Bulgaria Economy

Bulgaria’s gdp growth annual decreased to -5.2 by -39.53% on July 2020 from -8.6 in the previous Quarterly. On a year on year basis Bulgaria’s gdp growth annual decreased by -240.54%. Bulgaria’s gdp growth annual trend is down since the current value of -5.2 is lower than the 12 month moving average of 1.50833.Bulgaria’s inflation cpi decreased to 0.4 by -50.0% on November 2020 from 0.8 in the previous Monthly. On a year on year basis Bulgaria’s inflation cpi decreased by -86.67%. Bulgaria’s inflation cpi trend is down since the current value of 0.4 is lower than the 12 month moving average of 1.99167.Bulgaria’s unemployment rate decreased to 6.7 by -2.9% on November 2020 from 6.9 in the previous Monthly. On a year on year basis Bulgaria’s unemployment rate increased by 15.52%. Bulgaria’s unemployment rate trend is down since the current value of 6.7 is lower than the 12 month moving average of 7.29167.

Bulgaria Macroeconomic model

MacroVar Bulgaria Macro model analyzes economic growth and inflation to assess the current economic conditions. Economic growth and inflation expectations are the two most important economic indicators used to assess economic conditions, forecast financial market returns and policymaker response. Bulgaria’s current macroeconomic conditions are summarized below the chart. Click here to learn more about MacroVar Bulgaria macroecononic model and the leading economic indicators used for analysis.

Bulgaria Macro Model

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Bulgaria Economy

Economic Activity Overview Actual Previous M/M% Y/Y% Trend Slope ZS5Y Update
gdp growth annual -1.8 -3.8 -0.526316 -1.6 -1.0 -1.0 0.116667 2021-01-01
inflation cpi 386917 382315 0.0120372 0.0517736 1.0 1.0 0.833333 2021-05-31
unemployment rate 5.7 6.1 -0.0655738 -0.366667 -1.0 -1.0 0.0166667 2021-05-31
Business & Consumer Forecast Overview Actual Previous M/M% Y/Y% Trend Slope ZS5Y Update
ESI - Economic Composite 98 89.5 0.0949721 0.505376 1.0 1.0 1 2021-04-01
Reserves & Outstanding Debt Actual Previous M/M% Y/Y% Trend Slope ZS5Y Update
government debt 30111.4 29175 0.032096 0.223404 1.0 1.0 0.883333 2021-05-31
government debt to gdp 24.2 23.4 0.034188 0.152381 1.0 1.0 0.883333 2021-05-31
external debt 37601.3 37569.3 0.000851759 0.100325 1.0 1.0 0.933333 2021-04-30
foreign exchange reserves 58110.6 54256.6 0.0710328 0.0596216 1.0 1.0 0.45 2021-06-30
gold reserves 40.83 40.83 0 0.0111441 1.0 1.0 0.95 2020-08-01
Trade Actual Previous M/M% Y/Y% Trend Slope ZS5Y Update
current account -98.9 7.8 -13.6795 -37.6296 -1.0 -1.0 0.0166667 2021-05-31
current account to gdp 4 4.6 -0.130435 -1.23256 1.0 1.0 0 2019-01-31
Monetary Policy Actual Previous M/M% Y/Y% Trend Slope ZS5Y Update
interest rate 0.01 0.01 0 -0.5 -1.0 -1.0 0.258333 2016-01-31
central bank balance sheet 8777.9 8711.9 0.00757584 0.0211372 -1.0 1.0 0.416667 2021-03-31
money supply m2 118192 117197 0.00848998 0.127076 1.0 1.0 0.95 2021-05-31
Fiscal Policy Actual Previous M/M% Y/Y% Trend Slope ZS5Y Update
Government budget -279.46 630.08 -1.44353 -0.135032 1.0 1.0 0.566667 2021-05-31
government revenues 3451.01 4720.48 -0.268928 0.233358 -1.0 1.0 0.966667 2021-05-31
fiscal expenditure 3768.65 4103.67 -0.0816391 0.227741 -1.0 1.0 0.916667 2021-05-31

Bulgaria’s gdp growth annual decreased to -5.2 by -39.53% on July 2020 from -8.6 in the previous Quarterly. On a year on year basis Bulgaria’s gdp growth annual decreased by -240.54%. Bulgaria’s gdp growth annual trend is down since the current value of -5.2 is lower than the 12 month moving average of 1.50833.Bulgaria’s inflation cpi decreased to 0.4 by -50.0% on November 2020 from 0.8 in the previous Monthly. On a year on year basis Bulgaria’s inflation cpi decreased by -86.67%. Bulgaria’s inflation cpi trend is down since the current value of 0.4 is lower than the 12 month moving average of 1.99167.Bulgaria’s unemployment rate decreased to 6.7 by -2.9% on November 2020 from 6.9 in the previous Monthly. On a year on year basis Bulgaria’s unemployment rate increased by 15.52%. Bulgaria’s unemployment rate trend is down since the current value of 6.7 is lower than the 12 month moving average of 7.29167.Bulgaria’s building permits icnreased to 1362.0 by 0.81% on April 2020 from 1351.0 in the previous Quarterly. On a year on year basis Bulgaria’s building permits decreased by -17.3%. Bulgaria’s building permits trend is down since the current value of 1362.0 is lower than the 12 month moving average of 1440.75.Bulgaria’s business confidence icnreased to 12.4 by 26.53% on December 2020 from 9.8 in the previous Monthly. On a year on year basis Bulgaria’s business confidence decreased by -43.12%. Bulgaria’s business confidence trend is down since the current value of 12.4 is lower than the 12 month moving average of 11.9167.Bulgaria’s consumer confidence decreased to -37.7 by -2.08% on October 2020 from -38.5 in the previous Quarterly. On a year on year basis Bulgaria’s consumer confidence increased by 44.44%. Bulgaria’s consumer confidence trend is down since the current value of -37.7 is lower than the 12 month moving average of -28.4333.

