Labor supply in Bulgaria remains exceptionally constrained amid record-high demand, making it increasingly challenging to tap into the limited available workforce, according to recent Eurostat data analyzed by the Institute for Market Economy. The report offers insight into the labor market slack across EU countries in 2023, extending its scope to include people aged 15-74,…
According to recent Eurostat data, Bulgaria continues to hold the lowest average salary within the European Union. In 2023, the EU-wide average annual adjusted full-time salary increased by 6.5%, reaching 37,900 euros, up from 35,600 euros in 2022, as reported by Statistics Europe. Luxembourg leads with the highest average salary, reaching 81,100 euros, followed by…
In September, Bulgaria’s retail trade sector, excluding the sale of cars and motorcycles, reported a slight rise in turnover, up by 0.4% from August’s figures, which had shown a 0.7% decline. This recent monthly increase follows eight consecutive months of growth, beginning in February. Compared to September 2023, retail turnover in September grew by 4.8%,…
Russian energy company Lukoil has announced plans to sell its largest asset in the Balkans, the refinery in Burgas, to a Qatari-British consortium until the end of the year, marking a significant shift in Moscow’s influence over energy supplies in Southeastern Europe, as reported by the Financial Times. The sale has been approved by the…
A recent analysis from the European Institute of Trade Unions, highlighted by the European Confederation of Trade Unions, reveals that low-wage earners in most EU countries spend at least a third of their monthly income on rent. This data come just before Dan Jorgensen’s hearing in the European Parliament, where he will be considered for…
On November 5, Westinghouse Electric Company, Hyundai Engineering & Construction Co. and “Kozloduy NPP – New Powers” EAD signed a contract in Sofia to initiate engineering services for two nuclear reactors using Westinghouse’s AP1000(r) technology. The event was attended by Bulgarian Prime Minister Dimitar Glavchev, Energy Minister Vladimir Malinov, U.S. Ambassador Kenneth Merten and executives…
Globally, the essential oil sector is encountering significant challenges. Between 2021 and 2023, international trade in essential oils has seen a decline of over 26% in quantity and an 18% drop in value. Bulgarian exports are also experiencing a downturn, a trend that has persisted into the first half of 2024. A major focus of…