Key Indicators for Bulgaria (as of 05.04.2021)

According to the NSI business inquiries in March 2021, the industrial confidence indicator increases by 2.2 percentage points in comparison with February 2021.

In January 2021 the working day adjusted Industrial Production Index fell by 3.4% in comparison with the same month of 2020 (preliminary data). On annual basis in January 2021 Industrial Production Index calculated from working day adjusted data fell in the mining and quarrying industry by 17.8%, in the manufacturing by 2.7% and in the electricity, gas, steam and air conditioning supply by 1.4%.

In January 2021 working day adjusted data showed a decrease by 6.4% in the construction production, compared to the same month of 2020. On an annual basis in January 2021, the decrease of production in construction, calculated from working day adjusted data, was determined from the negative rate in the building construction, where the drop was by 11.0%, while in the civil engineering was registered an increase by 0.5% .

According to the preliminary data Gross Domestic Product (GDP) at current prices for the fourth quarter of 2020 is 33 162 million BGN. GDP per person is 4 796 BGN. GDP is 20 207 million USD and 2 922 USD per person using the average for the quarter exchange rate of 1.641152 BGN for 1 USD. Seasonally adjusted data show a decline of 3.8% of GDP in the fourth quarter of 2020 compared to the corresponding quarter of the previous year and an increase of 2.2% compared to the third quarter of 2020.

Private consumption

In January 2021, the total consumer confidence indicator increases by 4.1 percentage points in comparison with October 2020. An increase of consumer confidence among both urban and rural inhabitants by 3.1 and 7.6 percentage points respectively is reported.

According to them, the general economic situation in the country over the last 12 months is deteriorated, while their expectations for the next 12 months are less negative compared to the previous survey.

In January 2021, the working day adjusted turnover in “Retail trade, except of motor vehicles and motorcycles” fell by 3.9% in comparison with the same month of the previous year.

In January 2021 compared to the same month of 2020, drop of turnover was reported in: “Retail sale of automotive fuel in specialised stores” (21.8%), “Retail sale of non[1]food products, except fuel” (1.9%), while in “Retail sale of food, beverages and tobacco” was seen an increase (2.2%).

During the fourth quarter of 2020, 68.4% of GDP were spent for individual consumption. According to seasonally adjusted data , the indicator decreases by 0.3% in real terms compared to the respective quarter of 2019.

Investment

In the period from October 2020 to January 2021 the average capacity utilization in industry increased by 1.2 percentage points and it reached 74.0%. The relative share of gross fixed capital formation in GDP in the fourth quarter of 2020 is 21.2%.

According to seasonally adjusted data that indicator decreases by 7.4% in real terms compared to the same period of the previous year.

Labour market

In the fourth quarter of 2020 there were 3 126.9 thousand employed persons aged 15 years and over, of whom 1 692.3 thousand men and 1 434.5 thousand women. Compared to the fourth quarter of 2019, the number of employed persons fell by 3.0%. The employment rate for the same age group was 52.9% (59.8% for men and 46.6% for women).

In the fourth quarter of 2020 there were 173.1 thousand unemployed persons, of whom 95.7 thousand (55.3%) men and 77.4 thousand (44.7%) women. The unemployment rate was 5.2%, 5.4% and 5.1% for men and women respectively. In comparison with the fourth quarter of 2019, the unemployment rate rose by 1.1 percentage points, registering an increase by 1.0 percentage point for men and by 1.3 percentage points for women.

In the fourth quarter of 2020 the total hourly labour cost (preliminary data) rose by 10.0% compared to the fourth quarter of 2019. The total hourly labour cost grew by 4.6% in industry, by 8.2% in services and by 6.0% in construction.

According to the NSI business inquiries in March 2021 23.2% of the industrial enterprises pointed out the labour shortage as a factor limiting their activity.

In December 2020 the average wage and salary was BGN 1 468 and rose by 4.7% compared to the previous month and by 8.8 % compared to December 2019.