Bulgaria Business activity

Business Activity Actual Previous M/M% Y/Y% Trend Slope ZS5Y Update
business confidence 21.3 29.7 -0.282828 0.954128 1.0 1.0 0.983333 2021-06-30
ESI - Economic Composite 98 89.5 0.0949721 0.505376 1.0 1.0 1 2021-04-01
Manufacturing sector -0.9 -6.2 -0.854839 -0.965385 1.0 1.0 0.45 2021-04-01
Consumer sector -18.9 -25.2 -0.25 -0.4375 1.0 1.0 0.0166667 2021-04-01
Construction sector -6.9 -15.5 -0.554839 -0.824427 1.0 1.0 0.116667 2021-04-01
Retail sector 7.7 3.2 1.40625 -1.58333 1.0 1.0 0.05 2021-04-01
Services sector -5.9 -13 -0.546154 -0.787004 1.0 1.0 0.216667 2021-04-01

Bulgaria’s business confidence icnreased to 12.4 by 26.53% on December 2020 from 9.8 in the previous Monthly. On a year on year basis Bulgaria’s business confidence decreased by -43.12%. Bulgaria’s business confidence trend is down since the current value of 12.4 is lower than the 12 month moving average of 11.9167.Bulgaria’s ESI – Economic Composite decreased to 76.9 by -266.0% on January 2021 from 79.0 in the previous . On a year on year basis Bulgaria’s ESI – Economic Composite decreased by -2341.0%. Bulgaria’s ESI – Economic Composite trend is down since the current value of 76.9 is lower than the 12 month moving average of 81.2833.Bulgaria’s Manufacturing sector decreased to -11.8 by -248.0% on January 2021 from -12.1 in the previous . On a year on year basis Bulgaria’s Manufacturing sector increased by 23714.0%. Bulgaria’s Manufacturing sector trend is down since the current value of -11.8 is lower than the 12 month moving average of -11.125.Bulgaria’s Consumer sector icnreased to -31.0 by 653.0% on January 2021 from -29.1 in the previous . On a year on year basis Bulgaria’s Consumer sector increased by 3656.0%. Bulgaria’s Consumer sector trend is down since the current value of -31.0 is lower than the 12 month moving average of -27.6833.Bulgaria’s Construction sector icnreased to -18.0 by 588.0% on January 2021 from -17.0 in the previous . On a year on year basis Bulgaria’s Construction sector increased by 170000.0%. Bulgaria’s Construction sector trend is down since the current value of -18.0 is lower than the 12 month moving average of -15.6667.Bulgaria’s Retail sector decreased to -4.1 by -21714.0% on January 2021 from 3.5 in the previous . On a year on year basis Bulgaria’s Retail sector decreased by -12216.0%. Bulgaria’s Retail sector trend is down since the current value of -4.1 is lower than the 12 month moving average of 2.90833.Bulgaria’s Services sector icnreased to -17.8 by 1195.0% on January 2021 from -15.9 in the previous . On a year on year basis Bulgaria’s Services sector decreased by -22361.0%. Bulgaria’s Services sector trend is down since the current value of -17.8 is lower than the 12 month moving average of -11.85.

Bulgaria Consumer activity

Consumer Activity Actual Previous M/M% Y/Y% Trend Slope ZS5Y Update
consumer confidence -30.9 -33.6 -0.0803571 0.331897 -1.0 -1.0 0.833333 2021-04-01
Consumer - General economic situation (next 12 months) -20.9 -32.4 -0.354938 -0.607143 1.0 1.0 0.0166667 2021-04-01
Consumer - Financial situation (next 12 months) -3.1 -5.2 -0.403846 -0.868085 1.0 1.0 0.0166667 2021-04-01
Consumer - Price trends (next 12 months) 17.8 16.3 0.0920245 -0.535248 -1.0 -1.0 0.05 2021-04-01
Consumer - Unemployment expectations (next 12 months) 25.2 33.3 -0.243243 -0.659459 -1.0 -1.0 0.0166667 2021-04-01
Consumer - Major purchases (next 12 months) -33.2 -44.1 -0.247166 -0.186275 1.0 1.0 0.0833333 2021-04-01
Consumer - Savings (next 12 months) -18.7 -18.8 -0.00531915 -0.603814 1.0 1.0 0.0333333 2021-04-01
Consumer - Households Financial situation 15.8 19.8 -0.20202 1.82143 1.0 1.0 0.75 2021-04-01

Bulgaria’s consumer confidence decreased to -37.7 by -2.08% on October 2020 from -38.5 in the previous Quarterly. On a year on year basis Bulgaria’s consumer confidence increased by 44.44%. Bulgaria’s consumer confidence trend is down since the current value of -37.7 is lower than the 12 month moving average of -28.4333.Bulgaria’s Consumer – General economic situation (next 12 months) icnreased to -45.7 by 1570.0% on January 2021 from -39.5 in the previous . On a year on year basis Bulgaria’s Consumer – General economic situation (next 12 months) increased by 7577.0%. Bulgaria’s Consumer – General economic situation (next 12 months) trend is down since the current value of -45.7 is lower than the 12 month moving average of -35.8.Bulgaria’s Consumer – Financial situation (next 12 months) icnreased to -12.8 by 1636.0% on January 2021 from -11.0 in the previous . On a year on year basis Bulgaria’s Consumer – Financial situation (next 12 months) decreased by -2644.0%. Bulgaria’s Consumer – Financial situation (next 12 months) trend is down since the current value of -12.8 is lower than the 12 month moving average of -15.2583.Bulgaria’s Consumer – Price trends (next 12 months) icnreased to 28.4 by 717.0% on January 2021 from 26.5 in the previous . On a year on year basis Bulgaria’s Consumer – Price trends (next 12 months) decreased by -1041.0%. Bulgaria’s Consumer – Price trends (next 12 months) trend is down since the current value of 28.4 is lower than the 12 month moving average of 30.1417.Bulgaria’s Consumer – Unemployment expectations (next 12 months) icnreased to 50.2 by 1205.0% on January 2021 from 44.8 in the previous . On a year on year basis Bulgaria’s Consumer – Unemployment expectations (next 12 months) increased by 37358.0%. Bulgaria’s Consumer – Unemployment expectations (next 12 months) trend is down since the current value of 50.2 is lower than the 12 month moving average of 34.8167.Bulgaria’s Consumer – Major purchases (next 12 months) decreased to -44.0 by -135.0% on January 2021 from -44.6 in the previous . On a year on year basis Bulgaria’s Consumer – Major purchases (next 12 months) increased by 5493.0%. Bulgaria’s Consumer – Major purchases (next 12 months) trend is down since the current value of -44.0 is lower than the 12 month moving average of -36.725.Bulgaria’s Consumer – Savings (next 12 months) decreased to -25.3 by -932.0% on January 2021 from -27.9 in the previous . On a year on year basis Bulgaria’s Consumer – Savings (next 12 months) decreased by -4289.0%. Bulgaria’s Consumer – Savings (next 12 months) trend is down since the current value of -25.3 is lower than the 12 month moving average of -34.2167.Bulgaria’s Consumer – Households Financial situation icnreased to 16.5 by 312.0% on January 2021 from 16.0 in the previous . On a year on year basis Bulgaria’s Consumer – Households Financial situation increased by 40000.0%. Bulgaria’s Consumer – Households Financial situation trend is down since the current value of 16.5 is lower than the 12 month moving average of 7.275.

