Naperville, IL -- (SBWIRE) -- 06/16/2014 -- Reportstack, provider of premium market research reports announces the addition of Bulgaria Shipping Report Q3 2014 market report to its offering
2014 Growth Forecast Reduced
Based on recent economic activity data BMI is rebalancing its GDP estimates and forecasts for 2013/14,
against the background of a somewhat faltering economic recovery. Compared to where we were in our last
quarterly report, we have raised our estimate for 2013 GDP growth (up to 0.9% from 0.5% previously) but
lowered our forecast for this year (now 1.4% vs. 1.6% previously). In short, we don't really see the recovery
gathering respectable traction until 2015, when we are forecasting 2.7% expansion.
The short explanation for our view is that while net exports and public spending came through more
strongly than we had expected in 2013, we expect household consumption and investment to remain
lacklustre in 2014 under the influence of continuing political uncertainty. It now seems stronger exports
were Bulgaria's saving grace last year, and if not for them the economy would have contracted again,
dragged down by a 2.3% fall in household consumption. Driving the latter is political and business
uncertainty and high unemployment - at 13% in Q413, the highest it has been in the past decade.
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