May 31 (SeeNews) - France-based credit insurance company Euler Hermes said on Thursday that it expects Bulgaria's economic growth to slow down from 3.6% in 2017 to 3.4% this year and 3.2% in 2019.
Bulgaria's inflation is expected to pick up from 2.1% last year to 2.3% in 2018, and then slow down to 2.2% in 2019, Euler Hermes said in a presentation of economic forecasts on Bulgaria during a credit risk conference held in Sofia, according to a press release.
Public spending, which rose 3.3% last year, is expected to increase by 2.0% in both 2018 and 2019. Private consumption is seen growing by 4.0% this year and 4.5% in 2019.
Bulgaria's public debt-to-GDP ratio is expected to steadily decrease from 25.4% of GDP last year, to 24% in 2018 and 23% in 2019.
The country's foreign debt is expected to drop from 66.1% of GDP in 2017 to 62.5% this year and 62.0% in 2019.
The jobless rate in the country is will continue its downward trend, falling from 6.2% in 2017 to 5.4% this year and 5.0% in 2019, Euler Hermes forecast.
The growth of Bulgaria's imports is expected to continue to outpace export growth, according to Euler Hermes. Imports are projected to increase by 6% this year and 5.5% in 2019, while exports are seen growing by 4.5% in both 2018 and 2019.
"Currently, we see no serious obstacles to Bulgaria joining the Eurozone," Manfred Stamer, senior economist for Emerging Europe at Euler Hermes, said in the statement. According to Stamer, it is realistic to expect this to happen within three to four years.