A Greek bank group has predicted that the Bulgarian economy will slow down due to the debt crisis in the Euro zone and the negative prospects for the recovery of the European and the US economies. The Eurobank EFG Group announced that in 2011 the growth of the Bulgarian GDP will be 3,5%. In their forecast for 2011 the predicted growth of 3,2% of the Bulgarian GDP has been revised to 2,9%.
According to the Greek bank group the Bulgarian economy is slowing down, despite being above the average levels for the EU in the last quarter of 2011. The major drive of Bulgaria’s growth is the export, but in the second quarter of this year, its volume has decreased in half in comparison with the first quarter. The Bulgarian export shall continue to decrease due to the worse conditions on the EU market – the main market of the country.
On the positive side the domestic demand is gaining speed and the investments have increased. According to the forecast the investments will keep increasing because of the privatization programme of the Bulgarian government and the improved use of the European funding. Bulgaria, according to the Eurobank EFG Group has not been affected by the debt crisis and has remained stable financially, and its credit rating has improved.