## Bulgaria: 2015 Article IV Consultation-Staff Report; Press Release; and Statement by the Executive Director for Bulgaria

_IMF Staff Country Reports, May 13, 2015_

## Source details

**Canonical URL:** [Bulgaria: 2015 Article IV Consultation-Staff Report; Press Release; and Statement by the Executive Director for Bulgaria](https://www.imf.org/en/publications/cr/issues/2016/12/31/bulgaria-2015-article-iv-consultation-staff-report-press-release-and-statement-by-the-42926)

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## Bibliographic details
- Published: May 13, 2015
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9781475586961.002

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### Overview
- Modest economic growth achieved in 2014 and expected to continue in 2015, albeit at a lower rate.
- Consumer prices declined by an average 1.6 percent in 2014; projected to turn positive late in 2015.
- The banking system has shown substantial resilience to the damage to confidence resulting from the bank failure.
- The budget targets a 3 percent of GDP deficit in 2015, with a further 0.5 percentage point reduction per year in coming years.
- Measures to improve the composition and quality of expenditure and mitigate contingent liabilities arising from state-owned enterprises remain the key priorities.

### Economic performance and outlook
- 2014: modest growth (no specific growth rate provided in the source text).
- 2015: growth is expected to continue but at a lower rate than in 2014.
- Inflation: consumer prices declined by an average 1.6 percent in 2014; projected to turn positive late in 2015.

### Banking sector resilience
- The banking system displayed substantial resilience following a bank failure that damaged confidence.
- Emphasis on maintaining depositor confidence and liquidity support frameworks (keywords in source: liquidity support framework, support depositor confidence).

### Fiscal policy, public debt, and contingent liabilities
- 2015 budget deficit target: 3 percent of GDP.
- Medium-term fiscal path: further reduction of the deficit by 0.5 percentage point per year.
- Key fiscal priorities:
  - Improve composition and quality of expenditure.
  - Mitigate contingent liabilities from state-owned enterprises.

### Subject areas and keywords (as provided)
- Subject: Banking, External debt, Financial regulation and supervision, Income, Labor, National accounts, Public debt
- Keywords: asset-price uncertainty, Bulgaria, Bulgarian authorities, CR, Europe, government, government activity, government Spring Forecast, Income, income convergence, ISCR, liquidity support framework, support depositor confidence

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_Source: https://www.imf.org/en/publications/cr/issues/2016/12/31/bulgaria-2015-article-iv-consultation-staff-report-press-release-and-statement-by-the-42926_