Bulgarians Can Vote in 60 Countries on June 9
The Central Election Commission (CEC) provided a briefing on the preparation and organization of the 2-1 elections scheduled for June 9
In its latest macroeconomic forecast released on Tuesday, the Bulgarian National Bank (BNB) anticipates a 2.2% increase in Bulgaria's Gross Domestic Product (GDP) for the year 2024, compared to 1.8% in 2023.
The projected economic expansion is expected to be primarily driven by the positive influence of domestic demand, with net exports forecasted to make a negative contribution. The BNB foresees domestic demand receiving a boost from heightened private consumption due to increasing real labor incomes, a surge in investment activity, and elevated government consumption.
Looking ahead, the bank predicts real GDP growth to reach 3.3% in 2025 before moderating to 2.6% in 2026, with the trajectory largely influenced by the profile of public investment.
Regarding inflation, the BNB forecasts a deceleration to 2.3% by the end of 2024, with average annual inflation expected to stand at 3%. The service and food groups are anticipated to make the most substantial positive contributions to overall inflation by the end of 2024.
The BNB's macroeconomic outlook, prepared as of March 27, 2024, relies on projections concerning global economic activity, price trends of major commodity groups in international markets, and interest rates on the Eurozone money market as of March 7, 2024.
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Bulgaria’s prospects for joining the euro in 2025 have been bolstered by a cooling annual inflation rate, which dropped to the eurozone average of 2.4% in April, marking its first dip below 3% since the summer of 2021
In April, inflation across the European Union remained steady, with both the EU and the Eurozone recording a rate of 2.6% and 2.4%, respectively, according to data from Eurostat, the official statistics agency of the EU
Julian Voinov, an economist and financial expert, expressed optimism regarding Bulgaria's potential adoption of the euro in 2025 or early 2026
This was stated by the Governor of the Bulgarian National Bank at the international conference "Bulgaria in the Eurozone, When?" in Sofia
Former Finance Minister Simeon Dyankov has suggested that Bulgaria's potential entry into the Eurozone may not materialize before 2026
In the initial quarter of 2024, Bulgaria's economy expanded by 0.4%, as per an expedited evaluation by the National Statistical Institute (NSI), a slight deceleration from the 0.5% growth witnessed in the final quarter of the preceding year
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