In June, Bulgaria’s services sector saw a monthly production increase of 0.6%, while Eurostat data showed a decline in the EU for the same period. Production in the Eurozone’s services sector dropped by 0.8% compared to May, with the overall EU figure falling by 0.9%. This follows May’s figures where services output in the Eurozone decreased by 0.1%, and the EU saw a slight rise of 0.2%.
Germany, in contrast, faces stagnant economic growth. Forecasts that previously predicted a 0.4% increase in gross domestic product for 2024 now expect a zero growth. The Ifo Institute in Munich projects that Germany’s economy will grow by 1.5% in 2026. According to Timo Volmershauser, head of economic forecasts at Ifo, Germany is in a structural crisis, with insufficient investment, especially in the industrial sector, and stagnant productivity.
Meanwhile, Bulgaria’s services sector showed stronger performance, recording a 4.2% YoY growth in June. This ranks Bulgaria fifth among EU countries in terms of services sector production growth. (Novinite)