site.btaChamber of Commerce and Industry Presents 14th Edition of Bulgaria in Figures Brochure

The Bulgarian Chamber of Commerce and Industry (BCCI) Thursday presented the 14th edition of Bulgaria in Figures, an annual brochure that reflects the main macroeconomic indicators of the country for the last five years, as well as Bulgaria's position according to various criteria of interest to foreign investors, such as business environment, health care, rule of law, competitiveness, and digitization.

In 2022, Bulgaria's GDP reached EUR 84.5 billion, which is the highest level recorded, with a GDP growth of 3.4%. Unemployment remains low at 4.3%, approaching pre-crisis levels (4.2% in 2019).

According to BCCI, it is important for every investor to know about the possibility of zero corporate tax in municipalities with more than 25% above average unemployment, which number 165 out of 265 municipalities by 2022. Bulgaria is an EU leader, when it come to comparing tax systems and this is one of the main competitive advantages this country offers, the organization added.

In 2022, inflation reached 15.3%, but it is expected to gradually decline in 2023. Despite the high inflation, Bulgarian companies have managed to adapt to the realignment of supply chains, as evidenced by Bulgaria's record exports in 2022, which, according to data by the National Statistical Institute, are worth EUR 48 billion (an increase of 37%).

The 2023 outlook is for even better results, but at a lower profit margin for companies. Bulgaria's leading trading partners in terms of exports are again Germany, Romania and Italy, which account for some 50% of Bulgaria's exports to the EU.

Imports of goods and commodities also registered record levels in 2022 with a 41% increase, compared to 2021, reaching a level that amounts to just over 55 billion euros. Bulgaria’s trade account balance remains negative.

BCCI also reports that Bulgaria’s labour market is composed of 53% men and 47% women. Average wages continue to rise, reaching EUR 889 in 2022 and EUR 965 in the first quarter of 2023.

Bulgaria improves its place in the Global Peace Index rankings, taking 24th place in 2022, climbing three positions from 2021. Bulgaria climbs two positions to become 60th out of 140 countries in the Rule of Law Index, as well. In the World Press Freedom Index, Bulgaria has risen significantly from 91st place in 2022 to 71st place in 2023.

In other rankings, Bulgaria is on the decline. In the 2023 Index of Economic Freedom charts the country drops from 29th to 32nd place out of 176 countries. In the e-Government Development Index, Bulgaria is 52nd, compared to 44th in 2020. On the Democracy Index, this country has deteriorated, falling from 53rd place in 2021 to 57th for 2022.