## Bulgaria: 2017 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Bulgaria

_IMF Staff Country Reports, February 21, 2018_

## Source details

**Canonical URL:** [Bulgaria: 2017 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Bulgaria](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)

## Other formats

- [Markdown version](/en/publications/cr/issues/2018/02/21/bulgaria-2017-article-iv-consultation-press-release-staff-report-and-statement-by-the-45637/index.md)
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## Bibliographic details
- Published: February 21, 2018
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9781484342015.002

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### Economic performance and outlook
- 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 and public finances
- Fiscal outcomes have been stronger than budgeted in recent years.
- Main factors for stronger-than-budgeted outcomes:
  - Revenue overperformance.
  - Under-execution of capital spending.

### Main challenges and policy focus
- 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):
  - Support measures that sustain export-led growth while managing inflationary pressures.
  - Strengthen public investment execution to complement fiscal revenues and support convergence.
  - Monitor wage growth relative to competitiveness given the current-account surplus and closing output gap.

### Publication metadata and scope
- 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.

*Source: Bulgaria: 2017 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Bulgaria (IMF Staff Country Reports, February 21, 2018).*

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## Content in this bundle

- **Country Report**
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  - [Country Report (PDF)](/-/media/files/publications/cr/2018/cr1846.pdf){rel="external" type="application/pdf"}

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_Source: 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_