Podcast in English
Text size
Bulgarian National Radio © 2023 All Rights Reserved

Study: Over 20% of Bulgaria's economy is in the informal sector

Prof. Stefan Petranov
Photo: bica-bg.org

Grey economy accounts for 1/5 of Bulgaria's GDP, according to a study by the Bulgarian Industrial Capital Association and the National Centre "Economy in the Clear". 

Still, since 2010, the share of the regulated economy has increased by 15%, from 63.35% to 78.40%. Despite this positive trend, the informal sector in Bulgaria has a higher rate than in any other EU country. 

"We have seen a significant improvement - the number of employment contracts where employees are insured on minimum wage while in reality they receive more, has decreased, , says the author of the study Stefan Petranov. The sectors most affected by the informal economy are services, hotels, restaurants, construction and agriculture. 

Listen to the daily news from Bulgaria presented in "Bulgaria Today" podcast, available in Spotify.

More from category

President Rumen Radev

Bulgarian President reports real growth in industrial production

Bulgaria has become a factor in the Balkans and Europe through partnerships that strengthen economic and energy security. They are in the interest of our neighboring countries, partners and allies in the EU and NATO, said Bulgarian President Rumen..

published on 2/7/23 10:49 AM
HE Annick Goulet, Ambassador of Canada to Romania, Bulgaria and Moldova with Economy Minister Nikola Stoyanov

Bulgaria invites Canadian investors to Bulgaria

At a forum in Bulgaria, opportunities for Canadian businesses for investment and joint activity with Bulgarian companies will be presented.  This was agreed at a meeting between Bulgaria's Minister of Economy and Industry, Nikola Stoyanov, and the..

published on 2/6/23 5:16 PM

Moody’s: Bulgaria’s adoption of the euro likely to be delayed at least until 2025

Moody’s credit ratings agency has affirmed the long-term foreign and local currency sovereign credit ratings on Bulgaria at ‘Baa1’ with a stable outlook , the Ministry of Finance announced. According to the agency, the country can still..

published on 2/4/23 1:12 PM