According to the preliminary data, GDP per person employed increased in real terms by 0.6% in the second quarter of 2024 compared to the same quarter of the previous year.
In June 2024, the total production index in Services of the business economy increased by 0.6% compared to the previous month. The data are preliminary and seasonally adjusted.
Compared to June 2023, an increase of 4.3% was registered in the calendar-adjusted index according to preliminary data.
From July 2024, NSI started publishing Turnover Indices in Retail trade by base year 2021 = 100 in accordance with the requirements of Regulation (EU) 2019/2152 of the European Parliament and of the Council for European Business Statistics and Commission Implementing Regulation (EU) 2020/1197.
In July 2024, the turnover in ‘Retail trade, except motor vehicles and motorcycles’ at constant prices increased by 1.2% compared to the previous month. The data are preliminary and seasonally adjusted.
An increase was reported in all major groups: ‘Retail sales of food, beverages and tobacco’ - by 1.4%, ‘Retail sales of non-food products (except fuel)’ - by 0.9% and ‘Retail sales of automotive fuel in specialised stores’ - by 0.3%.
The trade turnover went up by 6.8% compared to the same month of 2023 according to the calendar-adjusted data.
In July 2024, compared to the same month of 2023, an increase in turnover was registered in the ‘Retail sales of food, beverages and tobacco’ - by 12.6% and in the ‘Retail sales of non-food products (except fuel)’ - by 7.3%. А decrease was reported in the ‘Retail sales of automotive fuel in specialised stores’ - by 6.2%.
For July 2024, revenues of subsector ‘Central Government’ were reported in the amount of BGN 4 839.45 million and expenditures - BGN 4 986.04 million, for the subsector ‘Social Security Funds’ the revenues amounted to BGN 2 832.87 million, and the expenditures were BGN 2 862.99 million.
The data for the ‘Central Government’ subsector are formed on the basis of the monthly cash statements of the budget units, as well as on estimates of the state enterprises reclassified in the subsector, and the data for the ‘Social Security Funds’ subsector - on the basis of the monthly cash statements of the National Insurance Institute and the National Health Insurance Fund.
The information is published on the basis of Article 3(2) of Directive 2011/85 of the EU.
Detailed data can be found on the NSI website under the heading 'Government Finance Statistics'.
From July 2024, NSI started publishing Producer Prices Indices in Industry by base year 2021 = 100 in accordance with the requirements of Regulation (EU) 2019/2152 of the European Parliament and of the Council for European Business Statistics and Commission Implementing Regulation (EU) 2020/1197.
The Total Producer Price Index in Industry rose by 2.2% in July 2024 compared to the previous month. An increase of 8.1% was registered in the electricity, gas, steam and air conditioning supply, and in the manufacturing industry by 0.4%, while the prices in the mining and quarrying industry fell by 2.4%.
The Producer Price Index on the Domestic Market increased by 3.5% compared to June 2024. The domestic prices rose in the electricity, gas, steam and air conditioning supply - by 9.8%, and in the manufacturing industry - by 0.4%, while the mining and quarrying industry decreased - by 0.8%.
The Total Producer Price Index went up by 1.4% in July 2024 compared to the same month in 2023. An increase was observed in the mining and quarrying industry - by 8.9%, and in the manufacturing industry - by 2.3%. There was a decline in prices in the electricity, gas, steam and air conditioning supply - by 3.1%.
The Producer Price Index on the Domestic Market increased by 0.9% compared to July 2023. A growth was reported in the mining and quarrying industry - by 15.0%, and in the manufacturing industry - by 1.5%. A decrease was observed in the electricity, gas, steam and air conditioning supply - by 2.1%.
The foreign direct investments[1] (FDI) in the non-financial sector as of 31.12.2023 amounted to 32 566 million euro at current prices.
The largest volume of the foreign direct investments was in Industry sector - 13 527 million euro. Next by FDI volume was Service sector (Wholesale and retail trade; repair of motor vehicles and motorcycles; Transport, communication and services; Accommodation and food service activities) - 7 793 million euro.
In the sector Information and communication are made 1.5 percentage points more foreign direct investments compared to the previous year, and in the Construction sector, they decrease by 0.1 percentage points.
