FACTBOX: Key facts and figures about Bulgaria

Sun Jul 5, 2009 11:49pm BST
 
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(Reuters) - Bulgarians voted in a national election Sunday, bitter about reform inertia and rampant graft.

Following are some key facts about Bulgaria.

THE ECONOMY

- The global economic downturn has hit Bulgaria hard, along with other eastern European countries, as foreign investors flee their emerging economies, exports drop and demand plunges.

- The economy contracted by 3.5 percent in the first quarter of 2009, entering recession for the first time in 12 years. The International Monetary Fund sees it shrinking by 2 percent in 2009, compared with annual growth rates of more than 6 percent in recent years.

- The government has limited spending to 90 percent of the budgeted amount in response to the crisis and frozen plans to raise public sector salaries. Analysts say further cuts are needed to avoid slipping into deficit that could shake up the country's currency board.

- A growing number of economists say Bulgaria might be the next in line after Hungary, Latvia, Serbia, Romania and Poland to seek IMF aid.

- Bulgaria operates in a currency board regime, which pegs its lev currency to the euro and curtails monetary operations, leaving fiscal policy as its key tool to influence the economy.

SOME KEY DETAILS  Continued...

 

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