In 2023, Bulgaria collected 217 million BGN from a windfall tax on firms in the oil, natural gas, coal and petroleum products sectors, according to Finance Minister Lyudmila Petkova. This tax was introduced to capture the extraordinary profits these firms made due to the surge in energy prices following Russia’s invasion of Ukraine. The windfall…
The Association of the Organizations of Bulgarian Employers (AOBE) has urgently called for government action to address the soaring electricity prices affecting businesses in Bulgaria. In an open letter to the authorities, the AOBE is demanding compensation measures to support the economy and maintain the industrial sector. To mitigate the impact of these high electricity…
This year marks the 100th anniversary of the first chocolate factory established in Bulgaria, located in the town of Svoge. Interestingly, this factory is home to the fastest candy assembly line in the world. For over a century, the factory has kept its secrets, including the creation of the first milk chocolate in Bulgaria. Today,…
Bulgaria remains committed to joining the Eurozone as swiftly as possible, with technical preparations progressing well. This was emphasized by Deputy Prime Minister and Finance Minister Lyudmila Petkova during the July meeting of the Economic and Financial Affairs Council in Brussels, according to the Bulgarian ministry’s announcement. Petkova indicated that once Bulgaria fulfilled the final…
In June, Bulgaria’s annual inflation rate rose to 2.5%, up from 2.3% in May, as reported by the National Statistical Institute. However, the month of June itself experienced a deflation of 0.2%, consistent with the previous month’s change. In June, there was a minimal price growth noted in health services and the entertainment and culture…
Bulgaria’s position in the annual innovation index released by the European Commission places it between Montenegro and North Macedonia. The country ranks after Turkey and Montenegro but ahead of North Macedonia and Albania, remaining in the “emerging innovators” category with a score of 46% of the EU average for 2024. This score is below both…
In May, Bulgaria’s industrial production saw a decline, with the index dropping by 3.3% compared to the previous month and by 6.3% compared to the same period last year, marking the 17th consecutive month of annual contraction, according to the national statistics office. The mining industry experienced the steepest decline, shrinking by 10.2%, followed by…