Bulgaria: Recent Economic Developments

International Monetary Fund

No 1996/013, IMF Staff Country Reports from International Monetary Fund

Abstract: This paper reviews economic developments in Bulgaria during 1990–95. In 1993, GDP continued to contract, albeit more slowly than previously. Real GDP declined by 2.4 percent owing to a drought-induced collapse in agricultural output. As consumption-driven imports rose and exports fell, the lower real GDP in 1993 was accompanied by a large current account deficit. The adoption of restrictive fiscal and incomes policies in 1994 enabled Bulgaria to retain the gains in external competitiveness acquired from the nominal depreciation.

Keywords: ISCR; CR; U.S. dollar; exchange rate; broad money; real GDP (search for similar items in EconPapers)
Pages: 108
Date: 1996-02-15
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