Bulgaria: trade down in January-October 2023

Bulgaria grapples with a notable decline in its trade sector, as preliminary data from the National Statistical Institute (NSI) reveal a significant downturn in exports and imports during the initial ten months of 2023. The figures paint a sobering picture: Bulgarian exports of goods to both the European Union and third countries took a hit,…

Bulgaria: underreported US and Canadian investments surpass official figures

Investments from the USA and Canada in Bulgaria surpass the country’s official balance of payments report findings, as per a recent Institute for Market Economy (IME) study spanning five years. The IME’s Chief Economist, Lachezar Bogdanov, highlighted that global companies from these regions often centralized their European operations in countries like the Netherlands or Switzerland,…

Bulgaria: economy moderately up in Q3 2023

In the third quarter of 2023, the Bulgarian economy experienced a 0.4% growth compared to the preceding quarter, maintaining a similar growth pattern seen earlier. Announced by the National Statistical Institute (NSI), the economic expansion, measuring 1.8% annually, remains consistent with the previously estimated 1.7%, showing a slight decline from the 2% growth in the…

Bulgaria: Finance Minister assures of no fuel shortage amid Lukoil refinery sale consideration

Bulgaria’s Finance Minister, Asen Vassilev, addressed concerns about potential fuel shortages following “Lukoil’s” deliberations on selling its business in the country. The reassurance came during Vassilev’s visit to the “Capitan Andreevo” border crossing alongside European Commissioner Mareid McGuinness. Vassilev clarified that the ministry had received prior indications of Lukoil’s contemplation of selling its Burgas-based refinery.…