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.…
In October, the general fund of the state budget of Ukraine received about $1.4 billion of concessional external financing: from IMF – $1.1 billion and from Canada – $300 million. Ukraine received funds from the International Monetary Fund as a result of the successful fifth review of the Extended Fund Facility (EFF) Arrangement. Ukraine has…
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.…
The winner of the auction for the privatisation of the Ukraina Hotel paid UAH 2.5 billion to the state budget. Also, UAH 502 million in VAT was paid. In total, the Ukrainian budget received over UAH 3 billion. “The first large-scale privatisation object has acquired new owners, which means it has prospects for additional investment…
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…