Bulgaria in numbers 2024: Assessment of the country's economic situation

The Ruse Chamber of Commerce and Industry informs its members and partners that for the 15th time in a row, the Bulgarian Chamber of Commerce and Industry (BCCI) is presenting the publication "Bulgaria in Figures". This edition covers basic macroeconomic indicators and Bulgaria's place in international rankings. On June 21, 2024, at a press conference in front of the media, BCCI announced the publication of the new edition of "Bulgaria in figures®" 2024 ("Bulgaria in figures 2024"), a registered trademark highly rated by state institutions and partner organizations.

The publication reflects the main macroeconomic indicators of the country for the last 5 years, covering important aspects of the Bulgarian economy such as the investment environment, tourism, imports and exports, education and the labor market. Special attention is paid to Bulgaria's ranking in international ratings, which can serve as an important reference point for investors, and also as a basis for governmental and institutional measures to improve the country's rating.

Economic indicators and international rankings

The Bulgarian economy continues to grow, albeit at a slower pace. In 2023, GDP growth is 1.8%, due to global economic and political challenges, including the conflict between Russia and Ukraine and tensions in the Middle East. Despite these challenges, domestic demand, private consumption and exports remain the main drivers of growth. Bulgarian companies are successfully adapting to the new conditions, supported by the National Recovery and Sustainability Plan (NRSP).

Unemployment in Bulgaria remains low at 4.3% in 2023, with the labor market stable and the employment rate rising slightly to 70.7%. Bulgaria continues to maintain one of the lowest tax rates in the European Union, with a flat tax of 10% on personal and corporate income. The government introduced a zero rate of VAT on bread and flour as an anti-inflation measure, which will be in force until the end of June 2024.

Foreign trade and investment

Bulgaria's exports reach 44.3 billion euros in 2023, with a slight decrease of 7% compared to the previous year. Main export partners are Germany, Romania, Italy, Turkey and Greece. Imports also fell by 10.2%, with the import level in 2023 amounting to more than €49.5 billion. Direct foreign investments in Bulgaria for 2023 reached 3,619 million euros, with Switzerland, Austria and the Netherlands attracting the most.

Social indicators

The average monthly salary reached 1016 euros, which represents a significant increase of 14.2% compared to the previous year. The labor force in Bulgaria consists of 3 million people, with 53% men and 47% women. The majority of the workforce (89%) has completed some form of higher or upper secondary education.

Bulgaria's position in the international rankings

Bulgaria continues to develop and improve its position in a number of international rankings. In 2023, the country made significant progress in the freedom of speech index (from 91st to 71st place), the corruption index (from 72nd to 67th place) and the energy transition index (from 58th in 48th place). However, Bulgaria registered a decline in the prosperity index (from 62nd to 75th place), democracy index (from 57th to 62nd place) and digital competitiveness (from 48th to 55th place) .

According to the latest data from June 18 of IMD - Switzerland on Bulgaria's global competitiveness for 2024, the country's position has dropped by 1 point (from 57th to 58th place), but now compared to 67 studied countries instead of 64.

Conclusion

The new edition of "Bulgaria in Figures 2024" provides a clear picture of the state of the Bulgarian economy and the country's social indicators. The Rousse Chamber of Commerce and Industry encourages its members and partners to familiarize themselves with this important document, which is essential for investors, state institutions and partner organizations. The data in the publication provide a basis for future management decisions and measures to improve the economic and social environment in Bulgaria.

For more detailed information, you can familiarize yourself with the electronic publication "Bulgaria in figures 2024" on the BCCI website.