The Organisation for Economic Co-operation and Development (OECD) has revised Bulgaria’s economic growth forecasts in its latest World Economic Outlook report, signaling a 1.7% growth rate for 2023, slowing due to external factors, with a projected acceleration to 2.8% in 2024. Initially anticipating a 1.9% GDP growth for 2023 and 3.2% for 2024, the OECD’s…
In a recent report released by the National Statistical Institute (NSI), November witnessed a diverse range of shifts in Bulgaria’s business climate index across significant industries. The overall business climate index for the month settled at 21.6%, reflecting a marginal decline from the preceding month’s figure of 22%. The composite indicator gauging the “business climate…
During a parliamentary budget committee meeting, Dimitar Radev, the Governor of the Bulgarian National Bank (BNB), advocated for a strategic fiscal approach, proposing a 10% buffer allocation within the budget for 2024. This buffer, if not utilized due to unforeseen risks, would be available for expenditure in the final quarter of the year. Radev emphasized…
Amidst the ongoing recovery from the pandemic’s impact on global travel, Bulgaria witnessed a noteworthy surge in visitor numbers in the month of October. According to recent data released by the National Statistical Institute, trips by Bulgarian residents abroad and visits by foreigners to the country exceeded pre-pandemic figures from 2019. In October, Bulgarian residents…
From January 1 to November 17, Bulgaria welcomed over 12,000 individuals from outside the European Union who successfully obtained various work permits, as reported by the Employment Agency (EA). Of these permits, 1,556 were granted to foreigners from third countries. A significant portion of these workers hails from countries like Turkey (1,309), Kyrgyzstan (75) and…
Bulgargaz has suggested a 7.9% rise in December’s natural gas rates, as stated on the Energy and Water Regulatory Commission’s (EWRC) website. Their calculations project a price of BGN 88.61 per MWh, exclusive of access, transmission costs, excise duty and VAT, starting in December. In comparison, EWRC greenlit November’s natural gas price at BGN 82.12…
The 2024 state budget bill encountered resistance from several social partners on November 21, as revealed in a meeting of the National Council for Tripartite Cooperation. Finance Minister Assen Vassilev disclosed that objections from unions and employer organizations prompted an extraordinary Cabinet session on November 24 to address concerns about the proposed budget, along with…