BCCI presented "Bulgaria in figures" 2024
The 15th edition of the brochure “Bulgaria in figures®” is now available. The Bulgarian Chamber of Commerce and Industry (BCCI), a WTC- Sofia affiliated, gathered and processed information that reflects the main macroeconomic indicators of the country. The brochure pays special attention to Bulgaria's place in 28 international rankings - an important reference point for foreign investors.
The analysis shows that the Bulgarian economy continues its growth, albeit at a slower pace. In 2023, GDP growth is 1.8%. Economic development is influenced by global economic and political challenges, including the conflict between Russia and Ukraine, tensions in the Middle East and their impact on the European economy. Despite these challenges, domestic demand, private consumption and exports remain the main drivers of growth. Bulgarian companies are successfully adapting to the new conditions and continue to grow, supported by the National Recovery and Resilience Plan.
Unemployment remains at a low level of 4.3% and the labor market is stable since employment rate is up to 70.7%. Bulgaria maintains one of the lowest tax rates in the EU – a flat tax of 10% on personal and corporate income. The standard rate of VAT is 20%, with a reduced rate of 9% for tourism services and certain other products and services. Municipalities with unemployment over 25% higher than the national average offer 0% corporate tax, which is expected to contribute to the economic development of these regions.
At the same time, Bulgaria maintains a stable financial environment, with the country's gross public debt being the second lowest in the EU27, reaching 21.0% of GDP in the third quarter of 2023. The average annual inflation in Bulgaria marked a decline in 2023, reaching 9.5%, being at the level of 15.3% in 2022. However, inflationary pressures remain significant due to global economic conditions.
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, Türkiye and Greece. Imports also fell by 10.2%, with the level of imports in 2023 amounting to more than €49.5 billion. Leading import partners are Germany, China and Türkiye. The largest increase in imports is in the Consumer goods sector: automobiles (33%), followed by vehicles (27%), while the largest decline is in mineral fuels, oils and electricity (-42%) and raw materials (-15 .5%).
Foreign direct investments for 2023 reached €3,619 million, with Switzerland, Austria and the Netherlands in the top list of investors.
An electronic copy of the brochure in English could be found at the following link - https://www.bcci.bg/resources/files/BCCI_Bulgaria%20in%20figures_2024_WEB.pdf.Â