Bulgaria's C-Bank: Room for Economic Growth to Exceed 1.7%

There is “room” for economic growth this year to exceed the central bank’s forecast of 1.7%, according to central bank Governor Dimitar Kostov.

“When the crisis started, its impact on Bulgaria was very quick, so the economy will be rather quickly affected also by the euro-region’s recovery,” Kostov said an interview for Bloomberg agency at the Euromoney conference in Vienna.

“Once the environment improves we shall be able to utilize the fundamentals.”

Bulgaria's budget for this year is based on an assumption of an 1.8% rise in gross domestic product, while the European Commission forecasts 1.5% after an estimated 0.5% growth in 2013.

The economy expanded 0.7% in the third quarter.

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