It is quite possible that mass bankruptcies in our sector begin, Svetoslav Stanulov, President of Bulgarian Airlines Association warned in an interview for BNR. The state subsidizes 20-30% of the reduced revenues of the airlines, but after spending all financial reserves the branch needs state financial grants to survive, Mr. Stanulov contends.
Revenues from scheduled flights fell by about 65%. 90% decline was registered in the charter flight segment. There have been no charter flights in the last five months, and companies are not able to cover their fixed costs. The Bulgarian aviation sector employs about 4,500 people, but there have been few layoffs, because the staff employed at this sector is highly qualified, Svetoslav Stanulov explained.
According to data from the National Statistical Institute, Bulgaria experienced a monthly inflation rate of -0.2% in May 2024 . Year-on-year inflation from May 2024 compared to December 2023 stands at 0.4%, while the average annual inflation rate for the..
The demographic crisis in this country is advancing at a rapid rate, holding back the development of businesses, but this is a tendency observed in other countries as well. Because of their good qualifications, Bulgarian workers find work in many..
The World Bank predicts a more moderate improvement in Bulgaria's economic growth in 2024 and 2025. In its latest report "Global Economic Prospects" the institution expects a slight acceleration in Bulgaria's GDP growth from 1.8% in 2023 to 2.1% in..
The direct losses for Bulgaria from the delayed full accession to the Schengen Area amount to EUR 424 million, caretaker Minister of Economy Petko..
Partly Cloudy
Clear
Partly cloudy, chance of rain