## Bulgaria: 2016 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Bulgaria

_IMF Staff Country Reports, November 10, 2016_

## Source details

**Canonical URL:** [Bulgaria: 2016 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Bulgaria](https://www.imf.org/en/publications/cr/issues/2016/12/31/bulgaria-2016-article-iv-consultation-press-release-staff-report-and-statement-by-the-44383)

## Other formats

- [Markdown version](/en/publications/cr/issues/2016/12/31/bulgaria-2016-article-iv-consultation-press-release-staff-report-and-statement-by-the-44383/index.md)
- [Structured JSON version](/en/publications/cr/issues/2016/12/31/bulgaria-2016-article-iv-consultation-press-release-staff-report-and-statement-by-the-44383/index.json)
- [Bundle manifest](/en/publications/cr/issues/2016/12/31/bulgaria-2016-article-iv-consultation-press-release-staff-report-and-statement-by-the-44383/bundle-manifest.json)

## Bibliographic details
- Published: November 10, 2016
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9781475552447.002

---

### Executive summary and recent performance
- The Bulgarian economy has shown resilience since the last Article IV consultation.
- Growth over the last 4 quarters exceeded expectations.
- The authorities took concrete steps to correct the fiscal slippage in 2014.
- Efforts are underway to strengthen confidence in the health of the financial system.

### Outlook and risks
- Looking ahead, risks to the outlook are broadly balanced.
- Downside risks:
  - Weak external demand.
  - Possible regional tension.
  - Reversal in domestic policy reforms.

### Key subject areas covered
- Banking
- Expenditure
- External debt
- Fiscal policy
- Fiscal stance
- Labor
- Public debt
- Public investment and public-private partnerships (PPP)
- Real effective exchange rates
- Wages

### Keywords and themes highlighted
- buffer shortfall
- Bulgarian authorities
- CR
- e-government development
- energy price decline
- Europe
- Fiscal stance
- Global
- government
- government debt position
- ISCR
- policy
- productivity development
- Public investment and public-private partnerships (PPP)
- Wages

### Publication metadata and identifiers
- Publication date: November 10, 2016
- Pages: 91
- Volume: 2016
- Issue: 344
- Series: Country Report No. 2016/344
- DOI: https://doi.org/10.5089/9781475552447.002
- Stock No: 1BGREA2016001
- ISBN: 9781475552447
- ISSN: 1934-7685

*Source: Bulgaria: 2016 Article IV Consultation—Press Release; Staff Report; and Statement by the Executive Director for Bulgaria (IMF Staff Country Reports 2016, 344).*

---

## Content in this bundle

- **Real Sector Developments, 2008–16**
  - [Real Sector Developments, 2008–16 (Markdown version)](/-/media/websites/imf/imported-full-text-pdf/external/pubs/ft/scr/2016/_cr16344.pdf.md){rel="alternate" type="text/markdown"}
  - [Real Sector Developments, 2008–16 (PDF)](/-/media/websites/imf/imported-full-text-pdf/external/pubs/ft/scr/2016/_cr16344.pdf){rel="external" type="application/pdf"}

---

_Source: https://www.imf.org/en/publications/cr/issues/2016/12/31/bulgaria-2016-article-iv-consultation-press-release-staff-report-and-statement-by-the-44383_