Bulgaria's exports are expected to grow by 5.8 percent a year after the country joins the eurozone. Trade in goods could grow by 3.3 percent and trade in services by up to 8.4 percent, according to an analysis by the credit insurance company Allianz Trade.

According to the company's forecast, a delay in joining the eurozone is equivalent to a missed increase of 2.6 billion dollars, given the data on exports in 2023 and losses for Bulgarian businesses from transaction costs, which will decrease after transition to a single currency. .

Bulgaria's eurozone membership is also expected to shrink tariff equivalents by minus 1.4% for goods and minus 3.1% for services.

Thus, the overall effect on Bulgaria's GDP from eurozone membership would reach an additional increase of 0.2% per year, the analysis states.

Now that Bulgaria is a full Schengen member, the country's GDP is expected to grow by an additional 0,17% thanks to the removal of customs controls, Allianz Trade predicts. Also, crossing the borders with Greece and Romania will be about 20 minutes faster on average. Bulgaria's exports are expected to grow by 10.5% per year, with goods growing by 8.5% and services by 12.5%. If Bulgaria were a full member of Schengen in 2023, trade would be greater by at least 3.3 billion dollars, the company notes./BTA-KosovaPress