Economic Results of Bulgarian Companies in 2023: Trade and Manufacturing Industries Remain Key Sectors
In 2023, the revenues of Bulgarian companies marked their first decline in the last decade, with total revenues decreasing by 0.95% to BGN 607.9 billion. Data presented by the National Revenue Agency (NRA) show that total accounting profit also decreased by 1.72%, reaching BGN 54.6 billion. Despite these negative trends, key sectors such as trade and the processing industry continue to play a major role in the economy.
Trade and Manufacturing – Stable Pillars of the Economy
In 2023, the trade sector remains the leader in terms of generated profit, reaching BGN 10.5 billion despite a decrease of 2.41% compared to the previous year. This places trade in the first place among the most profitable sectors in the country, which confirms its importance for the overall economic stability.
The processing industry, which is the second most profitable sector, registered profits of BGN 8.4 billion, which is also a slight decrease compared to 2022. However, the processing industry continues to play a critical role, especially in regions such as Ruse, where a large part of the enterprises are related to this sector.
Number of Active Companies – Growth Despite Economic Challenges
It is interesting to note that despite the general decline in revenues and profits, the number of active companies in Bulgaria increased by 10 thousand in 2023, reaching 387 thousand. This is a positive signal for the Bulgarian economy, which shows that despite the challenges, the business environment remains dynamic and open to new enterprises.
Winning and Losing Sectors
NRA data shows that the finance and insurance sector is among the fastest growing in 2023, with earnings in this sector growing by nearly 120%. Other sectors that showed positive results included "culture, sports and entertainment", education and construction, although their growth was more moderate, ranging between 30% and 44%.
Conversely, the mining and agriculture sectors are among the top losers for 2023, with losses in these industries continuing to grow. Especially the sector of professional and scientific activities registered a serious growth of losses from 187% to BGN 1.26 billion.
Challenges for the Manufacturing Industry
The manufacturing industry, which is of key importance to the economy of Ruse, shows stable but slightly lower results in 2023. This sector, which includes the production of automotive components, food products, textiles and other industrial products, continues to lead relation to employment and production capacity in the region. Despite global challenges, such as supply chain problems and rising energy prices, companies in the manufacturing sector manage to maintain competitiveness through innovation and technological improvements.
Trade – The Biggest Revenue Generator
The trade sector continues to dominate as the main source of income for Bulgarian companies. The trade generates significant volumes of turnover and profits, which allows it to remain the leader in the ranking in terms of profit. It is a sector that is also important for the economy of Ruse, offering numerous opportunities for small and medium-sized enterprises as well as for larger retail chains.
Conclusion
Despite the overall decline in the revenues and profits of companies in Bulgaria in 2023, the trade and manufacturing sectors continue to show resilience. The Ruse Chamber of Commerce and Industry will continue to support businesses in the region, providing expert advice and encouraging innovation that will help preserve the competitiveness and sustainable development of the local economy.
Source: NRA, "Capital".
