ADVERTISEMENT

Bulgaria becomes financially stable, predictable - PM says

EU

Bulgaria has become a financially stable and predictable country capable of resisting outside economic crises, Prime Minister Sergey Stanishev said here on Friday while presenting his government’s mid-term report, according to the state-run BTA news agency.

He said the country’s GDP grew by over 6% in 2005 and 2006, and 6.2% in the Q1 of 2007, mainly due to domestic consumption. The premier added that the country’s budget surplus for the H1 of 2007 is 20 billion Bulgarian leva ($14 billion), which, together with the increased corporation tax revenues, made it possible for the government to implement the largest pension increase this year - 20%. Meanwhile, the country’s industrial growth base has also expanded, making the sector becomes less susceptible to outside influences, said Stanishev.

According to the Eurostat, the European Union’s statistics office, Bulgaria has registered a 14.6% year-on-year industrial growth, the highest in the European Union (EU), comparing with 12% for Slovakia, 10% for Slovenia, 7.8% for Poland, and 2.5% for average EU standard. The premier also mentioned foreign investment in his country, saying that foreign investments totaled €4.1 billion ($5.6 billion) in 2006 and topped €2.1 billion ($2.9 billion) in the H1 of 2007.

With regard to unemployment, he said unemployment rate has steadily declined and has been under 8% for the last three months. At the end of July this year, unemployment rate stood at 7.25%, the lowest in 16 years. The prime minister also reported rises in the minimum wage, which stood at 150 leva ($104) in 2005 and is expected to reach 421 leva ($292) by the end of 2007. Meanwhile, the minimum pension grew by 49.1% in the last two years. (people.com.cn)

ADVERTISEMENT

Consumer, business confidence reach 2-year high - GKI Analysis

Consumer, business confidence reach 2-year high - GKI

Parl't votes to phase out savings coops integration framewor... Parliament

Parl't votes to phase out savings coops integration framewor...

Roche Szolgáltató appoints P&C business partner lead Appointments

Roche Szolgáltató appoints P&C business partner lead

Budapest airport shuttle bus service expanded City

Budapest airport shuttle bus service expanded

SUPPORT THE BUDAPEST BUSINESS JOURNAL

Producing journalism that is worthy of the name is a costly business. For 27 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.