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Moody's: Stable outlook for Bulgaria's economy

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Staff Writer | October 17, 2016
The international agency Moody’s has confirmed Bulgaria’s credit rating and a stable outlook.
Bulgaria
Europe   Fiscal consolidation in Bulgaria will continue
“The strong fiscal position, stable economy and broad agenda for reform in Bulgaria maintain the credit rating of the country at a Baa2 level with a stable outlook,” read the annual report of Moody’s, cited by BTA.

“Bulgaria’s credit rating is underpinned by long-term indicators, which are relatively favourable, compared to other countries, and the stabilisation of its internal position,” stated Marco Zaninelli, Moody’s Assistant Vice President and co-author of the research.

It is predicted that fiscal consolidation will continue in 2016 and next year.

“Moody’s expects Bulgaria’s budget deficit to decrease to 1.3% of GDP in 2016 and to 0.9% in 2017. The debt-GDP ratio will increase insignificantly in 2016 before stabilising next year and beginning to decrease in 2018.”

The agency forecasts a slight slow-down of Bulgaria’s economic growth to 2.8% in 2016 and 2017 from the 3.5% recorded for 2015.

The rate of increase of exports will, however, be lower than the rate of increase of imports, warned Moody’s.


 

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