Key Indicators for Bulgaria (as of 05.10.2020)

According to the NSI business inquiries in September 2020, the industrial confidence indicator improved by 3.4 percentage points in comparison with August 2020. In July 2020 the working day adjusted Industrial Production Index fell by 6.0% in comparison with the same month of 2019 (preliminary data). On annual basis in July 2020 Industrial Production Index calculated from working day adjusted data fell in the electricity, gas, steam and air conditioning supply by 9.9%, in the manufacturing by 5.7% and in the mining and quarrying industry by 3.1%.

In July 2020 working day adjusted data showed a decrease by 3.9% in the construction production, compared to the same month of 2019. On an annual basis in July 2020, the decrease of production in construction, calculated from working day adjusted data, was determined from the negative rate in the building construction, where the decline was by 6.2% and in the civil engineering - by 0.7%.

According to the preliminary data the produced Gross Domestic Product (GDP) at current prices for the second quarter of 2020 is BGN 27 395 million. GDP per person is BGN 3 944. GDP is USD 15 430 million and USD 2 221 per person using the average for the quarter exchange rate of BGN 1.775410 for USD 1. According to the seasonally adjusted data, the GDP down by 8.5% in the second quarter of 2020 compared to the same quarter of the previous year and 10.0% compared to the first quarter of 2020.

Private consumption

In July 2020, the total consumer confidence indicator increases by 3.3 percentage points in comparison with April, as for the urban population the increase is 2.7 percentage points and for the rural population - 4.5 percentage points. According to the consumers’ assessments, there is certain positive change in the development of the general economic situation in the country over the last 12 months. The expectations of living in the villages also are that positive it will continues over the next 12 months, as opposed the urban population are slightly more pessimistic than they were 3 months ago. In July 2020, the working day adjusted turnover in ‘Retail trade, except of motor vehicles and motorcycles’ fell by 17.5% in comparison with the same month of the previous year. In July 2020 compared to the same month of 2019, decline of turnover was observed in the ‘Retail sale of food, beverages and tobacco’ (22.8%), in the ‘Retail sale of automotive fuel in specialised stores’ (21.1%) and in the ‘Retail sale of non-food products, except fuel’ (11.8%). During the second quarter of 2020, 69.0% of GDP were spent for individual consumption. According to seasonally adjusted data, the indicator decreases by 0.2% compared to the respective quarter of 2019.

Investment

In July in comparison with April, an increase of the average capacity utilization in industry is observed and which reached 70.4%.

The relative share of gross fixed capital formation in GDP in the second quarter of 2020 is 18.9%. According to seasonally adjusted data that indicator decreases by 1.5% in real terms compared to the same period of the previous year.

Labour market

In the second quarter of 2020 there were 3 079.6 thousand employed persons aged 15 years and over, of whom 1 642.0 thousand men and 1 437.6 thousand women. Compared to the second quarter of 2019, the number of employed persons decreased by 5.6%. The employment rate for the same age group was 52.0% (57.8% for men and 46.6% for women).

In the second quarter of 2020 there were 192.2 thousand unemployed persons, of whom 108.1 thousand (56.2%) men and 84.1 thousand (43.8%) women. The unemployment rate was 5.9%, 6.2% and 5.5% for men and women respectively. In comparison with the second quarter of 2019, the unemployment rate rose by 1.7 percentage points, registering an increase by 1.6 percentage points for men and by 1.8 percentage points for women. In the second quarter of 2020 the total hourly labour cost (preliminary data) rose by 9.9% compared to the second quarter of 2019. The total hourly labour cost grew by 10.7% in industry, by 9.1% in services and by 6.0% in construction.

According to the NSI business inquiries in September 2020, 20.8% of the industrial enterprises pointed out the labour shortage as a factor limiting their activity.

In June 2020 the average wage and salary was BGN 1 355 and rose by 1.7% compared to the previous month and by 8.1% compared to June 2019.