Podcast in English
Text size
Bulgarian National Radio © 2024 All Rights Reserved

Bulgaria’s economy grows with highest rate in seven years despite Brussel’s criticism

Photo: library

The National Statistical Institute published last week official data about Bulgaria’s gross domestic product in 2015. Meanwhile, the European Commission published its annual social and economic analysis about Bulgaria, too.

According to the Bulgarian statistics, in 2015 the country’s economy grew with 3%, which is the biggest increase marked in the past seven years. Thus, Bulgaria placed amidst the 10 EU countries with highest economic growth. However, it also means that the business climate in Bulgaria is good and favors economic activity. This fact was also proved by the sharp increase of the foreign investments in that country in 2015 to their highest level in 6 years. In other words, both the Bulgarian and the foreign companies took advantage of the business environment in Bulgaria and the local market.

The European Commission, however, was of a completely different opinion. Its criticism towards the country’s economy and social system was nearly as strong as the criticism towards Bulgaria’s judicial system. According to Brussels, the only positive sign in Bulgaria’s economy is the fact that the country managed to overcome the crisis. However, the EC sent a series of reproaches and doubted Bulgaria’s ability to reach a permanent economic growth, accompanied with better social conditions.

Which institution is right about Bulgaria’s economy-the Bulgarian statistics or the European Commission? Both institutions seem to be right, because Bulgaria marked an economic growth indeed, it managed to attract more foreign investments, but the business has to overcome a series of problems and obstacles as well. So, instead of threatening to place Bulgaria’s economy under a special supervision, just like the supervision carried out in the country’s judiciary and internal order field, the EC would be much more useful to Bulgaria, if it boosted cooperation with Bulgaria’s authorities in their attempt to solve the exiting problems, which would be to the interest of the whole European Union.

English: Kostadin Atanassov


Последвайте ни и в Google News Showcase, за да научите най-важното от деня!
Listen to the daily news from Bulgaria presented in "Bulgaria Today" podcast, available in Spotify.

More from category

At the beginning of 2024 economy reports weak growth with a drop in imports and exports

In the first quarter of 2024, the gross domestic product (GDP) grew by 1.8% compared to the same period in 2023 . The first forecasts were for a growth of 1.7%, according to data of the National Statistical Institute. The GDP..

published on 6/7/24 11:59 AM

High number of unemployed youth and people who do not study troubles Bulgarian labor market

The perception of the level of corruption in Bulgaria remains very high, Geoff Gottlieb, Senior IMF Regional Representative for Central, Eastern and Southeastern Europe said. From an institutional point of view, the reduction in the level of..

published on 6/4/24 5:44 PM

Number of declared private Bulgarian properties abroad is growing

Bulgarians own real estate in 64 countries around the world. This is shown by data of the National Revenue Agency, provided to the "24 Chasa" daily. By April 30, 2024, 3,604 Bulgarian citizens have declared they own real estate..

published on 6/3/24 1:22 PM