Podcast in English
Text size
Bulgarian National Radio © 2024 All Rights Reserved

Bulgaria’s economy grows with highest rate in seven years despite Brussel’s criticism

Photo: library

The National Statistical Institute published last week official data about Bulgaria’s gross domestic product in 2015. Meanwhile, the European Commission published its annual social and economic analysis about Bulgaria, too.

According to the Bulgarian statistics, in 2015 the country’s economy grew with 3%, which is the biggest increase marked in the past seven years. Thus, Bulgaria placed amidst the 10 EU countries with highest economic growth. However, it also means that the business climate in Bulgaria is good and favors economic activity. This fact was also proved by the sharp increase of the foreign investments in that country in 2015 to their highest level in 6 years. In other words, both the Bulgarian and the foreign companies took advantage of the business environment in Bulgaria and the local market.

The European Commission, however, was of a completely different opinion. Its criticism towards the country’s economy and social system was nearly as strong as the criticism towards Bulgaria’s judicial system. According to Brussels, the only positive sign in Bulgaria’s economy is the fact that the country managed to overcome the crisis. However, the EC sent a series of reproaches and doubted Bulgaria’s ability to reach a permanent economic growth, accompanied with better social conditions.

Which institution is right about Bulgaria’s economy-the Bulgarian statistics or the European Commission? Both institutions seem to be right, because Bulgaria marked an economic growth indeed, it managed to attract more foreign investments, but the business has to overcome a series of problems and obstacles as well. So, instead of threatening to place Bulgaria’s economy under a special supervision, just like the supervision carried out in the country’s judiciary and internal order field, the EC would be much more useful to Bulgaria, if it boosted cooperation with Bulgaria’s authorities in their attempt to solve the exiting problems, which would be to the interest of the whole European Union.

English: Kostadin Atanassov


Последвайте ни и в Google News Showcase, за да научите най-важното от деня!
Listen to the daily news from Bulgaria presented in "Bulgaria Today" podcast, available in Spotify.

More from category

EC: Inflation in Bulgaria is expected to be 3.1% in 2024

According to the European Commission's spring economic forecast for this year, inflation in Bulgaria is expected to reach 3.1 % in 2024 and 2.6 % in 2025 . The anticipated downtrend in external prices is expected to limit inflation in both energy and..

published on 5/15/24 3:13 PM

BNB: Deposits up to BGN 1,000 most common, number of millionaires growing

In March 2024, 1,518 people in Bulgaria had deposits of more than BGN 1 million, while in March 2023, 1,277 Bulgarians had such deposits, according to the latest BNB data.  Deposits between BGN 200 thousand and BGN 500 thousand grew the most..

published on 5/14/24 3:56 PM

Bulgaria's GDP growth accelerates in the first quarter of 2024

In the first quarter of 2024, the country’s real GDP growth is expected to accelerate, which is a prerequisite for similar annual dynamics, the Bulgarian National Bank said in its regular economic review. The GDP growth is mainly due to the..

published on 5/14/24 9:38 AM