Trade and Investment Newsletter 25-31 November 2024
BULTISAD-Bulgar-Türk Ticaret ve Sanayi Odas? -Bulgarian-Turkish Chamber of Commerce
Enhancing trade and investment relations between Turkiye and Bulgaria
China Adds 8 European Countries as Visa-Free Recipients
China continues to add new European countries to its visa-free list. There are eight additional new countries that have received visa-free access from China. Among them are Bulgaria, Romania, Malta, Croatia, Montenegro, North Macedonia, Estonia, and Latvia.
Experience Kazanlak, Bulgaria: A floral and cultural journey
Kazanlak, located in the heart of Bulgaria, is a city renowned for its Rose Festival and cultural heritage. Situated in the Valley of Roses, the world's largest producer of rose oil, it attracts thousands of tourists every year.
Bulgaria’s Path to Schengen Membership: Economic Benefits and Future Prospects
Well, well, well! It looks like Bulgaria is taking a bold step towards joining the Schengen area. You know, that exclusive club where border checks are about as common as finding a good punchline in a dad joke. But fear not, dear reader; our passage into this realm will be as cautious as a cat on a hot tin roof!
Housing Loans Up by 26.5% at end-October, Y/Y
Housing loans in Bulgaria grew by 26.5% year-on-year, reaching BGN 24.124 billion at the end of October 2024, according to data from the Bulgarian National Bank (BNB). This marks an increase from the previous month’s growth rate of 25.9%. Over the past 12 months, the amount of housing loans granted by commercial banks in Bulgaria went up by just over BGN 5 billion. For comparison, at the end of October 2023, housing loans stood at BGN 19.07 billion. In October 2024, housing loans grew by BGN 507 million, or 2.1%, compared to September.
Household Deposits Increase by over BGN 6 Bln in January-October 2024
Household deposits in commercial banks in Bulgaria have increased by BGN 6.1 billion since the beginning of the year and already exceeded BGN 86 billion, indicated data from the Bulgarian National Bank (BNB), presented on Monday.
EBRD finances 238MW fully merchant Bulgarian PV plant
The European Bank for Reconstruction and Development (EBRD) has lent up to €50 million (US$52 million) to a 237.6MW solar PV plant in Bulgaria.
Austrian bank Raiffeisen Bank International will provide a parallel financing facility of €53 million, making the total finance package €103 million. The project will be supported by first loss risk cover deployed under the EBRD’s InvestEU Framework for Sustainable Transition, and is the first time the EBRD uses the InvestEU guarantee in Bulgaria.
Bulgaria news
Novo Nordisk has appointed a new general manager for its operations in Bulgaria, signaling continued growth and leadership in the region. In other news, the European Parliament approved Bulgaria's Ekaterina Zaharieva as an EU Commissioner, strengthening the country's representation in the European Union. Additionally, Technostroy-Engineering 99 received a permit for mineral exploration, highlighting new investment opportunities in Bulgaria's resource sector.
The Bulgarian government approved new Interreg projects for the country’s border regions with Turkey, North Macedonia and Serbia
The programs are co-financed by the European Regional Development Fund, part of the EU's Cohesion Policy
Bulgaria's trade deficit continues to grow
Bulgaria's trade deficit continues to expand and for the first nine months of 2024, it reached 3.5 billion euros, or 3.5% of the estimated gross domestic product (GDP). For comparison, during the comparable period of 2023, it was 2.3 billion euros (2.4% of GDP), according to data from the Bulgarian National Bank (BNB).
Innovation in Bulgaria: Sustained or at a standstill?
The state of innovation in Bulgaria remains stable in 2023, but this may be an indicator of stagnation, as data from the analysis of the Global Innovation Index of the Bulgarian Industrial Association (BIA) showed on Wednesday.
Economic forecast for Bulgaria
GDP growth is forecast to accelerate from 2.4% in 2024 to around 3% in 2025 and 2026, supported by domestic demand and exports. The expansion in income is set to underpin robust private consumption growth. Investments financed by the RRF are expected to bolster gross fixed capital formation, while exports are set to catch-up with the external demand. In 2025, inflation is projected to abate to 2.3%, before accelerating moderately in 2026, due to persistent services inflation.
