Bulgaria ‘breaking records'?

Bulgaria has experienced fantastic economic success over six months, a new report has revealed.

The report, conducted by experts from the Center for Economic Development (CED), found that Bulgaria's GDP growth reached a record 7% in the first six months of 2008. The report also revealed that Bulgarian National Bank reserves reached a record 13 billion euros.

In response to the report, Georgi Angelov from the Open Society Institute predicted that 2008 inflation would stabilize at around 9% - down from the present annualized level of 14-15%.

A spokesperson for the CED commented: "Bulgaria currently has the lowest unemployment level recorded ever but the shortage of skilled and high-qualified laborers is increasingly problematic.

"The main macroeconomic risks for the Bulgarian economy have to do with the global financial crisis, the rising petrol prices, and the expected slowing down in the EU".