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IMF: Bulgarian economy to grow by 1% in 2012

The International Monetary Fund has predicted a 1% GDP growth in Bulgaria in 2012, increasing its earlier estimate of 0.8%.

The country's unemployment rate is to reach 12.5% at the end of the year, IMF believes.

«Our forecast is for the real GDP growth to reach 1% in 2012 courtesy of the stronger domestic demand boosted by the European Union's structural funds,» Catriona Purfield, Deputy Division Chief at the International Monetary Fund has explained, as cited by the Bulgarian Telegraph Agency.

The Bulgarian economy will expand by 1.5% as exports recover, the IMF has also said.

The IMF has urged the Bulgarian government to maintain its budget deficit at 1.25% of GDP next year, too.

Adapted from Novinite