 

Bulgaria Manufacturing activity

Manufacturing Activity Actual Previous M/M% Y/Y% Trend Slope ZS5Y Update
Manufacturing sector -0.9 -6.2 -0.854839 -0.965385 1.0 1.0 0.45 2021-04-01
Manufacturing - Order Books -25.2 -31.1 -0.189711 -0.305785 1.0 1.0 0.133333 2021-04-01
Manufacturing - Selling Price expectations (next months) 6.4 4.4 0.454545 -1.57658 1.0 1.0 0.216667 2021-04-01
Manufacturing - Production trend (recent months) -2.1 -10.4 -0.798077 -0.909483 1.0 1.0 0.233333 2021-04-01
Manufacturing - Export Order Books -33.8 -39.4 -0.142132 -0.242152 1.0 1.0 0.05 2021-04-01
Manufacturing - Finished Products (Stock Levels) -0.2 -1.5 -0.866667 -1.07407 -1.0 -1.0 0.283333 2021-04-01
Manufacturing - Production expectations (next months) 22.3 11.1 1.00901 -1.57326 1.0 1.0 0.05 2021-04-01
industrial production 16.5 22.1 -0.253394 -2.03125 1.0 1.0 0.233333 2021-05-31
industrial production mom 1 0.1 9 -0.545455 1.0 -1.0 0.616667 2021-01-31
capacity utilization 74 71.2 0.0393258 -0.0301442 -1.0 -1.0 0.216667 2021-04-01

Bulgaria’s Manufacturing sector decreased to -11.8 by -248.0% on January 2021 from -12.1 in the previous . On a year on year basis Bulgaria’s Manufacturing sector increased by 23714.0%. Bulgaria’s Manufacturing sector trend is down since the current value of -11.8 is lower than the 12 month moving average of -11.125.Bulgaria’s Manufacturing – Order Books icnreased to -36.5 by 111.0% on January 2021 from -36.1 in the previous . On a year on year basis Bulgaria’s Manufacturing – Order Books increased by 7464.0%. Bulgaria’s Manufacturing – Order Books trend is down since the current value of -36.5 is lower than the 12 month moving average of -32.5167.Bulgaria’s Manufacturing – Selling Price expectations (next months) decreased to -2.6 by -2973.0% on January 2021 from -3.7 in the previous . On a year on year basis Bulgaria’s Manufacturing – Selling Price expectations (next months) decreased by -1034.0%. Bulgaria’s Manufacturing – Selling Price expectations (next months) trend is down since the current value of -2.6 is lower than the 12 month moving average of -3.28333.Bulgaria’s Manufacturing – Production trend (recent months) icnreased to -17.0 by 429.0% on January 2021 from -16.3 in the previous . On a year on year basis Bulgaria’s Manufacturing – Production trend (recent months) decreased by -95000.0%. Bulgaria’s Manufacturing – Production trend (recent months) trend is down since the current value of -17.0 is lower than the 12 month moving average of -16.5333.Bulgaria’s Manufacturing – Export Order Books icnreased to -44.6 by 348.0% on January 2021 from -43.1 in the previous . On a year on year basis Bulgaria’s Manufacturing – Export Order Books increased by 6894.0%. Bulgaria’s Manufacturing – Export Order Books trend is down since the current value of -44.6 is lower than the 12 month moving average of -40.1333.Bulgaria’s Manufacturing – Finished Products (Stock Levels) icnreased to 0.7 by 4000.0% on January 2021 from 0.5 in the previous . On a year on year basis Bulgaria’s Manufacturing – Finished Products (Stock Levels) decreased by -8293.0%. Bulgaria’s Manufacturing – Finished Products (Stock Levels) trend is down since the current value of 0.7 is lower than the 12 month moving average of 1.84167.Bulgaria’s Manufacturing – Production expectations (next months) icnreased to 1.8 by 26000.0% on January 2021 from 0.5 in the previous . On a year on year basis Bulgaria’s Manufacturing – Production expectations (next months) decreased by -8759.0%. Bulgaria’s Manufacturing – Production expectations (next months) trend is down since the current value of 1.8 is lower than the 12 month moving average of 1.03333.Bulgaria’s industrial production icnreased to -3.9 by 44.44% on October 2020 from -2.7 in the previous Monthly. On a year on year basis Bulgaria’s industrial production decreased by -2050.0%. Bulgaria’s industrial production trend is down since the current value of -3.9 is lower than the 12 month moving average of -5.44167.Bulgaria’s industrial production mom decreased to 0.2 by -92.0% on October 2020 from 2.5 in the previous Monthly. On a year on year basis Bulgaria’s industrial production mom decreased by -80.0%. Bulgaria’s industrial production mom trend is down since the current value of 0.2 is lower than the 12 month moving average of -0.266667.Bulgaria’s capacity utilization icnreased to 70.4 by 2.33% on August 2020 from 68.8 in the previous Quarterly. On a year on year basis Bulgaria’s capacity utilization decreased by -7.49%. Bulgaria’s capacity utilization trend is down since the current value of 70.4 is lower than the 12 month moving average of 75.275.

