Economy of the European Union

Economic growth in Bulgaria would slow down over the next 2 years, but would remain close to its potential, according to the European Commission's autumn report. Brussels expects a moderate pace of Bulgarian exports, a fall in inflation, budget surplus and a continuing decline in public debt, BNR reported.

European Council's report, "Autumn 2019 Economic Forecast," on Nov. 7 raised its growth expectation for Turkey's GDP this year from minus 2.3 percent to 0.3 percent.

Thursday's Eurogroup in Brussels will not have any specifically Greek issues on its agenda, as the matter that Greece is interested in - i.e. its use of eurozone central banks' profits from Greek bond holdings (SMPs and ANFAs) - has been postponed until 2020, a eurozone official said.

The European Bank for Reconstruction and Development (EBRD) has improved its estimates of Romania's economy in 2019 and maintained its 2020 GDP forecast, according to a press statement released on Wednesday by the bank. According to the latest EBRD forecasts, Romania's economy is expected to grow 4pct this year, up from its previous estimates of May 2019's 3.2pct.

The European Bank for Reconstruction and Development (EBRD) on Nov. 1 announced plans to certify Turkish pine honey at the EU level, aiming to increase the efficiency, sustainability and inclusiveness of Turkey's honey sector.

In October, economic confidence in the EU plummeted to a six-year low while the same index of the European Commission for Bulgaria has been rising. The EU's economic confidence index declined in October to 99.0 points from 99.9 points in September, BNR reported.

As one of the MEPs who worked most actively on the creation and distribution of the European Fund for Strategic Investments under the Juncker Plan, I am proud that Bulgaria ranks fourth in the European Union in terms of attracted investment in terms of gross domestic product.

The European Fund for Strategic Investments will provide financial assistance of BGN 10 million for 320 micro-enterprises in Bulgaria, announced the European Commission.

Outlook

Greece's foray into the markets in October, when investors bought its short-term debt at a loss, shows the country's painful efforts to shore up its finances and economy were a success, the outgoing president of the European Central Bank (ECB), Mario Draghi, said on Thursday.