All News on Economics in Bulgaria

Budget Gap to Cause Deficits in Social Payments - FinMin

Bulgaria's Finance Ministry has warned social and healthcare spending will face significant shortages due to the state budget deficit currently estimated at BGN 3 B.

On Saturday the institution announced the 2014 deficit, under the update proposal being drafted by officials, will be 4-4.2 percent, and fresh state debt of about USD 4.5 B will be needed to tackle outstanding problems.

Over half of all households in poverty or at risk thereof

 Shocking report shows 6.3 million people in Greece affected

Three in every five Greeks, or some 6.3 million people, were living in poverty or under the threat of poverty in 2013 due to material deprivation and unemployment, a report by Parliament’s State Budget Office showed on Thursday.

Yields Fall on Bulgaria's Seven-year Government Bonds

Yileds fell at Tuesday's auction of seven-year euro-denominated Bulgarian government bonds as the offer was heavily oversubscribed.

The Finance Ministry said on Wednesday it has reopened  the issued dated 30 April 2014, offering EUR 35 M worth of government bonds.

The average weighted annual ayield dropped to 2.20% from 2.26% at the previous reopening  on May 26. 

Finance Ministry Reopens 10.5-Year Issue of BGN-Denominated Govt Securities at 3.12% Yield

Bulgaria's Finance Ministry reopened the 10.5 year issue of Government Securities (GS) issued on January 15, 2014 with maturity July 15, 2024.

The issue is a reference one in respect of the harmonized long term interest rate to evaluate convergence level, part of the Maastricht criteria in 2014, according to the press office of the Finance Ministry.

Bulgaria Posts Deflation for 13th Month Running in August

Bulgaria's consumer prices fell 0.6% year-on-year in August, marking the 13th straight month of deflation, official figures showed on Monday.

The drop in consumer prices, however, has slowed down for a third month running, compared to the hefty decline of over 2.5% in February 2014.

Yet Another Russian Touroperator Goes Bankrupt

Yuzhnii Krest, yet another Russian touroperator, filed for bankruptcy, reports ITAR-TASS. 

According to the agency, the company currently has more than 10 000 customers abroad, with another more than 28 000 to go on vacation this week.

According to preliminary information, it does not have clients on holiday in Bulgaria. 

Bulgaria's Finance Ministry Placed 1-Year BGN-Denominated GS Issue

The Ministry of Finance successfully placed a one-year BGN-denominated discount Government Securities (GS) with maturity 10.09.2015.

At the auction held on 08.09.2014 the annual average weighted yield achieved on the approved orders is 0.78% and the spread to the benchmark German Bunds is 0.86%, according to a media statement of Bulgaria's Finance Ministry.

Bulgaria is Fifth Poorest Country in Europe – Serbian Statistics

Bulgaria is the fifth poorest country in Europe, according to a study of the Serbian Statistical Institute.

A total of 1.8 million people in Serbia live in poverty. The country ranks first among European countries with 24.6 percent of its population below the poverty line.

Bulgaria Ranks 54th in 2014-2015 Global Competitiveness Report of World Economic Forum

Bulgaria ranks 54th out of a total of 144 countries in The Global Competitiveness Report 2014-2015 of the World Economic Forum.

For a third year in a row, Bulgaria has improved its score.

In the 2014-2015 edition of the report, Bulgaria outperforms a number of EU countries, including Romania, Hungary, Slovenia, Slovakia, Croatia and Greece.

Bulgaria's Public Debt Sees Significant Increase in July

Bulgaria's public debt at the end of July 2014 amounted to EUR 9.4242B, according to data revealed by the Ministry of Finance.

In just a month, Bulgarian government debt has increased by almost EUR 1.31B. The main reason for the growth is the issuance of eurobonds at the international capital markets, the Financial Ministry report showed.

Minimum Wage Hike from BGN 340 to BGN 400 Will Not Hit Business Sector - Minister

Yordan Hristoskov, Bulgaria's caretaker Minister of Labor and Social Policy, has suggested that a minimum wage hike from BGN 340 to BGN 400 will not harm the business sector.

In a Thursday interview for private TV station bTV, Hristoskov said that it was high time to do something about Bulgaria still being at the bottom of the EU ranking by guaranteed minimum income.

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