Euler Hermes lifts Bulgaria's 2019 GDP growth f'cast to 3.5%

However, Bulgaria's year-on-year rise in GDP slowed from 4.5% in the first quarter to 3.8% in the second, and the tendency is likely to continue, Euler Hermes said in a statement.

Euler Hermes expects that Bulgaria's GDP growth will slow down to 2.5% in 2020, as the reduced consumption in the Eurozone will hurt the country's exports. 

The company estimates that in the January-August period of 2019, the number of insolvencies has increased by 10%. The rise in insolvencies is projected at 10% for the full 2019, and 2020.

However, insolvencies in the country are expected to mainly concern small and medium-sized enterprises.