In 2023, Bulgarian households remained among the lowest in the EU for consumption of goods and services. According to Eurostat’s latest data, Bulgaria’s “actual individual consumption” (AIC) was 27% below the EU average, placing it at 73% of the European level. In contrast, Luxembourg’s AIC was 38% above the EU average, reaching 138%. AIC per…
Wizz Air, the fastest growing airline in Europe and the most sustainable in the world, launched the first flight on its newest route: from Varna to London Gatwick Airport. Direct flights will operate three times a week, allowing passengers to enjoy the destination for both leisure and business travel. Tickets are now available on wizzair.com,…
Bulgaria continues to export fresh fruits and vegetables despite the prevalent perception that most of these goods are not locally produced. Ministry of Agriculture data from last year revealed that Bulgaria exported nearly 100,000 tons of fresh produce, with fruits accounting for over 70,000 tons and vegetables for the remaining 39,000 tons. On the flip…
In the first quarter of 2024, labor costs per hour worked in the European Union showed significant increases, according to the latest data from Eurostat. Across the EU, these costs rose by 5.5% YoY, while in the euro area, the increase was slightly lower at 5.1%. Labor costs for firms encompass not only wages and…
Petar Ganev, an economist from the Institute of Market Economy, discussed Bulgaria’s readiness for joining the Eurozone in an interview with BNR, noting that the upcoming regular convergence report would likely indicate the country was not prepared. Ganev emphasized the necessity of a government capable of leading high-level discussions and implementing consistent policies for a…
The World Bank has revised its economic forecast for Bulgaria downward for the third consecutive time, according to its latest summer report. Initially projecting a growth rate of 2.1% for this year, the institution’s revised forecast marks a decrease of 0.3%. This adjustment follows previous expectations from last summer, where growth was anticipated at 2.7%.…
Georgi Angelov, senior economist at “Open Society”, shared insights on Bulgaria’s battle against the demographic crisis. In his latest research titled “Salaries Reversed the Demographic Catastrophe”, Angelov delves into Bulgaria’s demographic landscape. He highlighted the stark contrast from two to three decades ago when economic turmoil and low wages triggered a decline in birth rates…