Bulgaria is the only country in Europe with a higher GDP per person than in the EU average.
However, the country’s GDP growth rate slowed from the 6.9% rate it achieved in 2017.
Bulgaria’s economy is in a state of transition after a sharp drop in oil prices, which is believed to have contributed to a slowdown in growth.
GDP growth fell from 5.8% in 2016 to 4.8%.
The country’s economy was expected to grow by 5.3% in 2017, but only by 1.4%.
Bulgarian Economy Minister, Valentin Gevorgov, said that the country will not continue to grow at the current pace of growth.
“Our country has already been a leader in the transition, but we have to make sure that we do not fall behind.
I will continue to lead the transition with the goal of growth in the future,” Gevor said.
Gevor added that the current situation will have to be addressed by the end of this year, which will be a crucial year for Bulgaria to improve its economic performance.
In 2016, the economy grew by 6.5% compared to 5.7% in 2015, but the country suffered from a huge slump in oil revenues.
In 2018, Bulgaria’s economy will reach 5.5%, but this will not be enough to get the country back on track.
The economic crisis that hit Bulgaria in 2016 had a major impact on the Bulgarian economy, as well as the government.
The economy contracted by 4.9%, a significant decline compared to the previous year.
Govor added, that the budget deficit has been cut by 20% and the deficit for 2019 will be less than the 1.6% that was forecast in 2020.