Bulgaria's FinMin Predicts 2.1% GDP Growth in 2014

Bulgarian Finance Minister Petar Chobanov has predicted an economic growth of 2.1% in 2014.

Speaking Friday in Plovdiv, where he attended a meeting with local business representatives, he suggested that the upward revision of the forecast had been triggered by statistics for the last few quarters.

Chobanov declared that June 2014 was expected to close at a growth rate of 1.3 – 1.4%, compared to an economic growth of 1.6% for the previous quarter and a negative growth rate of -0.2% one year ago.

"If we take a look at unadjusted data, the growth in consumption and investments amounts to 4% and this gives us reason to believe that the forecast for 2014 will come true," he said.

Chobanov explained the growth rate with the better attitude to business, the return of payments to the sector on time, and the improvement in business trust.

He argued that all of the factors had contributed to the first signs of GDP growth in years.

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