Lyuboslav Kostov

As Bulgaria grapples with economic challenges, economists highlight the country's lagging position in the European Union, particularly in terms of purchasing power. According to recent Eurostat data, Bulgaria ranks last in the EU, a concerning indication of its economic standing.

The Institute for Social and Trade Union Research has revealed that the value of the small consumer basket, consisting of 20 essential products, witnessed a substantial 5.9% increase in 2023 compared to the previous year. This surge, from BGN 107.03 to BGN 113.72, has raised concerns about the economic well-being of the general population.

Confederation of Independent Trade Unions in Bulgaria (CITUB) announced that Bulgaria lags far behind other Member States in terms of absorption of funds from the European Union's Temporary Support to Mitigate Unemployment Risks in Emergency (SURE) provided to companies during the pandemic.

Bulgaria is the first in inequalities in the European Union - the income gap between the poorest and richest in Bulgaria is over eight times. This is according to the latest Eurostat data for 2020.

CITUB economic expert Lyuboslav Kostov commented for Radio Horizont:

Тhe economist, Lyuboslav Kostov, from the Confederation of Independent Trade Unions of Bulgaria (CITUB) commented on the recently released data that a family of four needs BGN 581.31 per person per month for a decent standard of living. He stated that 71% of the Bulgarians receive income below the minimum standard of living if the statistics are realistic.