Bulgaria Govt Boasts Financial, Economic Stability, Lower Unemployment

A report of Prime Minister Oresharski on the first year in office of the socialist-led government boasts financial and economic stability, higher incomes, and lower unemployment.

Oresharski was to present the report on Friday in Parliament but the presentation was eventually postponed, according to dnevnil.bg.

According to a short version of the report published on the website of the government, the first year in office was devoted to policies, programs and measures aimed at achieving stabilization, at the same time preventing additional volatility in the fragile economic and social equilibrium.

The report reminds that the government assumed office on May 29, 2013 in the conditions of serious institutional deadlock, economic depression and deepening social division.

The difficult situation necessitated stabilization measures in the sphere of economy, as well as institution building steps and initiatives aimed at enhancing the democratic principles of government, according to the report.

The implementation of the economic and social program of the government accelerated GDP growth from a rate of -0.1% to 1.1% in Q3, 2013, reaching 1.6% in end-2013.

GDP growth in 2013 amounted to 0.9%, according to the document.

In Q1, 2014, GDP growth of 1.2% was reported.

The unemployment rate in Q1, 2014 stood at 13%, down by 0.8% from the same period of 2013.

Economic activity grew by 1.3% in 2013.

In the period June 2013 – April 2014, a total of 213 578 unemployed found jobs in the real economy (unsubsidized employment).

In its first year in office, the government reported a reduction in the administrative burden.

The implementation of anti-red tape measures in the period July – December, 2013 led to savings of nearly BGN 124 M a year for the business sector, while the measures planned to be implemented by end-2014 are to reduce the administrative burden by a further BGN 100 M a year.

The government also registered strict accountability of VAT and excise duties refunds – unrefunded tax credit stood at around BGN 180 M by end-May 2014, an unprecedented low, according to the report.

The government boasted about encouraging foreign trade, backing the efforts of businesses to reach new markets, allocating BGN 20 M for innovations, supporting industry under a national program, and taking steps to rebalance the energy sector.

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