The bank regulator has published an updated macro forecast regarding the Bulgarian economy for the period between 2023 and 2025. The real GDP outlook remains without any prominent changes compared to the March report, with 1.0% growth for 2023, followed by 3.2% in 2024 and 4.0% (-0.1 p.p. revision) in 2025. Still, private consumption growth was revised downwards in 2023 by 1.4 p.p. to 3.5%, which is offset by lower negative contribution of net exports and public consumption. The BNB also upheld its March annual inflation (HICP) projections, of 5.7% at the end of 2023, 3.4% and 3.0% by the end of 2024 and 2025 respectively. At the same time, the unemployment rate is expected to decrease from 3.7% in 2023 to 2.7% in 2025. BNB pointed out once again that the main risks are related to the military conflict in Ukraine, high interest rate environment and slower than expected assumption of investment projects under the National Recovery and Resilience Plan. Aggravation of global supply chain difficulties and volatility of commodity prices still matters according to the bank regulator.