Bulgaria Services activity

Services Activity Actual Previous M/M% Y/Y% Trend Slope ZS5Y Update
Services sector -5.9 -13 -0.546154 -0.787004 1.0 1.0 0.216667 2021-04-01
Services - Demand Expectations (next 3 months) 19.7 5.7 2.45614 -1.6678 1.0 1.0 0.05 2021-04-01
Services - Prices expectations (next 3 months) 1.7 -1.3 -2.30769 -1.17895 1.0 1.0 0.3 2021-04-01
Services - Business activity (past 3 months) -18.9 -23.7 -0.202532 -0.336842 1.0 1.0 0.35 2021-04-01
Services - Demand (past 3 months) -18.5 -21 -0.119048 -0.262948 1.0 1.0 0.483333 2021-04-01
Services - Employment (past 3 months) -6.9 -10.1 -0.316832 -0.0921053 1.0 1.0 0.75 2021-04-01
Services - Employment (next 3 months) 5 -3.1 -2.6129 -1.20833 1.0 1.0 0.316667 2021-04-01

Bulgaria’s Services sector icnreased to -17.8 by 1195.0% on January 2021 from -15.9 in the previous . On a year on year basis Bulgaria’s Services sector decreased by -22361.0%. Bulgaria’s Services sector trend is down since the current value of -17.8 is lower than the 12 month moving average of -11.85.Bulgaria’s Services – Demand Expectations (next 3 months) icnreased to -9.5 by 148333.0% on January 2021 from -0.6 in the previous . On a year on year basis Bulgaria’s Services – Demand Expectations (next 3 months) decreased by -14299.0%. Bulgaria’s Services – Demand Expectations (next 3 months) trend is down since the current value of -9.5 is lower than the 12 month moving average of 0.0166667.Bulgaria’s Services – Prices expectations (next 3 months) icnreased to -3.8 by 44286.0% on January 2021 from -0.7 in the previous . On a year on year basis Bulgaria’s Services – Prices expectations (next 3 months) decreased by -16333.0%. Bulgaria’s Services – Prices expectations (next 3 months) trend is down since the current value of -3.8 is lower than the 12 month moving average of -1.05.Bulgaria’s Services – Business activity (past 3 months) decreased to -20.1 by -1862.0% on January 2021 from -24.7 in the previous . On a year on year basis Bulgaria’s Services – Business activity (past 3 months) decreased by -28440.0%. Bulgaria’s Services – Business activity (past 3 months) trend is down since the current value of -20.1 is lower than the 12 month moving average of -17.175.Bulgaria’s Services – Demand (past 3 months) icnreased to -23.9 by 670.0% on January 2021 from -22.4 in the previous . On a year on year basis Bulgaria’s Services – Demand (past 3 months) decreased by -33431.0%. Bulgaria’s Services – Demand (past 3 months) trend is down since the current value of -23.9 is lower than the 12 month moving average of -18.4083.Bulgaria’s Services – Employment (past 3 months) icnreased to -5.2 by 10000.0% on January 2021 from -2.6 in the previous . On a year on year basis Bulgaria’s Services – Employment (past 3 months) decreased by -18254.0%. Bulgaria’s Services – Employment (past 3 months) trend is down since the current value of -5.2 is lower than the 12 month moving average of -5.54167.Bulgaria’s Services – Employment (next 3 months) icnreased to -4.7 by 19375.0% on January 2021 from -1.6 in the previous . On a year on year basis Bulgaria’s Services – Employment (next 3 months) decreased by -13821.0%. Bulgaria’s Services – Employment (next 3 months) trend is down since the current value of -4.7 is lower than the 12 month moving average of -2.99167.

Bulgaria Retail Sector

Retail Activity Actual Previous M/M% Y/Y% Trend Slope ZS5Y Update
Retail sector 7.7 3.2 1.40625 -1.58333 1.0 1.0 0.05 2021-04-01
Retail - Orders Expectations (next 3 months) 10.9 6.8 0.602941 -1.38246 1.0 1.0 0.05 2021-04-01
Retail - Prices expectations (next 3 months) 9.2 6.9 0.333333 -2.09524 1.0 1.0 0.0833333 2021-04-01
Retail - Business activity (past 3 months) -0.9 -5.5 -0.836364 -0.9375 1.0 1.0 0.216667 2021-04-01
Retail - Stock Levels 0.3 -1.8 -1.16667 -1.07317 1.0 1.0 0.35 2021-04-01
Retail - Business activity expectations (next 3 months) 24.3 13.4 0.813433 -1.82653 1.0 1.0 0.0333333 2021-04-01
Retail - Employment expectations (next 3 months) 6.2 1.5 3.13333 -1.5 1.0 1.0 0.0666667 2021-04-01
retail sales 23.9 25.9 -0.0772201 -2.16019 1.0 1.0 0.216667 2021-05-31
retail sales MoM 1.4 1.3 0.0769231 0.4 -1.0 1.0 0.741667 2021-05-31

Bulgaria’s Retail sector decreased to -4.1 by -21714.0% on January 2021 from 3.5 in the previous . On a year on year basis Bulgaria’s Retail sector decreased by -12216.0%. Bulgaria’s Retail sector trend is down since the current value of -4.1 is lower than the 12 month moving average of 2.90833.Bulgaria’s Retail – Orders Expectations (next 3 months) decreased to -3.6 by -17660.0% on January 2021 from 4.7 in the previous . On a year on year basis Bulgaria’s Retail – Orders Expectations (next 3 months) decreased by -11406.0%. Bulgaria’s Retail – Orders Expectations (next 3 months) trend is down since the current value of -3.6 is lower than the 12 month moving average of 6.8.Bulgaria’s Retail – Prices expectations (next 3 months) decreased to 0.1 by -8889.0% on January 2021 from 0.9 in the previous . On a year on year basis Bulgaria’s Retail – Prices expectations (next 3 months) decreased by -9884.0%. Bulgaria’s Retail – Prices expectations (next 3 months) trend is down since the current value of 0.1 is lower than the 12 month moving average of 2.51667.Bulgaria’s Retail – Business activity (past 3 months) icnreased to -12.6 by 18636.0% on January 2021 from -4.4 in the previous . On a year on year basis Bulgaria’s Retail – Business activity (past 3 months) decreased by -14632.0%. Bulgaria’s Retail – Business activity (past 3 months) trend is down since the current value of -12.6 is lower than the 12 month moving average of -4.29167.Bulgaria’s Retail – Stock Levels decreased to -1.3 by -75000.0% on January 2021 from 0.2 in the previous . On a year on year basis Bulgaria’s Retail – Stock Levels decreased by -75000.0%. Bulgaria’s Retail – Stock Levels trend is down since the current value of -1.3 is lower than the 12 month moving average of 0.45.Bulgaria’s Retail – Business activity expectations (next 3 months) decreased to -1.0 by -10667.0% on January 2021 from 15.0 in the previous . On a year on year basis Bulgaria’s Retail – Business activity expectations (next 3 months) decreased by -10351.0%. Bulgaria’s Retail – Business activity expectations (next 3 months) trend is down since the current value of -1.0 is lower than the 12 month moving average of 13.425.Bulgaria’s Retail – Employment expectations (next 3 months) icnreased to -1.6 by 7778.0% on January 2021 from -0.9 in the previous . On a year on year basis Bulgaria’s Retail – Employment expectations (next 3 months) decreased by -11168.0%. Bulgaria’s Retail – Employment expectations (next 3 months) trend is down since the current value of -1.6 is lower than the 12 month moving average of 1.63333.Bulgaria’s retail sales decreased to -5.3 by -20.9% on October 2020 from -6.7 in the previous Monthly. On a year on year basis Bulgaria’s retail sales decreased by -303.85%. Bulgaria’s retail sales trend is down since the current value of -5.3 is lower than the 12 month moving average of -8.01667.Bulgaria’s retail sales MoM decreased to 1.5 by -46.43% on October 2020 from 2.8 in the previous Monthly. On a year on year basis Bulgaria’s retail sales MoM increased by 1400.0%. Bulgaria’s retail sales MoM trend is down since the current value of 1.5 is lower than the 12 month moving average of -0.733333.

