site.btaConstruction Output Up 18.3% in 2023, Y/Y

The output in construction in 2023 was worth BGN 20.3 million, up by 18.3% compared with 2022, according to preliminary data in the Bulgarian Construction Chamber 2023 Construction Economic Report published on the Chamber's website on Wednesday.

At BGN 11.7 million, building construction, which includes residential and non-residential construction, accounted for 57.7% of the total output in the sector in 2023. The output in building construction increased by 20.8% year-on-year.

The output in engineering infrastructure stood at BGN 8.6 million, accounting for 42.3% of the total construction output in 2023. It went up by 15% compared with 2022.

Direct investment in the sector in 2023 amounted to EUR 30.7 million, increasing by EUR 61.7 million (199%) on an annual basis.

There were 4,688 public procurement contracts announced with an estimated value of BGN 12,052.8 million. The year-on-year trend depicts an increase of 6.1% in the number of announced contracts and a 3.4% increase in value.

Labour costs were BGN 2,593.1 million in 2023, with an increase of 22.2% year-on-year, according to preliminary figures. Labour costs per hour worked by employees under an employment relationship averaged BGN 13.05 in 2023, up from BGN 11.23 in 2022.

Preliminary data from the National Statistical Institute show that the average annual wage in the construction sector in 2023 was BGN 18,537, up by BGN 2,515, or 15.7%., compared with 2022.

The number of people employed in the sector in 2023 was 119,500, accounting for 5.4% of the total employment in the country. On an annual basis, there is a decline of 8,200 people, or 6.4%, the data show.