April 3 (SeeNews) - Bulgaria's finance ministry said it has affirmed its 2017 autumn economic growth forecast for 2018 based on a projected rise in domestic demand, to be driven mainly by public consumption and investment.
Supported by rising consumption, Bulgaria's economic growth is expected to reach 3.9% in 2018 before slowing slightly to 3.8% in 2019, the finance ministry said in its 2018 Spring Macroeconomic Forecast published on Monday.
Final consumption in Bulgaria is expected to increase by 5.0% in 2018 and by a further 4.9% in 2019. In 2017, final consumption grew by an estimated 4.5%, the finance ministry said.
Investment activity in Bulgaria will be driven mainly by an expected rise in public investment, the ministry added. Foreign direct investment is projected at 2.7% of GDP both this year and next.
Average annual inflation is forecast at 1.8% in 2018, compared to 1.2% last year.
In 2017, Bulgaria's economy grew by 3.6%, according to preliminary data from the office of national statistics, the finance ministry said in its 2018 Spring Macroeconomic Forecast.
Details follow:
|
2018 fcast |
2019 fcast |
2020 fcast |
2021 fcast |
GDP (real growth in pct) |
3.9 |
3.8 |
3.7 |
3.7 |
Final consumption |
5.0 |
4.9 |
3.9 |
3.8 |
Gross fixed capital formation |
10.1 |
6.6 |
6.9 |
7.0 |
Exports |
4.9 |
4.9 |
4.7 |
4.6 |
Imports |
8.1 |
7.0 |
5.9 |
5.8 |
Source: Bulgarian Ministry of Finance