The expenditure on acquisition of tangible fixed assets[2] in 2023 in all sectors of the economy amounted to 33 586 million BGN at current prices.
The largest volume of investments in tangible fixed assets was in the sector of Industry - 9 053 million BGN, followed by Service sector (Wholesale and retail trade; repair of motor vehicles and motorcycles; Transport, communication and services; Accommodation and food service activities) with 7 749 million BGN.
In the structure of expenditure on acquisition of tangible fixed assets, an increase was observed in the investments made in the industrial sector, as their relative share increased by 1.0 percentage points compared to 2022 and a decrease in the Service sector (Wholesale and retail trade; repair of motor vehicles and motorcycles; Transport, communication and services; Accommodation and food service activities) by 2.1 percentage points.
During the reporting year, the structure of expenditure on acquisition of tangible fixed assets by kind was changed. The relative share of investments for buildings and construction equipment increased by 2.1 percentage points compared to the previous year and reached 36.8%. Investments for machines, production equipment and apparatus also increased by 0.3 percentage points, forming respectively 28.4% of the total volume of investments in of expenditure on acquisition of tangible fixed assets. At the same time, a decrease was observed in the purchase of land and other expenses by 1.2 percentage points and reached 7.1 and 14.0%, respectively, while there was no change in the case of means of transport compared to the previous year.
[1] Foreign direct investment is an investment, which includes a long-term relationship, referring to a significant degree of influence of a resident of a foreign economy (foreign direct investor) on the management of an enterprise - resident of the Bulgarian economy (investment enterprise). Direct investment comprises not only the initial transaction establishing the relationship between the investor and the enterprise but also all subsequent transactions between them.
The volume of the foreign direct investment in the investment enterprise is defined as a sum:
• Of the foreign share in the equity capital of the enterprise;
• Plus the amount of the unpaid part of long and short-term loans and trade credits granted by the foreign investor to the investment enterprise as of 31.12. of the surveyed year;
• Minus the amount of unpaid part of the long and short-term loans and trade credits granted by the investment enterprise to the foreign investor as of 31.12. of the surveyed year.
[2] The expenditure on acquisition of tangible fixed assets during the period under review includes the actual costs: land purchase and building construction, construction equipment and mechanisms through order and produced by own account, for delivery and installation of tangible fixed assets, for machinery, equipment and means of transport, for geological and hydrological prospecting, for research and design related to construction and other expenditure, connected with acquiring tangible fixed assets. The current maintenance cost of existing tangible fixed assets is not included in the volume of expenditure on acquisition of tangible fixed assets.
Annual reports on their activity for 2023 were submitted at the National Statistical Institute (NSI) by 461 819 non-financial enterprises, which was 2.7% more compared to 2022. The number of persons employed in full-time equivalent in the non-financial enterprises was 2 217 960 or 1.4% more than the previous year. The non-financial enterprises generated 288 962 million BGN of the value of output at current prices and reported a positive financial result of 35 809 million BGN (the data are preliminary).
At the NSI 48 906 enterprises in the sector ‘Agriculture, Forestry and Fishing’ submitted annual reports on their activity for 2023 or 10.6% of the total number of the reported non-financial enterprises. These enterprises employed 109 822 persons who generated a value of output of 11 893 million BGN at current prices. A positive financial result of 1 028 million BGN was reported.
Annual reports on their activities were submitted to NSI by 36 570 industrial enterprises or 7.9% of the total number of the reported non-financial enterprises at the NSI. The value of output at current prices, manufactured by the industrial sector amounted to 113 935 million BGN, which formed 39.4% of the total production value of non-financial enterprises. This sector employed 566 332 persons or 25.5% of the total number of persons employed in non-financial enterprises. The industrial enterprises finished 2023 with a positive financial result of 9 538 million BGN at current prices.
At the NSI 25 138 construction enterprises submitted annual reports on their activity or 5.5% of the total number of reported non-financial enterprises. The construction enterprises employed 149 503 persons or 6.7% of the total number of persons employed in non-financial enterprises. The construction sector generated a value of output of 29 031 million BGN at current prices or 10.0% of the total production value. The construction sector finished 2023 with a positive financial result of 2 480 million BGN at current prices.
