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…
Coface Bulgaria has projected a steady expansion for Bulgaria’s economy, despite ongoing economic challenges in the European Union. During the IX Conference on Risk Management titled “Risks of Optimism”, agency manager Plamen Dimitrov presented a sector report predicting a growth rate of 2% for this year, with an increase to approximately 2.8% anticipated in 2025.…
Bulgaria has become a preferred tourist destination for many international visitors, known for its rich history, beautiful landscapes and range of vacation options. The country offers everything from scenic Black Sea beaches to mountain retreats, attracting those in search of unique, memorable experiences. An increasing number of tourists now choose Bulgaria’s mountains, drawn by the…
According to Eurostat data, Bulgaria’s tax-to-GDP ratio is among the lowest in the European Union. In 2023, the overall tax-to-GDP ratio for the EU, which included the sum of taxes and net social contributions as a percentage of gross domestic product (GDP), was recorded at 40%. This figure represents a decrease from 40.7% in 2022.…
In a significant move to boost business relations, ten business leaders in Bulgaria established the first Bulgarian-Czech Chamber of Commerce at a recent event held at the Czech Embassy in Sofia. The gathering was attended by Czech Republic Minister of European Affairs Martin Dvorak and Czech Ambassador to Bulgaria Miroslav Toman. The prominent Bulgarian PR…
For the first time, the money circulation in Bulgaria has surpassed 30 billion leva. According to the Bulgarian National Bank’s (BNB) publication “Overview of the Issue and Cash Activity”, the total value of banknotes and coins in circulation reached BGN 30 billion and 356 million as of the end of September. The number of banknotes…