Starting from January 1, travelers with children no longer need to provide declarations of consent from absent parents when crossing into Greece and Romania, as announced by Chief Commissioner Anton Zlatanov, Director of the Border Police. This change applies to travel to these two countries, following the removal of land border checks between Bulgaria, Romania…
The Bulgarian economy faces a significant workforce shortage, with over 250,000 vacancies across various sectors. The most acute deficits are found in construction and healthcare, where there is a lack of specialized professionals and managerial staff. As a result, businesses are bracing for rising labor costs as they compete to retain qualified workers. Companies are…
Bulgaria’s Ministry of Finance projects a budget deficit of approximately 6.1 billion leva for 2024, equating to 3% of the anticipated GDP. This forecast aligns with the reference value set by the Stability and Growth Pact and is marginally better than the initial estimate of 6.2 billion leva outlined in the annual budget. The ministry…
At a closed session, the Energy and Water Regulatory Commission (EWRC) approved an average increase of 8.42% in electricity prices for household consumers, effective from January 1. The changes vary slightly among electricity providers, with Electrohold customers seeing an increase of 8.36%, EVN customers 8.39% and Energo Pro customers 8.55%. These figures include the costs…
Former Finance Minister Simeon Dyankov has expressed concerns about Bulgaria’s eurozone prospects, warning that the country may be moving away from joining for years, potentially indefinitely. Speaking to Bulgarian National Radio, he suggested Bulgaria’s timeline has shifted at least two years forward, potentially targeting 2029. Dyankov criticized what he described as “two clumsy attempts” to…
Bulgaria has solidified its position as a leader in the Balkans for startup creation, climbing one spot to 37th globally in the 2024 Global Startup Ecosystem Index and maintaining its rank as 23rd in Europe. The country continues to outpace its closest regional competitor, Romania, with three cities featured in the global top 1000. Notably,…
From January 1, the VAT rate for restaurant services in Bulgaria returned to 20%, marking the end of the temporary 9% rate introduced during the Covid crisis. The reduced VAT was extended several times, but no longer applied, also affecting the zero VAT rate on bread and flour, which reverted to 20%. While the caretaker…