November 7 (SeeNews) - The European Bank for Reconstruction and Development (EBRD) said on Tuesday it has raised its projection for Bulgaria's economic growth to 3.5% in 2017 from 3.2% forecast in May.
"Private consumption became the main driver of growth in 2017, as a result of the tight labour market, a 10% year-on-year increase in average wages and growing consumer confidence," EBRD said in its Regional Economic Prospects report.
In 2018, Bulgaria's economy is expected to grow by 3.2%, the bank said.
The EBRD expects economic growth in Southeast Europe to reach 3.6% at the end of 2017, before slowing down to 3.3% next year.
In 2016, Bulgaria's economic growth accelerated to 3.9%, from 3.6% in 2015, according to EBRD estimates.