In its winter economic forecast, the European Commission gives a better economic outlook for Bulgaria than it did in its autumn report.
Overall, real GDP is estimated to have increased by 3.9% in 2022, instead of the expected 3.1%. In 2023, real GDP is expected to increase by 1.4% and in 2024 - by 2.5%. Previous estimates were for a 1.1% increase in 2023, and 2.4% in 2024.
In the context of a tight labour market, wages are expected to continue to grow strongly and to sustain household consumption, the report reads. Export growth is forecast to slow down considerably in 2023 given that the factors for further gains in export market share were largely exhausted in 2022 (…) Overall, HICP inflation is set to decline from 13% in 2022 to 7.8% in 2023 on account of lower energy prices, the report reads further.
Bulgaria’s industry is being transformed in the direction of high added value productions, reads an analysis by the Institute for Market Economics. This tendency is best manifested in computer science, electronics and optics which account for the..
Acceleration of inflation to 1.1% in October compared to the previous month was registered by the National Statistical Institute. On an annual basis, the index is 1.8 percent. In October, the prices of goods and services for..
A working group comprising representatives of employers, trade unions and government experts is discussing the proposals of the Ministry of Labor and Social Policy for introducing a new mechanism to determine the minimum wage. This is happening a day..
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