Bulgaria Becomes Financially Stable, Predictable - PM Says

profit.bg, 2007-09-07

     Bulgaria has become a financially stable and predictable country capable of resisting outside economic crises, Prime Minister Sergey Stanishev said here on Friday while presenting his government's mid-term report, according to the state-run BTA news agency.He said the country's GDP grew by over 6% in 2005 and 2006, and 6.2% in the Q1 of 2007, mainly due to domestic consumption. The premier added that the country's budget surplus for the H1 of 2007 is 20 billion Bulgarian leva ($14 billion), which, together with the increased corporation tax revenues, made it possible for the government to implement the largest pension increase this year - 20%. Meanwhile, the country's industrial growth base has also expanded, making the sector becomes less susceptible to outside influences,said Stanishev.
     According to the Eurostat, the European Union's statistics office, Bulgaria has registered a 14.6% year-on-year industrial growth, the highest in the European Union (EU), comparing with 12% for Slovakia, 10% for Slovenia, 7.8% for Poland, and 2.5% for average EU standard. The premier also mentioned foreign investment in his country, saying that foreign investments totaled Ђ4.1 billion ($5.6 billion) in 2006 and topped Ђ2.1 billion ($2.9 billion) in the H1 of 2007.With regard to unemployment, he said unemployment rate has steadily declined and has been under 8% for the last three months. At the end of July this year, unemployment rate stood at 7.25%, the lowest in 16 years. The prime minister also reported rises in the minimum wage, which stood at 150 leva ($104) in 2005 and is expected to reach 421 leva ($292) by the end of 2007. Meanwhile, the minimum pension grew by 49.1% in the last two years.

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