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Bulgaria overview


In Bulgaria we focus on:

  • supporting the competitiveness of Bulgarian companies by helping to improve their governance, enhance value chains, promote the knowledge economy and assist in adaptation to demographic challenges
  • financing infrastructure projects that enhance regional connectivity, provide green solutions to urban challenges for municipalities, promote decarbonisation and resource efficiency, and
  • strengthening the resilience of financial intermediation.

As well as being a country where the EBRD works, Bulgaria is also a donor having provided €115 million of European Structure and Investment Funds to support water projects across the country.  

The EBRD’s latest strategy for Bulgaria was adopted on 15 January 2020.

EBRD forecast for Bulgaria’s real GDP growth in 2023 1.3%

EBRD forecast for Bulgaria's real GDP growth in 2024 2.9%

Economic growth in Bulgaria decelerated to 3.4 per cent in 2022, with negative investment and net export growth rates weighing on economic performance for the second consecutive year, as financing conditions have tightened and new tranches of the EU funds under the RRF programme have been delayed. GDP growth is expected to decelerate further to 1.3 per cent in 2023, before bouncing back to 2.9 per cent in 2024. Investment is expected to pick up, as projects from the recovery plan should gather steam, supported by the positive outlook related to Bulgaria’s euro area accession which is anticipated in 2025, and improved political stability. The HICP (harmonised index of consumer prices) inflation rate peaked in September 2022, at 15.6 per cent, and dropped to 12.1 per cent in March 2023. Falling inflation will support the recovery of real wages and the purchasing power of households.

Bulgaria in the EBRD's 2022-23 Transition report


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