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

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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.…

Bulgaria: slower software sector growth expected

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The Bulgarian Association of Software Companies (BASSCOM) announced their annual Barometer report, marking a historic forecast for the nation’s software sector. Projections unveiled during the event indicated a remarkable milestone: an expected surge in revenues to surpass BGN 8 billion in 2023, an unprecedented achievement for the industry. The Barometer, a long-standing yearly publication offering…

Bulgaria: OECD forecasts growth in 2024

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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…

Bulgaria: business sentiment recaps in November 2023

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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…

Bulgaria: foreign visitor numbers up in October 2023

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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…