PM Stanishev: GDP Expected to Grow Over 6% in 2007

PM Stanishev: GDP Expected to Grow Over 6% in 2007

Meeting with representatives of the business circles in Bourgas Region, Prime Minister Sergei Stanishev said the gross domestic product is expected to grow by 6.4 per cent in 2007, which is a very good rate not only for the European Union as a whole but for any new Member State, BTA reports.

"Data show that the situation with foreign direct investments (FDI) is also good. At the end of August, FDI amounted to 3,350 million euro, and if their growth rate is sustained, they will exceed last year's level and will cover more than 100 per cent of the deficit in the current account, which causes a serious disbalance in our economy," Stanishev said.

The apocalyptic predictions from the end of 2006 about a shock rise in prices did not come true. The Bulgarian economy has been integrating successfully in the common market in this first year of EU membership, Stanishev said. The fears that as a result of entering the common market Bulgaria will have problems with the collection of budget revenues have been dispelled. The budgetary institutions and, first of all the National Revenue Agency, guarantee a high degree of the budget implementation and, therefore, this country's financial stability.

"The EU has given our country a serious chance for a more dynamic development," the prime minister said. The European funds must be utilized presenting good and defendable projects that should be then executed well in order to produce the desired social, economic and infrastructure effect.

"It should be clear to everybody that we cannot turn overnight from the poorest country in the EU into a country with standards like those in Germany, France or the Czech Republic," Stanishev observed.

The prime minister visited Bourgas to inaugurate a new mobile crane in the western port of the city. It is designed to hoist containers and has a capacity of 100 tonnes. He was shown a repaired bridge facility at the West Terminal of the port.

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