90% of Bulgaria's real economic growth over the past 18 years has come from productivity gains, said Lachezar Bogdanov, Chief Economist at the Institute for Market Economics. There is lack of workforce in Bulgaria as the demographic situation is difficult. The only chance for prosperity is to increase labor productivity, the economist said. Thanks to new investments and the introduction of new technologies, electrical equipment production has grown more than 3 times, machines - more than 2 times, and automotive components over 6 times. There is a decline in the clothing industry and in some of the raw materials production. For 10 years, over 50,000 people have been made redundant in the textile industry and over 30,000 jobs have been created in the IT sector.