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K100 2024: Stagnation after the boom for Bulgaria’s largest firms
The new annual edition of Capital 100 ranking shows that the revenues of the top 100 companies shrank by 14% last year after the boom in the energy sector in 2022. The star businesses of 2023 are arms, cars and solar.
A Diversified Economy With Strong Agriculture And Manufacturing
Once a communist state, Bulgaria has gradually transformed into a market-oriented, fast-growing economy, joining the EU in 2007. With a population of around 6.5 million, Bulgaria boasts a diversified agricultural, manufacturing and industrial base, as well as remarkable growth in the information technology, technical support and business process outsourcing industries.
National Statistical Institute
Statistical data
МИР отвори за кандидатстване ваучерна схема за 25 млн. лв. за използване на научна експертиза в бизнеса
Министерството на иновациите и растежа отвори за кандидатстване процедурата ?Малки иновативни грантове за малки и средни предприятия (МСП)” от Програма ?Научни изследвания, иновации и дигитализация за интелигентна трансформация“. Целта на мярката е да развие сътрудничеството между бизнеса и академичния сектор в страната.
Bulgarian Industrial Capital Association Raises Concerns Over Vocational Education Cuts
The Bulgarian Industrial Capital Association (BICA) has expressed deep concern over the state plan for admissions for the 2025-2026 academic year. In a letter addressed to Minister of Education Galin Tsokov, BICA highlighted the alarming reduction of vocational classes in schools by over 1%.
European Commission Executive VP: Bulgaria Must Keep Budget Deficit below 3%
Executive Vice President of the European Commission for An Economy that Works for People Valdis Dombrovskis and European Commissioner for Economy Paolo Gentiloni presented here on Tuesday the autumn package of the European Semester to reporters covering the plenary session of the European Parliament. Asked by BTA about the country's potential budget deficit overshoot, the Vice President stressed the importance of Bulgaria keeping its budget deficit below 3% of the country's GDP.
Bulgaria Joins Multilateral Agreement on Automatic Exchange of Tax Information
During the 17th plenary meeting of the OECD Global Forum on Transparency and Exchange of Information for Tax Purposes, hosted by the Paraguayan capital Asuncion, Deputy Prime Minister and Finance Minister Lyudmila Petkova signed the documents for Bulgaria’s accession to the Multilateral Competent Authority Agreement on Automatic Exchange of Information pursuant to the Crypto-Asset Reporting Framework, the Finance Ministry in Sofia reported on Wednesday.
Bulgaria Achieves Record Low US Visa Denials, Moves Closer to Visa Waiver Program
Bulgaria has made significant progress in reducing the percentage of US visa denials, with only 6.02% of applicants rejected in 2024. This represents a sharp decrease from the previous year, when 11.61% of visa applications were denied, marking the lowest denial rate in the last 18 years. This improvement is part of the ongoing efforts to meet the criteria for Bulgaria's inclusion in the US Visa Waiver Program.
The number of foreigners visiting Bulgaria in October is growing, 35% are transiting – 2024-11-27 11:37:00
The journeys of Bulgarian citizens abroad in October 2024 are 720.9 thousand, or 3.9% more than in October 2023. An increase in trips for all observed purposes was registered: rest and excursion – by 7.4%, business – by 4.8%, and with other purposes (visiting, training, attending cultural and sports events) – by 0.3%, reported NSI.
Bulgaria Total Exports
CEIC converts monthly Total Exports into USD. The National Statistical Institute provides Total Exports, FOB, in local currency. Bulgarian National Bank average market exchange rate is used for currency conversion.
Indicators of economy in Bulgaria
The main economic performance of a country can be seen from its gross domestic product. In other words, the total quantity of all goods and services sold within Bulgaria minus intermediate consumption. Worldwide gross domestic product in 2023 was at about 13,133 USD per capita. GDP in Bulgaria, on the other hand, reached USD 15,798 per capita, or 101.58 billion USD for the whole country. Bulgaria is therefore currently ranked 71 of themajor economies.
Report: Bulgaria Still Has the Highest Mortality Rate in the EU in 2023
Despite significant efforts and a large volume of activities carried out, the analysis indicates that the nation's overall health cannot yet be rated highly.