National Statistical Institute

In the third quarter of 2023, the Bulgarian economy experienced a 0.4% growth compared to the preceding quarter, maintaining a similar growth pattern seen earlier. Announced by the National Statistical Institute (NSI), the economic expansion, measuring 1.8% annually, remains consistent with the previously estimated 1.7%, showing a slight decline from the 2.0% growth in the second quarter.

A study conducted by the National Statistical Institute reveals concerning financial trends among Bulgarian households in the third quarter of 2023. Despite a slight rise in income for 31.7% of people, around 65% reported unchanged incomes over the past year, marking a decrease from the previous quarter.

Startling statistics unveiled by the National Statistical Institute reveal that a staggering 17% of children between the ages of 0 and 5 in Bulgaria grapple with poverty. This concerning figure emerges alongside an infant mortality rate that remains nearly double the European Union average, standing at 3.6%.

In a recent report released by the National Statistical Institute (NSI), November 2023 witnessed a diverse range of shifts in Bulgaria's business climate index across significant industries. The overall business climate index for the month settled at 21.6%, reflecting a marginal decline from the preceding month's figure of 22.0%.

Industry: A Cautious Downturn

Amidst the ongoing recovery from the pandemic's impact on global travel, Bulgaria witnesses a noteworthy surge in visitor numbers for the month of October. According to recent data released by the National Statistical Institute, trips by Bulgarian residents abroad and visits by foreigners to the country exceeded pre-pandemic figures from 2019.

Annual inflation in Bulgaria slowed down in October to 5.8% from 6.3% a month earlier, according to the data of the National Statistical Institute (NSI). This is the lowest inflation in the country since September 2021.

Since the beginning of the year (October 2023 vs. October 2022), inflation is 4.1 percent.

A forecast released by Bulgaria's National Statistical Institute (NSI) paints a concerning picture for the country's demographic future. By the year 2075, the projection suggests a significant decrease in Bulgaria's population, foreseeing a drop to 4,972,000 individuals, with a quarter of the populace aged 65 and above.

For the first time in Bulgaria's economic history, the National Statistical Institute (NSI) has reported that the average gross monthly salary has crossed the BGN 2,000 mark (roughly 1000 Euros). September 2023 recorded an average gross monthly salary of BGN 2,072, marking a significant increase compared to July (BGN 1,973) and August (BGN 1,957) of the same year.

Bulgaria's industrial landscape faced a substantial setback in September, witnessing a sharp decline both on a monthly and yearly scale, according to data from the National Statistical Institute. The year-on-year contraction reached a staggering 11.5%, surpassing the 2.7% dip compared to August.

In the economic landscape of Bulgaria, a tale of twists and turns unfolds as the nation navigates the intricate web of international trade. Over the first nine months of 2023, a nuanced pattern emerges: while exports to third countries witness a milder contraction of 8.5%, imports experience a more substantial decline of 20.7%, painting a canvas of resilience and adaptation.