up from just 0.2% this year to 4.9% in 2020, before slowing down to 4.2% in 2021 and 3.8% in 2022.

The average annual EU-harmonised index of consumer prices is expected to fall from 2.5% in 2019 to 2.1% in 2020, 2.2% in 2021 and 2.1% in 2022.

The country's unemployment rate is seen dropping from 4.4% this year to 4.1% in 2020, and then remaining steady at 4.0% in 2021 and 2022.

The current account balance is expected to gradually decrease from 5.2% of GDP this year to 4.1%, 3.2% and 2.5% in the next three years, respectively.