The Bulgarian National Bank Lowered its Forecast for Growth to 3.9%

The Bulgarian National Bank (BNB) has lowered its forecast for economic growth this year from 4.2% to 3.9%, according to the Economic Review.

Thus, the central bank forecast coincides with that of the government, which also expects growth of 3.9%. Last year the country's economy grew by 3.6%.

This year's most optimistic expectation is UniCredit Bulbank, whose economists are counting on 4% growth. The European Commission is much more pessimistic as it forecasts 3.7% and the World Bank 3.8%.

The reason for the negative revision of the BNB forecast is the higher import than expected. The engines of the economy are investments in the country and household consumption, which will also affect purchases of foreign goods.

Over the next two years, economic growth will remain around 4%, the central bank believes.