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Bulgaria's GDP to grow by 3% in 2020 backed by consumption - Euler Hermes

Author Mario Tanev
Bulgaria's GDP to grow by 3% in 2020 backed by consumption - Euler Hermes Author: Municipality of Sofia. Licence: All rights reserved.

SOFIA (Bulgaria), January 14 (SeeNews) - Bulgaria's gross domestic product is expected to rise by 3% in 2020 supported by a 4% increase in private consumption, France-based credit insurance company Euler Hermes said on Tuesday.

Salaries in Bulgaria are expected to grow 8% in 2020 with the average jobless rate for the year seen at 3.8%, Euler Hermes said in a statement.

However, the problem with the shortage of labour is expected to persist and pose a threat to Bulgaria's economic expansion in 2020. Employment in the country is seen edging up 0.2% in 2020 following a 2.6% rise last year.

The country's inflation is expected to slow down to 2.6% in 2020 from 3.0% in 2019.

Exports are projected to grow by 3% in 2020, up from a 0.9% rise in 2019, while imports are seen rising by 3.5% in 2020 after a 0.2% decrease in 2019.

Bulgaria's economy grew by an estimated 3.7% in 2019 backed by a 5.8% rise in private consumption, according to Euler Hermes estimates.

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