The international agency "Standard and Poor's" (S&P) has confirmed the long-term and short-term credit rating of Bulgaria- BBB and A-2. The outlook remains stable. This balances weaker expectations for Bulgaria's short-term economic growth and increased domestic political uncertainty on the one hand and low net government debt and low interest costs on the other.
According to S&P, Bulgaria's GDP growth is expected to slow down significantly in the coming months, although the economy has remained resilient to the consequences of the crisis in Ukraine. External demand from countries that are Bulgaria's main trading partners in the EU is expected to decline. With average inflation of 10% expected in 2023 consumption will decline, too. On the other hand, EU-funded projects will provide some support to the economy but real growth in 2023 is expected to be less than 1%, a significant slowdown from expectations of 3% in 2022.
According to Standard & Poor's, Bulgaria is gradually making progress in its efforts to join the Eurozone, but it remains unclear whether it would become a member on January 1, 2024 because of high inflation and political uncertainty.
The Bulgarian National Bank (BNB) announced that it is lowering the base interest rate to 3.63% as of July 1. In May and June, the base interest rate was 3.78%. Bulgaria is in a currency board and the Bulgarian lev is pegged to the euro. Therefore,..
Bulgaria fulfils three of the Maastricht criteria for joining the euro zone, but still does not meet the price stability and inflation targets, according to a report by the European Commission, as quoted by BTA. Bulgaria does not currently meet the..
Bulgaria will receive €65.2 million from the EU for a project to reinforce the electricity grid to better support the integration of renewable energy, the European Commission said in a statement. The money is part of a total of nearly €3 billion..
+359 2 9336 661