Bulgaria Construction Sector

Construction Activity Actual Previous M/M% Y/Y% Trend Slope ZS5Y Update
Construction sector -6.9 -15.5 -0.554839 -0.824427 1.0 1.0 0.116667 2021-04-01
Construction - Current Order Books -26.2 -32.1 -0.183801 -0.426696 1.0 1.0 0.0166667 2021-04-01
Construction - Prices over next 3 months 8.5 1.3 5.53846 -2.93182 1.0 1.0 0.0666667 2021-04-01
Construction - Employment over next 3 months 12.5 1 11.5 0.146789 1.0 1.0 0.7 2021-04-01
building permits 1451 1696 -0.144458 0.119599 -1.0 1.0 0 2020-10-01
housing starts 1008 1282 -0.213729 0.293967 -1.0 1.0 0 2020-10-01
Construction - Building Activity (past 3 months) -1.9 -7.1 -0.732394 -0.893258 1.0 1.0 0.616667 2021-04-01
Construction - Factors Limiting (None) 8.6 8 0.075 1.86667 1.0 1.0 0.9 2021-04-01
Construction - Factors Limiting (Insufficient Demand) 19 20.4 -0.0686275 -0.13242 -1.0 -1.0 0.45 2021-04-01
Construction - Factors Limiting (Weather) 8.1 8.6 -0.0581395 -0.228571 1.0 -1.0 0.383333 2021-04-01
Construction - Factors Limiting (Shortage of labour force) 35.2 35.1 0.002849 -0.133005 -1.0 -1.0 0.2 2021-04-01
Construction - Factors Limiting (Shortage of material - equipment) 1.4 0.8 0.75 -0.5625 1.0 -1.0 0.233333 2021-04-01
Construction - Factors Limiting (Other) 16 17 -0.0588235 -0.0532544 -1.0 -1.0 0.566667 2021-04-01
Construction - Factors Limiting (Financial Constraints) 79.3 79.8 -0.00626566 -0.00750939 -1.0 -1.0 0.633333 2021-04-01

Bulgaria’s Construction sector icnreased to -18.0 by 588.0% on January 2021 from -17.0 in the previous . On a year on year basis Bulgaria’s Construction sector increased by 170000.0%. Bulgaria’s Construction sector trend is down since the current value of -18.0 is lower than the 12 month moving average of -15.6667.Bulgaria’s Construction – Current Order Books icnreased to -37.0 by 278.0% on January 2021 from -36.0 in the previous . On a year on year basis Bulgaria’s Construction – Current Order Books increased by 5417.0%. Bulgaria’s Construction – Current Order Books trend is down since the current value of -37.0 is lower than the 12 month moving average of -32.5833.Bulgaria’s Construction – Prices over next 3 months decreased to -1.0 by -20000.0% on January 2021 from 1.0 in the previous . On a year on year basis Bulgaria’s Construction – Prices over next 3 months decreased by -12500.0%. Bulgaria’s Construction – Prices over next 3 months trend is down since the current value of -1.0 is lower than the 12 month moving average of 1.91667.Bulgaria’s Construction – Employment over next 3 months decreased to 1.0 by -5000.0% on January 2021 from 2.0 in the previous . On a year on year basis Bulgaria’s Construction – Employment over next 3 months decreased by -9474.0%. Bulgaria’s Construction – Employment over next 3 months trend is down since the current value of 1.0 is lower than the 12 month moving average of 3.08333.Bulgaria’s building permits icnreased to 1362.0 by 0.81% on April 2020 from 1351.0 in the previous Quarterly. On a year on year basis Bulgaria’s building permits decreased by -17.3%. Bulgaria’s building permits trend is down since the current value of 1362.0 is lower than the 12 month moving average of 1440.75.Bulgaria’s housing starts icnreased to 979.0 by 15.58% on April 2020 from 847.0 in the previous Quarterly. On a year on year basis Bulgaria’s housing starts decreased by -23.58%. Bulgaria’s housing starts trend is down since the current value of 979.0 is lower than the 12 month moving average of 969.5.Bulgaria’s Construction – Building Activity (past 3 months) On a year on year basis Bulgaria’s Construction – Building Activity (past 3 months) decreased by -35000.0%. Bulgaria’s Construction – Building Activity (past 3 months) trend is down since the current value of -15.0 is lower than the 12 month moving average of -11.0833.Bulgaria’s Construction – Factors Limiting (None) decreased to 6.0 by -1429.0% on January 2021 from 7.0 in the previous . Bulgaria’s Construction – Factors Limiting (None) trend is down since the current value of 6.0 is lower than the 12 month moving average of 5.66667.Bulgaria’s Construction – Factors Limiting (Insufficient Demand) icnreased to 23.0 by 2778.0% on January 2021 from 18.0 in the previous . On a year on year basis Bulgaria’s Construction – Factors Limiting (Insufficient Demand) increased by 1500.0%. Bulgaria’s Construction – Factors Limiting (Insufficient Demand) trend is down since the current value of 23.0 is lower than the 12 month moving average of 22.3333.Bulgaria’s Construction – Factors Limiting (Weather) decreased to 8.0 by -1111.0% on January 2021 from 9.0 in the previous . On a year on year basis Bulgaria’s Construction – Factors Limiting (Weather) decreased by -3333.0%. Bulgaria’s Construction – Factors Limiting (Weather) trend is down since the current value of 8.0 is lower than the 12 month moving average of 8.25.Bulgaria’s Construction – Factors Limiting (Shortage of labour force) decreased to 35.0 by -278.0% on January 2021 from 36.0 in the previous . On a year on year basis Bulgaria’s Construction – Factors Limiting (Shortage of labour force) decreased by -3269.0%. Bulgaria’s Construction – Factors Limiting (Shortage of labour force) trend is down since the current value of 35.0 is lower than the 12 month moving average of 42.1667.Bulgaria’s Construction – Factors Limiting (Shortage of material / equipment) On a year on year basis Bulgaria’s Construction – Factors Limiting (Shortage of material / equipment) decreased by -5000.0%. Bulgaria’s Construction – Factors Limiting (Shortage of material / equipment) trend is down since the current value of 1.0 is lower than the 12 month moving average of 1.66667.Bulgaria’s Construction – Factors Limiting (Other) icnreased to 20.0 by 1111.0% on January 2021 from 18.0 in the previous . On a year on year basis Bulgaria’s Construction – Factors Limiting (Other) increased by 6667.0%. Bulgaria’s Construction – Factors Limiting (Other) trend is down since the current value of 20.0 is lower than the 12 month moving average of 17.1667.Bulgaria’s Construction – Factors Limiting (Financial Constraints) On a year on year basis Bulgaria’s Construction – Factors Limiting (Financial Constraints) increased by 1571.0%. Bulgaria’s Construction – Factors Limiting (Financial Constraints) trend is down since the current value of 81.0 is lower than the 12 month moving average of 76.9167.

