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Europe > Montenegro

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Cover IMF Staff Country Reports
Bulgaria: Recent Economic Developments
International Monetary Fund
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