This report covers the key macroeconomic and financial releases as well as the political events from Bulgaria for the period from February 5, 2015 to March 6, 2015. Bulgaria’s GDP increased by a real 1.7% in 2014, accelerating from a 1.1% growth in 2013. In its Winter Forecast published on February 5, the EC said that Bulgaria's growth will decelerate to 0.8% this year. Bulgaria's unemployment rate dropped by 2.4pp y/y to 10.6% in Q4. Also on the positive side, consumer sentiment improved in January as Bulgarians became less pessimistic about their financial situation and the general economic conditions in the next 12 months. Bulgaria's parliament gave the green light to an €8bn Global Medium Term Note (GMTN) programme to be managed by Citigroup, HSBC, Societe Generale and Unicredit Bank. The new debt will be used for repaying maturing obligations and for financing the budget deficits in 2015-2017. A three-day Eurobond roadshow will be launched on March 16, Reuters reported. Key points: • The overall business climate indicator rose by 1.2 points m/m in February, improving for second consecutive month • Consumer prices fell 1% y/y in January, after contracting by 0.9% y/y in December • Bulgaria reported a small budget surplus of BGN69.1mn (€35.3mn) in January • The current account surplus narrowed by 98% to only €18.8mn in 2014 • FDI in Bulgaria fell 7.3% to €1.18bn in 2014