Bulgaria GDP

Actual Previous M/M% Y/Y% Trend Slope ZS5Y Update
Real GDP 21390.5 27125.1 -0.211413 0.0622064 -1.0 1.0 0.35 2021-03-01
gdp growth annual -1.8 -3.8 -0.526316 -1.6 -1.0 -1.0 0.116667 2021-01-01
gdp 67.9272 66.2009 0.0260767 0.529716 1.0 1.0 0 2019-01-31
gdp growth 2.5 2.2 0.136364 3.16667 1.0 1.0 0.916667 2021-01-01

Bulgaria’s Real GDP icnreased to 26677.0 by 16.4% on September 2020 from 22917.5 in the previous Quarterly. On a year on year basis Bulgaria’s Real GDP increased by 2.07%. Bulgaria’s Real GDP trend is down since the current value of 26677.0 is lower than the 12 month moving average of 24908.3.Bulgaria’s gdp growth annual decreased to -5.2 by -39.53% on July 2020 from -8.6 in the previous Quarterly. On a year on year basis Bulgaria’s gdp growth annual decreased by -240.54%. Bulgaria’s gdp growth annual trend is down since the current value of -5.2 is lower than the 12 month moving average of 1.50833.Bulgaria’s gdp icnreased to 67.9272 by 2.61% on January 2019 from 66.2009 in the previous Yearly. On a year on year basis Bulgaria’s gdp increased by 52.97%. Bulgaria’s gdp trend is down since the current value of 67.9272 is lower than the 12 month moving average of 56.5123.Bulgaria’s gdp growth decreased to 4.3 by -142.57% on July 2020 from -10.1 in the previous Quarterly. On a year on year basis Bulgaria’s gdp growth increased by 437.5%. Bulgaria’s gdp growth trend is down since the current value of 4.3 is lower than the 12 month moving average of 0.133333.

Bulgaria inflation

Actual Previous M/M% Y/Y% Trend Slope ZS5Y Update
inflation cpi 386917 382315 0.0120372 0.0517736 1.0 1.0 0.833333 2021-05-31
core inflation rate 1.2 1.3 -0.0769231 0 1.0 -1.0 0.766667 2021-06-30
consumer price index cpi 7279.63 7294.77 -0.00207546 0.0265289 1.0 1.0 0.633333 2021-06-30
Producer Price Index 116.7 114.6 0.0183246 0.129719 1.0 1.0 0 2021-05-31
PPI Index 13 9.8 0.326531 -3.5 1.0 1.0 0.1 2021-05-31

Bulgaria’s inflation cpi decreased to 0.4 by -50.0% on November 2020 from 0.8 in the previous Monthly. On a year on year basis Bulgaria’s inflation cpi decreased by -86.67%. Bulgaria’s inflation cpi trend is down since the current value of 0.4 is lower than the 12 month moving average of 1.99167.Bulgaria’s core inflation rate decreased to 1.1 by -15.38% on November 2020 from 1.3 in the previous Monthly. On a year on year basis Bulgaria’s core inflation rate decreased by -26.67%. Bulgaria’s core inflation rate trend is down since the current value of 1.1 is lower than the 12 month moving average of 1.28333.Bulgaria’s consumer price index cpi icnreased to 7135.72 by 0.11% on November 2020 from 7127.81 in the previous Monthly. On a year on year basis Bulgaria’s consumer price index cpi increased by 0.36%. Bulgaria’s consumer price index cpi trend is down since the current value of 7135.72 is lower than the 12 month moving average of 7147.13.Bulgaria’s Producer Price Index icnreased to 107.4 by 0.28% on November 2020 from 107.1 in the previous Monthly. On a year on year basis Bulgaria’s Producer Price Index decreased by -2.54%. Bulgaria’s Producer Price Index trend is down since the current value of 107.4 is lower than the 12 month moving average of 106.967.Bulgaria’s PPI Index decreased to -2.6 by -3.7% on November 2020 from -2.7 in the previous Monthly. On a year on year basis Bulgaria’s PPI Index decreased by -192.86%. Bulgaria’s PPI Index trend is down since the current value of -2.6 is lower than the 12 month moving average of -1.55.

