site.btaBAS Revises Up 2016 Growth Projections to 2.9%

BAS Revises Up 2016 Growth Projections to 2.9%

Sofia, October 19 (BTA) - Experts with the Bulgarian Academy of Sciences (BAS) project that Bulgaria's economy will grow by 2.9 per cent in 2016, Viktor Yotsov of BAS' Economic Research Institute told a BTA-hosted news conference on Wednesday. He presented the autumn update of an annual report evaluating Bulgaria's economic development between 2016 and 2018.

The spring forecast projected a growth of 1.9 per cent. According to researchers, the upgrade has been prompted by data about better tourist season and agricultural production.

The economic development report is drawn up every year taking into consideration micro and macro indicators, the performance of the fiscal and banking sector, the labour market, the state of regions and regional disparities and sets out recommendations for a three-year period. In 2016, for the first time an interim assessment has been made based on the performance of the economy during the first three quarters of the year.