The fiscal policy of PM Boyko Borisov‘s center-right GERB cabinet only leads to a prolonging the period of depression in Bulgaria’s economy, according to former Minister of Finance Plamen Oresharski. Oresharski commented two years after Borisov’s GERB part swept general elections on July 5, 2009. “The collectibility of revenue has visibly dropped, excessive budget deficits [...]
The average incomes of Bulgarians will surpass those of Romanians in two years, Bulgaria‘s Finance Minister Simeon Djankov vowed on Tuesday. Djankov announced his ambitious plan speaking before the private bTV channel. He pointed out the Bulgarian GDP per capita expressed in Purchasing Power Standards is 43% of the EU average, while Romania‘s is just [...]
Bulgarians keep over 90% of their savings as bank deposits, which is three times higher than the average for the citizens of other European Union countries, a survey shows. The remaining 10% of their assets are distributed among pension funds, stocks and other types of financial instruments, according to a survey of investment company Pioneer [...]
Bulgaria’s anti-monopoly body said on Thursday it has given the green light to the sale of a 49.99% interest in Bulgarian-American Credit Bank. Allied Irish Banks announced a month ago that it has signed an agreement to sell its 49.99% shareholding in Bulgarian-American Credit Bank AD to Clever Synergies Investment Fund (CSIF). The deal price [...]
The Bulgarian government of the center-right party GERB plans to raise the retirement pensions only of widows, according to the latest announcement of Finance Minister Simeon Djakov. According to Djankov, the state budget cannot afford to raise all pensions, as Prime Minister Boyko Borisov and Labor Minister Totyu Mladenov had indicated earlier. Instead, the government [...]
Bulgaria registered a negative foreign direct investment inflow of EUR 62.5 M in the first four months of 2011, according to latest data of the Bulgarian National Bank (BNB). The central bank points out that the outflow of FDI from Bulgaria is “due to net payments on intercompany credits in accordance with the loan repayment [...]
Bulgaria’s Cabinet has approved its budget forecast for 2012-2014 which stipulates a gradual reduction of the budget deficit while ruling out tax increases. According to the Finance Ministry, budget forecast, which was adopted by the government together with a strategy for the management of the public debt, lays out the fiscal goals for by accounting [...]
The structure of foreign investments in Bulgaria has changed in 2010, according to Borislav Stefanov, executive director of the InvestBulgaria Agency. Speaking at a closing conference devoted to the investment climate in Northwest Bulgaria, Stefanov said that investors seeking quick profit have moved out of the country but the stable and reliable entrepreneurs have remained [...]
Bulgaria’s annual inflation rate reached 5.6% in March 2011, according to the country’s National Statistical Institute’s consumer price index (CPI). The consumer price index in March 2011 compared to February 2011 was 100.6%, i.e. the monthly inflation was 0.6%. The inflation rate since the beginning of the year (March 2011 compared to December 2010) was [...]
Thus, the IMF forecast for the Bulgarian economy in 2011 is below the 3.6% growth projected by the Bulgarian government in its 2011 budget. The Fund has actually upgraded its 2011 economic growth project for Bulgaria, which used to be at 2.6%. IMF data also shows that in 2010 the Bulgarian economy grew by 0.2%. [...]
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