Annual reports on their activity for 2023 were submitted at the NSI by 137 767 trade enterprises or 29.8% of the total number of reported non-financial enterprises. This sector engaged 491 710 persons or 22.2% of the total number of persons employed in non-financial enterprises. The trade sector generated a value of output of 40 891 million BGN at current prices or 14.2% of the total production value of non-financial enterprises. The trade enterprises realized a positive financial result of 9 308 million BGN at current prices.
At the NSI 213 438 enterprises in the service sector submitted annual reports or 46.2% of the total number of reported non-financial enterprises. This sector employed 900 593 persons or 40.6% of the total number of persons employed in non-financial enterprises. At current prices, in the service sector was generated value of output of 93 212 million BGN that formed 32.3% of the total production value of non-financial enterprises. The service sector finished 2023 with a positive financial result of 13 455 million BGN.
At the National Statistical Institute, according to preliminary data, 45 licensed insurers, 10 pension companies and 31 supplementary pension funds managed by them, as well as 19 funds for making payments, 248 investment companies and 10 479 associations and foundations have submitted their annual reports for 2023.
Insurance companies
For 2023, a total of 45 licensed insurance companies have submitted their annual reports at the National Statistical Institute, with balance value of assets as of 31.12.2023 for 8 897 million BGN and realised turnover[1] for 4 386 million BGN.
In 2023, the insurance companies have reported a positive financial result of their activity for 307 million BGN. In the life insurance sector, profit of 88 million BGN is realised while in non-life insurance sector, the profit reached 219 million BGN.
Pension Companies and Pension Funds
In 2023, 10 pension companies have been active, with balance value of assets at the end of the year for 621 million BGN and have realized profit amounted to 95 million BGN.
For the reference year 2023, 31 supplementary pension funds have submitted annual reports for their activity at the NSI, of which 20 for mandatory pension insurance, as well as 19 funds for making payments. The balance value assets of supplementary pension insurance fund as of 31.12.2023 is 23 028 million BGN and the investments reached 21 459 million BGN. The balance value assets of pension payment funds as of 31.12.2023 is 130 million BGN and the investments reached 80 million BGN.
Investment Companies
For the reference 2023, at the NSI were submitted 248 annual reports by the investment companies, with total balance value of their assets the end of the year for 15 009 million BGN. Foreign assets received (securities and cash to customers) amounted to 9 675 million BGN.
The financial revenues in the investment companies for 2023 at current prices totalled 1 618 million BGN and the financial result for the year was a profit of 254 million BGN.
Associations and Foundations
According to preliminary data, the number of associations and foundations, which have submitted annual reports for 2023 at the NSI, was 10 479. The balance value of their assets as of 31.12.2023 amounted to 1 607 million BGN.
The members of associations and foundations as of 31.12.2023 were 2 136 824, of which 192 724 were legal entities and 1 944 100 were individuals. The working volunteers were 1 086 516, as they worked a total of 1 460 843 hours.
[1] The turnover includes the gross premiums written in the current accounting year.
The National Statistical Institute (NSI) publishes data about the number of employees under labour contract in non-financial enterprises for the second quarter of 2024 with additional disaggregations by economic activities in accordance with the requirements of Сommission Implementing Regulation (EU) 2020/1197 related with short-term business statistics on employment. At the end of the second quarter of 2024, the number of employees under labour contract in non-financial enterprises in Industry (incl. Mining and quarrying, Manufacturing, Electricity, gas, steam and air conditioning supply, Water collection, treatment and supply) was 512.8 thousand, decreasing with 2.6% compared to the second quarter of 2023. The number of employees in Services of the business economy (except trade and financial and insurance activities) was 572.9 thousand, increasing with 1.4% compared with the same period of the previous year.
Detailed data can be found on the NSI website under the heading 'Labour Market'.
In August 2024, the total business climate indicator increases by 0.5 percentage points in comparison with July. A growth of the indicator is observed only in the industry, while in the construction, retail trade and service sector a reduction is registered.
The main problems for the activity of the enterprises in the sectors remain connected with the uncertain economic environment, shortage of labour, competition in the branch, insufficient demand and costs of materials.