Bulgaria’s economy has been on a tear and it is expected to reach a record-breaking 9.5% GDP growth in 2018, according to government forecasts, thanks to a booming oil industry and an increase in domestic demand.
However, the rise in the price of oil has hurt the Bulgarian economy, as has a fall in the value of the currency.
The economic crisis has hit Bulgaria’s tourism industry particularly hard, as it has been hit by the drop in the Bulgarian rouble and a drop in sales of foreign currency, the Bulgarian government said in a statement on Wednesday.
In addition, the government has been struggling to manage its debt.
Bulgaria’s economy grew by 3.7% in the first quarter of this year, according the country’s statistics agency.
The country has a debt-to-GDP ratio of just 3.1%.
The economy grew at an annual rate of 3.6% in 2016, the first full year since the crisis began, according government statistics agency Sofia.
The economy was expected to grow by 2.3% in 2017.
The Bulgarian government is hoping to achieve an annual growth rate of 4.1% this year.