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Credit stood unchanged in May, despite increase in monetary base.
Credit to private sector remains at BGN 16,421 by end May, revealing stabilization of banking lending.The M3 aggregate grew by 2.1% to BGN 22,490 million; most of the expansion was due to increase in monetary base. The latter grew by BGN 238 m in May, or 3.5% up from April. The fiscal policy continued to be restrictive, by pilin...
In the election campaign, all major right-wing parties suggested a decrease of the total fiscal burden.
All major right-wing parties suggested a decrease of the total fiscal burden (measured thought the total public spending) from nearly 42% of GDP in 2004 down to 35% in the next mandate. The socialist party, leading in the election polls so far, has suggested to keep the fiscal affairs status quo. Thus a significant difference of...
A monetary contraction in April followed the credit hike in March.
After the deliberate expansion of credit portfolios in March, commercial banks drove back their balances by end-April.The M3 aggregate shrank by 0.8% down to BGN 22,023 million. At the same time, total credit to private sector went down to BGN 16,420 million by the first week of May, or down by 3.4%. Such development revealed th...
Economic growth in 2005 to be 5.1% according to Industry Watch poll of forecasters.
As an independent source of economic research and analysis Industry Watch presents regulars forecasts on Bulgaria’s economy, based on a poll of selected macroeconomists. The poll takes place twice a year (spring and fall). In the current spring poll we present the updated forecast for 2005 and a forecast for 2006.The forecasts f...
Privatization of the biggest power plants opens smoothly.
The initial offers for three of the biggest thermal power plants in Bulgaria revealed a huge interest by international players. From a macroeconomic standpoint it is generally unimportant who the owners will be. Moreover, from the privatization tradition in the country we know that it is too early to speculate on the name of the...
Housing Market in Bulgaria/April 2005 is available to subscribers.
The April update of our regular report was released today. For more information and subscription, please click the product button on the right....
The ruling party NDSV promises tax cuts if it wins a second mandate.
The economic policy guidelines, presented by the ruling party NDSV focused the debate on the tax burden in the country. The changed offered is mild rather than radical, however we may now distinguish an alternative to the socialists’ program.First, the tax cuts would start from the heaviest taxes, namely the tax-insurance burden...
Banks are facing new restrictions on credit activities.
In March 2005 commercial banks agreed new loans to private non-financial sector amounting BGN 3.37 billion, as revealed in the weekly monetary statistics. Some 51.6 % of these new credits are long-term, while 26.8 % are overdraft. The bulk of newly agreed credits (73 %) have been granted to corporate sector. This is considerable...

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