Bulgaria Country Report - July , 2013

August 12, 2013

Fitch Ratings affirmed Bulgaria's long-term foreign currency credit rating at 'BBB-' and its long-term local currency rating at 'BBB', both with stable outlook.

On Aug 7, President Rossen Plevneliev imposed a line-item veto on the government's budget revision proposal. Plevneliev rejected the three main provisions in the bill - those about the state's revenue, expenses and debt. The bill proposes raising the 2013 deficit by BGN 493mn (EUR 252mn) to BGN 1.7bn (equal to 2% of GDP) and lifting this year's new debt ceiling from BGN 2bn to BGN 3bn. The parliament will hold an extraordinary session in the week ending Aug 18 for a second debate on the bill.

In June, annual CPI inflation accelerated, and PPI was flat y/y. In June, industrial production dropped y/y, while retail sales increased. The overall business climate indicator decreased 4.7 points y/y in July 2013.

The consolidated budget turned to a BGN 7.6mn (EUR 3.9mn) deficit in the first half of 2013.

The current account balance turned to a EUR 28.7mn surplus in Jan-May 2013 from a EUR 1bn deficit a year earlier.

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