site.btaAnnual Report Confirms Leading Role of SMEs in Bulgaria's Economy

The Bulgarian Small and Medium Enterprises Promotion Agency (BSMEPA) Friday published its annual report, which confirms the dominant role of small and medium-sized enterprises (SMEs) in the country's economic structure and overall performance. The Report on the State of SMEs in Bulgaria as at December 2024 is available on the agency's website in Bulgarian.

The Agency said that, due to the specifics of statistical reporting in Bulgaria, the report is based primarily on the most recent available official data, which mainly cover 2023.

The analysis reaffirms the growing importance of SMEs as a key part of Bulgaria's economic framework, accounting for 98.8% of all enterprises in 2023. Their condition and development significantly influence the country's overall economic performance and growth rates. SMEs contribute 58.4% of the turnover of non-financial enterprises and 61.79% of the value added. Additionally, they employ 74.02% of the workforce in the economy.

The report also examines the impact of external political and economic events on SME activity. These influences range from increased operating costs and disruptions in trade relations to new opportunities for financing and business model restructuring.

Additionally, the report highlights the challenges faced by SMEs, including limited access to financing and skilled labour, difficulties in adopting innovations and modern technologies in a timely manner, and obstacles to internationalization.