“Lukoil” has started a procedure for the sale of the oil refinery in Burgas, Finance Minister Asen Vassilev has said in an interview with the British newspaper “Financial Times”. According to him, Lukoil’s decision to part with its largest refinery in Southeast Europe is due to government pressure on Russian companies. “There is probably an…
Bulgaria retains its second place in the EU among the countries with the lowest debt, according to the latest official data from Eurostat from July. This was announced by the Ministry of Finance (MoF). At the end of the first quarter, the general government debt-to-GDP ratio stood at 22.5%, with only Estonia having a lower…
A new drop in annual inflation is reported by the National Statistical Institute. Monthly inflation is -0.1%, and annual inflation is 6.3%. Inflation was measured by the Consumer Price Index (CPI), with monthly inflation for September compared to the previous month and annual inflation compared to the same month of the previous year. The largest…
The Minister of Energy Rumen Radev announced that in the course of reducing pollution from energy production, the capacities from coal plants would also be replaced by new nuclear capacities – two AP1000 units at the site of the Kozloduy NPP – and new capacities from pumped-storage hydroelectric power plant. The horizon is until 2038.…
The Cabinet of Ministers has approved the new minimum wage parameters. From January 1, 2024 it becomes 933 leva (or 477 euros), which is nearly 20% more than the current minimum wage. It is calculated according to the new formula, based on the annual average salary. “Today we are about to make one of the…
The International Monetary Fund expects Bulgaria’s GDP growth to slow to 1.7% in 2023 from 3.4% last year, before accelerating to 3.2% in 2024. The fund’s autumn forecast was better than the spring report, according to which Bulgaria’s GDP was expected to grow this year by 1.4%. In spring, however, the IMF expected the Bulgarian…
After a strong growth in 2022, the Bulgarian economy will slow down, following trends in the European Union, according to a World Bank report. The World Bank reports that inflation in Bulgaria remains high, which threatens plans to adopt the euro in 2025. The fiscal deficit is expected to remain below the Maastricht ceiling of…