site.btaEconomy Minister Tells Parliament Business Climate Has Improved by 2.8 Points So Far This Year

Sofia, May 10 (BTA) - Bulgaria's business climate index has increased by 2.8 points since the beginning of the year, Economy Minister Emil Karanikolov said during a hearing in the National Assembly on Thursday. Karanikolov cited National Statistical Institute data which show that the index has risen in all sectors: industry, construction, retail trade, and services.

In 2017, Bulgaria's GDP growth was among the 12 highest in the EU, the minister said. At 3.6%, it exceeded the EU average by 1.2 percentage points. In 2018, GDP growth is expected to accelerate to 4%.

In April 2018, the European Commission's economic sentiment indicator for Bulgaria rose to 111.7 points, Karanikolov said.

Bulgarian exports hit a 10-year high of 52 billion leva in 2017. Export growth has continued into 2018, standing at 3% in January-February.

Eurostat data show that employment in Bulgaria increased by 3.6% in 2017, the Economy Minister went on to say. In that year, the country recorded the EU's highest employment growth for persons aged between 20 and 64. The creation of jobs and the promotion of employment led to an 11% rise in incomes in 2017.

Karanikolov noted that the government is making efforts to reduce the administrative burden on businesses and individuals. The Economy Ministry alone has streamlined 113 administrative services by cutting or scrapping fees, reducing the number of documents required from applicants, and optimizing deadlines.

Investor interest has grown, particularly in the manufacturing industries and high-tech services, the minister said. So far this year, the Economy Ministry has issued 10 certificates as per the Investment Promotion Act, for a total of 600 million leva in investments and 1,000 planned new jobs. Another 20-plus projects are in the process of certification. They are for 400 million leva in investments and 2,000 new jobs.