Fitch Ratings has affirmed Bulgaria's long-term foreign-currency issuer default rating (IDR) at 'BBB' with a positive outlook.
Bulgaria's ratings are supported by its strong external and public balance sheets versus 'BBB' peers and a credible policy framework, underpinned by EU membership and a long-standing currency board. In Fitch's view, Bulgaria should meet legal requirements for eurozone accession but the biggest obstacle remains the price stability criterion. HICP inflation in Bulgaria has been running above the rate of the three best performing EU member states since the beginning of the year and is expected to remain elevated throughout 1Q23. “We expect this year's GDP growth to be 3.5% (previous review: 3.0%) due to better-than-expected performance in 1H22 (…) We expect HICP inflation to remain in double digits throughout 1Q23 and to decelerate toward 5.5% yoy by end-2023,” the Fitch rating action commentary reads.
The two most sought-after currencies by Bulgarians in 2024 remain the US dollar and the euro, just as in 2023. The Turkish lira, the Romanian leu and the Serbian dinar were also very popular, followed by the British pound and the Swiss franc. This was..
The overall business climate indicator in Bulgaria has increased in December by 1.7 points from 17 percent to 18.7% compared to November . An increase in the indicator was observed in the industry sector by 1.9 points, in retail trade by 5.7 points and..
The National Assembly postponed the discussion and voting of the most important fiscal law of the land – the national budget for 2025 – for next year. “If we do not have an approved budget by 19 January, then everything in the country will grind to a..
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