BCCI Macroeconomic Indicators Source Ministry of Economy Bulgarian

BCCI Macroeconomic Indicators Source: Ministry of Economy

Bulgarian Economy in 2002: Well on Track u Economic growth of 4. 5% in Q 3 and 4. 3% for the first three quarters: Bulgaria is among the leaders in Europe u Inflation of 3. 8% u Record high forex reserves: EUR 4. 56 bn (November 2002) u Near record low external public debt for the first eleven months: USD 8. 2 bn u Robust growth in tourism revenues: 9. 98% compared to 2001 u Unemployment of 16. 27%, a drop of 1. 63% compared to 2001 u Current and trade account deficits to GDP ratios improving u Presence of “functioning market economy” (EC Report)

Macroeconomic Stability - Testimony from Abroad u The Government’s economic program has received positive evaluation. The country’s credit rating has been raised on several occasions and currently stands at BB (with positive outlook) according to Standard&Poor’s, BB (with positive outlook) by Fitch IBCA, and B 1 (with positive outlook) by Moody’s). Japan Credit Rating Agency recently assigned Bulgaria a rating of BB (with positive outlook). More rating upgrades are expected in 2003. u Support of the international financial institutions – the IMF approved a two-year stand-by agreement for SDR 250 m – the World Bank adopted a supporting strategy worth USD 750 m in total – the EBRD launched a USD 500 m private sector financing program