Moody’s retains Baa2 rating for Bulgaria with Stable Outlook
Moody's Investors Service has maintained Baa2 rating for Bulgaria as the country has reported stable economic activity during the last quarter. Moody’s has also rated outlook for Bulgaria as stable considering strong medium-term economic forecast for the country in the Balkans region. Moody’s has also considered reducing debt level as a strong indicator of underlying growth for the Bulgarian economy.
Bulgaria reported 3.6 percent GDP growth in 2015. The growth slightly reduced to 3.4 percent in 2016 but outlook for 2017 remains strong. Credit growth in Bulgaria is another factor for better growth prospectus in future. The report added that lending grew by 1.5 percent in December 2016. Considering credit growth, there could be better performance in real estate and financial services sector in 2017.
Moody’s report added, “Bulgaria has made significant progress in restoring its fiscal position. Preliminary data for 2016 show a fiscal surplus of 1.6% of GDP on a cash basis and a balanced budget in ESA 2010 terms, representing a sharp fiscal consolidation since 2014 when the cash deficit was -3.7% of GDP and the deficit on ESA terms was -5.5% of GDP.”
Inflation during 2016 has been recorded at -0.5 percent.
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