{
  "title": "Bulgaria: 2017 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Bulgaria",
  "publication": "IMF Staff Country Reports, February 21, 2018",
  "sourceUrl": "https://www.imf.org/en/publications/cr/issues/2018/02/21/bulgaria-2017-article-iv-consultation-press-release-staff-report-and-statement-by-the-45637",
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  "summary": "This 2017 Article IV Consultation highlights that the Bulgarian economy is performing well. Growth has been on an upward trend and is estimated to reach 3.8 percent in 2017 and 2018, driven by strong exports, easier financial conditions, and growing confidence.",
  "sections": [
    {
      "heading": "Economic performance and outlook",
      "content": "- Growth has been on an upward trend and is estimated to reach 3.8 percent in 2017 and 2018.\n- Growth drivers identified: strong exports, easier financial conditions, and growing confidence.\n- The economy shows signs of a closing output gap.\n- Headline inflation turned positive in 2017 and inflationary pressure is rising.\n- The current account remained in surplus in 2017, despite rapid wage growth."
    },
    {
      "heading": "Fiscal outcomes and public finances",
      "content": "- Fiscal outcomes have been stronger than budgeted in recent years.\n- Main factors for stronger-than-budgeted outcomes:\n  - Revenue overperformance.\n  - Under-execution of capital spending."
    },
    {
      "heading": "Main challenges and policy focus",
      "content": "- Core challenge: translate the recent recovery into sustained and inclusive growth and convergence with other European Union countries.\n- Implied policy priorities (as reflected by the report’s findings):\n  - Support measures that sustain export-led growth while managing inflationary pressures.\n  - Strengthen public investment execution to complement fiscal revenues and support convergence.\n  - Monitor wage growth relative to competitiveness given the current-account surplus and closing output gap."
    },
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      "heading": "Publication metadata and scope",
      "content": "- Publication date: February 21, 2018\n- Pages: 64\n- Series: Country Report No. 2018/046\n- DOI: https://doi.org/10.5089/9781484342015.002\n- ISBN: 9781484342015\n- Subjects: Aging, Education, Expenditure, Financial Sector Assessment Program, Financial sector policy and analysis, Income, Labor, National accounts, Wages\n- Keywords: BNB legislation, Bulgaria, Bulgarian authorities, CR, EU average, Europe, finances, Financial Sector Assessment Program, GDP, Global, government, Income, ISCR, per capita income, public goods, Wages\n- IMF eLibrary catalog note: Our eLibrary offers over 25,000 IMF publications in multiple formats.\n\nSource: Bulgaria: 2017 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Bulgaria (IMF Staff Country Reports, February 21, 2018).\n\n---\n\n Content in this bundle\n\n- Country Report\n  - Country Report (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Country Report (PDF){rel=\"external\" type=\"application/pdf\"}"
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    "Published: February 21, 2018",
    "Series: IMF Staff Country Reports",
    "DOI: https://doi.org/10.5089/9781484342015.002",
    "Growth has been on an upward trend and is estimated to reach 3.8 percent in 2017 and 2018.",
    "Growth drivers identified: strong exports, easier financial conditions, and growing confidence.",
    "The economy shows signs of a closing output gap.",
    "Headline inflation turned positive in 2017 and inflationary pressure is rising.",
    "The current account remained in surplus in 2017, despite rapid wage growth.",
    "Fiscal outcomes have been stronger than budgeted in recent years.",
    "Main factors for stronger-than-budgeted outcomes:",
    "Core challenge: translate the recent recovery into sustained and inclusive growth and convergence with other European Union countries.",
    "Implied policy priorities (as reflected by the report’s findings):",
    "Publication date: February 21, 2018",
    "Pages: 64",
    "Series: Country Report No. 2018/046",
    "DOI: https://doi.org/10.5089/9781484342015.002",
    "ISBN: 9781484342015",
    "Subjects: Aging, Education, Expenditure, Financial Sector Assessment Program, Financial sector policy and analysis, Income, Labor, National accounts, Wages",
    "Keywords: BNB legislation, Bulgaria, Bulgarian authorities, CR, EU average, Europe, finances, Financial Sector Assessment Program, GDP, Global, government, Income, ISCR, per capita income, public goods, Wages",
    "IMF eLibrary catalog note: Our eLibrary offers over 25,000 IMF publications in multiple formats.",
    "**Country Report**"
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