Report
Nadejda Dafinkicheva
EUR 305.36 For Business Accounts Only

FFBH - Bulgarian_Economy Q3 2017

Key Economic Developments in Q3 2017
  • Bulgaria’s Q3’17 seas. adj. GDP growth was 3.9%, powered by sustainable final consumption growth and GCF recovery – both up by 4.2% YoY.
  • The real estate sector was the top performing GDP sector in Q3’17 – it soared 8.5% YoY, followed by Financial and insurance activities, +7.7% YoY.
  • September’17 HICP increased by 1.3% YoY, on strong education and housing & utilities prices.
  • The seasonally adjusted unemployment rate dropped by 1.4% YoY to a 33-consecutive quarters low. Q3’17 gross wage added 10.4% YoY (unadj. data).
  • 9m budget balance remained positive at BGN4bn, 2.5% of the 2017e GDP, boosted by the tax revenue (+8.7% YoY), but counterbalanced by increase in current expenditure (7.4% YoY).
  • Budget 2018 will be in deficit of BGN 1.1m, despite the sustainable GDP growth in the last years and the positive economic outlook for 2018.
  • Government debt declined by BGN 2.23bn YTD to 24.8% of the 2017e GDP.
  • Q3’17 current account surplus decreased to BGN 5bn as of Sept’17, or 5% of 2017e GDP a surplus of BGN5.2bn a year earlier (5.6% of GDP), due to almost 2x higher YoY trade deficit.
  • The Q3’17 FDI increased by 38.8% YoY for the first time in 8 quarters, on positive reinvested earnings and investments in debt instruments.
Provider
First Financial Brokerage House
First Financial Brokerage House

First Financial Brokerage House (FFBH) is a leading non-banking financial institution on the Bulgarian capital market. Founded in 1991, FFBH offers the complete spectrum of investment banking services spanning corporate finance, privatisation advisory, mergers and acquisitions, financial consulting, brokerage services, research & analysis and asset management.

FFBH provides its services mainly to major international banks and corporations seeking investment in Bulgaria. FFBH is not only local contractor and partner to its clients but also an information source and provider for all major news and events in the economic and political life of the country.

We are the main contact point for the large majority of foreign and local institutional investors in the Bulgarian equity market. FFBH is providing access to the Bulgarian Stock Exchange by either its highly experienced sales trading desk or by order routing across the Bloomberg network.

Additionally, FFBH is offering a range of tools, specifically tailored for the retail investor. Both domestic and international markets are only a click away, via electronic trading solutions. As a major advantage, our customers are able to benefit from the broad range of Analysis & Research products with premium quality, provided by our team of dedicated analysts.

Clients of our research products are most of the largest foreign and local institutional investors looking for opportunities in Bulgaria. More than 100 investment banks, investment funds and other institutional investors use our Equity research and Economic review on a regular basis. FFBH’s Morning Bulletin and Weekly Bulletin reach more than 300 clients over different countries and continents.

Our major Research and Analysis Services include:

  • Semi-Annual Outlook of the Bulgarian economy and the domestic capital markets;
  • Equity analyses of the biggest and/or most liquid companies listed on Bulgarian Stock Exchange - Sofia;
  • Quarterly Bulgarian Real Estate sector and REITs overview;
  • Quarterly Bulgarian Banking System overview;
  • Quarterly macroeconomic overeview, with details on the major economic sectors, commentaries, and statistical indicators;
  • Daily and Weekly bulletins, including an overview of the capital markets and the most important macroeconomic & corporate events.

Analysts
Nadejda Dafinkicheva

Other Reports from First Financial Brokerage House

ResearchPool Subscriptions

Get the most out of your insights

Get in touch