Economy of Bulgaria

At the start of summer 2024, Bulgaria has reported record low unemployment levels. According to the latest data from Eurostat, the share of job vacancies across the European Union declined to 2.4 percent in the second quarter, down from 2.6 percent in the previous quarter.

According to the latest Eurostat figures, Bulgaria has emerged as one of the top five EU countries in terms of growth in tourist overnight stays for the second quarter of 2024. This period, spanning April to June, shows a marked increase compared to the same timeframe in 2023, underscoring Bulgaria's appeal to both domestic and international visitors.

Türkiye's services exports totaled $56.5 billion last year, up 19.2 percent from $47.4 billion in 2022, data from the Turkish Statistical Institute (TÜİK) showed on Sept. 17.

Meanwhile, service imports amounted to $41.4 billion, up 15.3 percent from $35.8 billion in 2022, TÜİK said.

Despite Bulgaria's strong position in cereal production within the European Union, recent Eurostat data reveals significant declines in almost all economic indicators for Bulgarian agriculture compared to the EU average.

Bulgaria's foreign trade has been experiencing a decline since the start of the year, according to recent data from the National Statistical Institute.

The Bulgarian National Bank (BNB) anticipates a gradual slowdown in annual inflation during the second half of the year, as outlined in Issue 2 of its quarterly publication, "Ikonomicheski pregled" (Economic Review), available on the central bank's website.

Political instability is hindering Bulgaria's progress toward joining the Eurozone, according to an analysis by the rating agency Scope Ratings. The Berlin-based agency has maintained Bulgaria's credit rating at BBB+ with a positive outlook in both local and foreign currency.

Bulgaria's economy is navigating through political turbulence and the likelihood of new early elections, with many analysts suggesting it is largely operating on autopilot. This situation is driven by regional and Western economic trends, according to an analysis from ING's analytical unit, "ING Think," titled "An economy coasting through the political saga."

In May 2024, Bulgaria's industrial production saw a decline, with the index dropping by 3.3% compared to the previous month and 6.3% compared to the same period last year, marking the 17th consecutive month of annual contraction, according to the national statistics office.

Bulgaria and Turkey stand out with the lowest average annual net incomes in Europe, amounting to 9,355 euros and 8,968 euros respectively, according to data from Eurostat. This stark contrast underscores the significant wage disparities across the continent, influencing employment dynamics and economic decisions.