Bulgaria Government Policy

Actual Previous M/M% Y/Y% Trend Slope ZS5Y Update
government budget -3.4 2.1 -2.61905 -3.125 -1.0 -1.0 0 2020-01-31
Government budget -279.46 630.08 -1.44353 -0.135032 1.0 1.0 0.566667 2021-05-31
government revenues 3451.01 4720.48 -0.268928 0.233358 -1.0 1.0 0.966667 2021-05-31
fiscal expenditure 3768.65 4103.67 -0.0816391 0.227741 -1.0 1.0 0.916667 2021-05-31

Bulgaria’s Government budget icnreased to -840.1 by 301.56% on November 2020 from -209.21 in the previous Monthly. On a year on year basis Bulgaria’s Government budget decreased by -503.99%. Bulgaria’s Government budget trend is down since the current value of -840.1 is lower than the 12 month moving average of -238.317.Bulgaria’s government revenues decreased to 3156.19 by -11.18% on November 2020 from 3553.44 in the previous Monthly. On a year on year basis Bulgaria’s government revenues decreased by -3.7%. Bulgaria’s government revenues trend is down since the current value of 3156.19 is lower than the 12 month moving average of 3378.99.Bulgaria’s fiscal expenditure icnreased to 3909.21 by 2.76% on November 2020 from 3804.32 in the previous Monthly. On a year on year basis Bulgaria’s fiscal expenditure increased by 27.72%. Bulgaria’s fiscal expenditure trend is down since the current value of 3909.21 is lower than the 12 month moving average of 3468.76.

Bulgaria Monetary Policy

Actual Previous M/M% Y/Y% Trend Slope ZS5Y Update
interest rate 0.01 0.01 0 -0.5 -1.0 -1.0 0.258333 2016-01-31
central bank balance sheet 8777.9 8711.9 0.00757584 0.0211372 -1.0 1.0 0.416667 2021-03-31
money supply m0 20346.3 20161.1 0.00918601 0.172076 1.0 1.0 0.983333 2021-05-31
money supply m1 88464.8 87005.2 0.016776 0.170213 1.0 1.0 0.7 2021-05-31
money supply m2 118192 117197 0.00848998 0.127076 1.0 1.0 0.95 2021-05-31
money supply m3 118192 117197 0.00848998 0.127076 1.0 1.0 0.95 2021-05-31

Bulgaria’s interest rate On a year on year basis Bulgaria’s interest rate decreased by -50.0%. Bulgaria’s interest rate trend is down since the current value of 0.01 is lower than the 12 month moving average of 0.01.Bulgaria’s central bank balance sheet decreased to 9355.8 by -1.51% on October 2020 from 9499.2 in the previous Monthly. On a year on year basis Bulgaria’s central bank balance sheet increased by 11.95%. Bulgaria’s central bank balance sheet trend is down since the current value of 9355.8 is lower than the 12 month moving average of 8918.13.Bulgaria’s money supply m2 icnreased to 110426.0 by 1.04% on November 2020 from 109289.0 in the previous Monthly. On a year on year basis Bulgaria’s money supply m2 increased by 9.78%. Bulgaria’s money supply m2 trend is down since the current value of 110426.0 is lower than the 12 month moving average of 105343.0.

Bulgaria Employment

Actual Previous M/M% Y/Y% Trend Slope ZS5Y Update
EEI - Employment Composite 110.9 102.5 0.0819512 0.474734 1.0 1.0 1 2021-04-01
unemployment rate 5.7 6.1 -0.0655738 -0.366667 -1.0 -1.0 0.0166667 2021-05-31
youth unemployment rate 13.7 12.1 0.132231 -0.194118 -1.0 -1.0 0.383333 2021-05-31
long term unemployment rate 2.7 2.6 0.0384615 -0.1 1.0 -1.0 0.633333 2021-01-01

Bulgaria’s EEI – Employment Composite decreased to 99.1 by -110.0% on January 2021 from 100.2 in the previous . On a year on year basis Bulgaria’s EEI – Employment Composite decreased by -1183.0%. Bulgaria’s EEI – Employment Composite trend is down since the current value of 99.1 is lower than the 12 month moving average of 98.6333.Bulgaria’s unemployment rate decreased to 6.7 by -2.9% on November 2020 from 6.9 in the previous Monthly. On a year on year basis Bulgaria’s unemployment rate increased by 15.52%. Bulgaria’s unemployment rate trend is down since the current value of 6.7 is lower than the 12 month moving average of 7.29167.Bulgaria’s youth unemployment rate decreased to 17.1 by -6.56% on October 2020 from 18.3 in the previous Monthly. On a year on year basis Bulgaria’s youth unemployment rate increased by 96.55%. Bulgaria’s youth unemployment rate trend is down since the current value of 17.1 is lower than the 12 month moving average of 14.775.Bulgaria’s long term unemployment rate decreased to 2.2 by -4.35% on February 2020 from 2.3 in the previous Quarterly. On a year on year basis Bulgaria’s long term unemployment rate decreased by -37.14%. Bulgaria’s long term unemployment rate trend is down since the current value of 2.2 is lower than the 12 month moving average of 2.71667.

Bulgaria Trade & Capital Flows

Actual Previous M/M% Y/Y% Trend Slope ZS5Y Update
current account -98.9 7.8 -13.6795 -37.6296 -1.0 -1.0 0.0166667 2021-05-31
current account to gdp 4 4.6 -0.130435 -1.23256 1.0 1.0 0 2019-01-31
exports 5720.6 4983 0.148023 0.26958 1.0 1.0 0.983333 2021-03-31
imports 6684.1 5422.5 0.23266 0.322641 1.0 1.0 1 2021-03-31
balance of trade -906.6 -288.3 2.14464 2.7324 -1.0 -1.0 0.95 2021-05-31

Bulgaria’s current account decreased to -124.3 by -22.55% on October 2020 from -160.5 in the previous Monthly. On a year on year basis Bulgaria’s current account increased by 3259.46%. Bulgaria’s current account trend is down since the current value of -124.3 is lower than the 12 month moving average of 37.85.Bulgaria’s current account to gdp decreased to 4.0 by -13.04% on January 2019 from 4.6 in the previous Yearly. On a year on year basis Bulgaria’s current account to gdp decreased by -123.26%. Bulgaria’s current account to gdp trend is down since the current value of 4.0 is lower than the 12 month moving average of -3.03333.Bulgaria’s exports icnreased to 4833.1 by 17.27% on September 2020 from 4121.2 in the previous Monthly. On a year on year basis Bulgaria’s exports decreased by -1.06%. Bulgaria’s exports trend is down since the current value of 4833.1 is lower than the 12 month moving average of 4587.28.Bulgaria’s imports icnreased to 5288.7 by 15.81% on September 2020 from 4566.8 in the previous Monthly. On a year on year basis Bulgaria’s imports decreased by -1.36%. Bulgaria’s imports trend is down since the current value of 5288.7 is lower than the 12 month moving average of 4991.99.Bulgaria’s balance of trade icnreased to -650.5 by 44.49% on October 2020 from -450.2 in the previous Monthly. On a year on year basis Bulgaria’s balance of trade increased by 26.98%. Bulgaria’s balance of trade trend is down since the current value of -650.5 is lower than the 12 month moving average of -415.542.

