The Gross Domestic Product (GDP) for Bulgaria in the third quarter of 2024 grew by 2.4% compared to the same period in 2023, as reported by the National Statistical Institute (NSI). The increase was also evident when compared to the previous quarter, with a 0.6% rise in GDP. In monetary terms, GDP reached 53,769.8 million…
In Bulgaria, the current labor market is facing a situation where job supply exceeds demand, creating challenges for employers. The issue lies in the lack of necessary skills among available workers for the positions that need to be filled. This was discussed by Maria Sentova, a psychologist and HR expert, during the “Psychology and Business”…
Due to recent increases in wages, several productions are relocating to more cost-effective destinations. Bulgaria is no longer seen as Europe’s low-wage hub, according to Georgi Parvanov, a member of the Management Board of the Bulgarian Employment Confederation. He highlighted that this shift had led to the closure of several manufacturing plants in places like…
The shortage of qualified professionals entering the Bulgarian labor market has consistently ranked among the top three challenges for businesses over the past five years, and in recent years, it has climbed to the top two, following economic uncertainty. This was stated by Vasil Velev, Chairman of the Board of the Association of Industrial Capital…
The Organization for Economic Co-operation and Development (OECD) has projected that Bulgaria will join the eurozone in 2026. The organization expects the country’s economic growth to rise from 2.3% in 2024 to 2.8% in 2025, before moderating to 2.6% in 2026. These figures reflect a downward revision from earlier forecasts made in May, when the…
Bulgarians allocate a significant portion of their savings to deposits, with 73% of their assets held in this form. In contrast, citizens across the European Union invest 36% of their assets in financial markets. Bulgarians are more conservative in their investment choices, with only 5% of their assets directed toward financial markets, while 20% are…
The process of introducing the euro in Bulgaria is advancing, with the implementation of the Eurosystem’s TIPS (Target Instant Payment Settlement) service playing a central role. The Bulgarian National Bank, the BISERA payment system, two banks and one electronic money company have joined the service, which facilitates instant payments in euros, completed within ten seconds.…