Belvedere Holiday Club - Bansko - Block 4

Belvedere Holiday Club - Bansko - Block 4

Eagles Nest - Bansko

Eagles Nest - Bansko


2,460 Confirmed COVID-19 Cases in Bulgaria 27.5.2020
2,460 Confirmed COVID-19 Cases in Bulgaria
May 27 (BTA) - The total number of confirmed COVID-19 cases in Bulgaria is 2,460, the national coronavirus task force said at its news briefing on Wednesday morning. The latest confirmed cases are 17. The fatalities are...

Health Minister Issues Order Repealing Some Restrictive Measures Imposed Due to COVID-19 27.5.2020
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May 27 (BTA) - Health Minister Kiril Ananiev issued an order revoking some of the restrictive measures introduced due to COVID-19, said the press service of the Ministry of Health on Tuesday evening. As of Tuesday,...

Bulgaria Has 617 Villages with Fewer than 10 or No Residents 26.5.2020
Bulgaria Has 617 Villages with Fewer than 10 or No Residents
Sofia, May 26 (BTA) - Bulgaria has 617 villages without population or with residents in the single digits, BTA found from the National Register of Populated Places of the National Statistical Institute. The data...


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European Commission: Bulgarian Economy Expected to Contract by 7.2% in 2020, Grow by 6% in 2021

European Commission: Bulgarian Economy Expected to Contract by 7.2% in 2020, Grow by 6% in 2021

06.5.2020
Brussels/Sofia, May 6 (BTA Correspondent Nikolay Jeliazkov) - Bulgaria's real GDP is projected to contract by over 7 per cent in 2020, largely due to the adverse impact of measures taken to contain the spread of the pandemic following the declaration of a state of emergency on 13 March 2020, writes the European Commission (EC) in its Spring Economic Forecast for EU countries, published on Wednesday. The EU-wide economy is projected to contract by 7.5 per cent this year and grow 6.1 per cent in 2021, while the eurozone is set to contract by 7.75 per cent in 2020, followed by a 6.25 per cent growth next year. At the onset of the COVID-19 pandemic, economic conditions in Bulgaria were favourable. At 3.4 per cent, GDP growth in 2019 was robust for the fifth year in a row, mainly driven by growing household consumption. This positive trend has been interrupted by the COVID-19 outbreak. The strength of Bulgaria's economy and the positive external and fiscal balances before the outbreak of COVID-19 should help it recover from the large economic shock caused by the pandemic, points out the EC report. The EC expects a rebound in economic activity in the second half of 2020 with the gradual lifting of the confinement measures. The report points out that the unemployment rate has increased significantly since the COVID-19 containment measures were put in place, boosted in part by the return of workers from abroad. The unemployment rate is expected to jump to 7 per cent in 2020, after having reached historic lows of 4.2 per cent in 2019. In 2021, a partial recovery in employment is projected to take place and the unemployment rate to decrease to 5.8 per cent. Nominal wage growth, after years of substantial gains, is expected to moderate to 3.5per cent in 2020 and 2,25 per cent in 2021. Per the report, Bulgaria is facing the COVID-19 pandemic from a strong fiscal position. In 2019, the budget surplus reached 2.1 per cent of GDP. As part of the package of measures to contain the pandemic and its impact the government announced a higher spending on medical equipment, wage bonuses and increases for the medical and security staff, as well as subsidies, tax deferrals, state guarantees and a reallocation of investment funds to support the economy. The severe macroeconomic outlook is set to increase spending on unemployment and social benefits and curtail the revenue from taxes. The overall impact on the budget is estimated to be close to 5 pps. of GDP relative to the previous year, pushing the balance into a deficit of around 2.3/4 per cent of GDP in 2020 after four years of surplus, notes the EC. In 2021, based on a no-policy-change assumption, the budget deficit is forecast at 1.3/4 per cent of GDP, mainly due to the positive impact of higher economic growth on revenues and the fading impact of some expenditure measures. The EC predicts the general government debt to increase and reach over 25 per cent of GDP in both 2020 and 2021, as a result of the primary deficit, the contraction in GDP and certain measures to support liquidity in the economy (e.g. the capital strengthening of the Bulgarian Development Bank to provide state guaranteed loans) that do not affect the deficit but which do weigh on debt. NV/DT Source: Brussels/Sofia, http://www.bta.bg/en/c/NW/id/2206271
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