Bulgaria Reserves

Actual Previous M/M% Y/Y% Trend Slope ZS5Y Update
foreign exchange reserves 58110.6 54256.6 0.0710328 0.0596216 1.0 1.0 0.45 2021-06-30
gold reserves 40.83 40.83 0 0.0111441 1.0 1.0 0.95 2020-08-01

Bulgaria’s foreign exchange reserves decreased to 56308.9 by -2.23% on November 2020 from 57590.4 in the previous Monthly. On a year on year basis Bulgaria’s foreign exchange reserves increased by 15.36%. Bulgaria’s foreign exchange reserves trend is down since the current value of 56308.9 is lower than the 12 month moving average of 53612.5.Bulgaria’s gold reserves icnreased to 40.83 by 0.07% on July 2020 from 40.8 in the previous Quarterly. On a year on year basis Bulgaria’s gold reserves increased by 1.14%. Bulgaria’s gold reserves trend is down since the current value of 40.83 is lower than the 12 month moving average of 40.5125.Bulgaria’s government debt decreased to 29053.8 by -0.27% on November 2020 from 29132.1 in the previous Monthly. On a year on year basis Bulgaria’s government debt increased by 23.19%. Bulgaria’s government debt trend is down since the current value of 29053.8 is lower than the 12 month moving average of 25345.3.Bulgaria’s government debt to gdp decreased to 24.4 by -0.41% on October 2020 from 24.5 in the previous Monthly. On a year on year basis Bulgaria’s government debt to gdp increased by 23.23%. Bulgaria’s government debt to gdp trend is down since the current value of 24.4 is lower than the 12 month moving average of 20.8667.Bulgaria’s external debt decreased to 37326.7 by -1.52% on October 2020 from 37903.0 in the previous Monthly. On a year on year basis Bulgaria’s external debt increased by 8.25%. Bulgaria’s external debt trend is down since the current value of 37326.7 is lower than the 12 month moving average of 34901.4.

Bulgaria Debt

Debt Actual Previous M/M% Y/Y% Trend Slope ZS5Y Update
government debt 30111.4 29175 0.032096 0.223404 1.0 1.0 0.883333 2021-05-31
government debt to gdp 24.2 23.4 0.034188 0.152381 1.0 1.0 0.883333 2021-05-31
external debt 37601.3 37569.3 0.000851759 0.100325 1.0 1.0 0.933333 2021-04-30

Bulgaria’s government debt decreased to 29053.8 by -0.27% on November 2020 from 29132.1 in the previous Monthly. On a year on year basis Bulgaria’s government debt increased by 23.19%. Bulgaria’s government debt trend is down since the current value of 29053.8 is lower than the 12 month moving average of 25345.3.Bulgaria’s government debt to gdp decreased to 24.4 by -0.41% on October 2020 from 24.5 in the previous Monthly. On a year on year basis Bulgaria’s government debt to gdp increased by 23.23%. Bulgaria’s government debt to gdp trend is down since the current value of 24.4 is lower than the 12 month moving average of 20.8667.Bulgaria’s external debt decreased to 37326.7 by -1.52% on October 2020 from 37903.0 in the previous Monthly. On a year on year basis Bulgaria’s external debt increased by 8.25%. Bulgaria’s external debt trend is down since the current value of 37326.7 is lower than the 12 month moving average of 34901.4.

Bulgaria Banking activity

Fiscal Policy Actual Previous M/M% Y/Y% Trend Slope ZS5Y Update
interbank rate -0.23 -0.23 0 0 1.0 -1.0 0.508333 2020-09-14
deposit interest rate 0.02 0.03 -0.333333 -0.994565 -1.0 -1.0 0 2019-01-01
loans to private sector 35798200 36022200 -0.00621839 0.0408208 1.0 1.0 0.7 2021-05-31

Bulgaria’s interbank rate Bulgaria’s interbank rate trend is down since the current value of -0.228 is lower than the 12 month moving average of -0.228.Bulgaria’s deposit interest rate decreased to 0.03 by -40.0% on January 2018 from 0.05 in the previous Yearly. On a year on year basis Bulgaria’s deposit interest rate decreased by -99.05%. Bulgaria’s deposit interest rate trend is down since the current value of 0.03 is lower than the 12 month moving average of 2.4825.Bulgaria’s balance of trade icnreased to -650.5 by 44.49% on October 2020 from -450.2 in the previous Monthly. On a year on year basis Bulgaria’s balance of trade increased by 26.98%. Bulgaria’s balance of trade trend is down since the current value of -650.5 is lower than the 12 month moving average of -415.542.Bulgaria’s loans to private sector icnreased to 35588800.0 by 1.1% on November 2020 from 35201100.0 in the previous Monthly. On a year on year basis Bulgaria’s loans to private sector increased by 2.15%. Bulgaria’s loans to private sector trend is down since the current value of 35588800.0 is lower than the 12 month moving average of 34724100.0.

 

Bulgaria macroeconomic model analysis

The two most important economic indicators of the Bulgaria economy are real economic growth expectations and inflation. MacroVar uses Bulgaria Manufacturing ESI Order Books to gauge economic growth expectations and Bulgaria Manufacturing ESI Selling Price expectations of next months to gauge inflation expectations. Bulgaria’s economy is healthy when it generates stable economic growth with low inflation. Policymakers (the government and the central bank) use fiscal and monetary policy to inject liquidity during slowdowns (to solve weak economic growth) and withdraw liquidity from an overheating economy (to solve high inflation).

The four economic environments

There are 4 economic environments based on economic growth and inflationary conditions. Financial assets are affected by economic growth and inflation expectations as explained in the diagram below.
MacroVar Growth Inflation Model

  • Inflation boom: Accelerating Economic growth with Rising inflation – Monetary Policy response: Hawkish
  • Stagflation: Slowing Economic Growth with Rising Inflation – Monetary Policy response: Dilemma
  • Disinflation boom: Accelerating Economic growth with Slowing Inflation – Monetary Policy response: Neutral
  • Deflation Bust: : Slowing Economic Growth with Falling Inflation – Monetary Policy response: Dovish
Read more on how to analyze a country’s macroeconomics in detail. MacroVar also provides a detailed analysis of  the global economy and the 40 largest economic in the world.Click here to learn more.

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