Bulgaria’s Average Gross Monthly Salary Hits BGN 2,000, Signaling Economic Growth

Bulgaria is witnessing a significant milestone in its economic narrative. The National Statistical Institute's latest report has unveiled a momentous shift in the country's economic landscape—the average gross monthly salary has surpassed BGN 2,000

Bulgaria is witnessing a significant milestone in its economic narrative. The National Statistical Institute's latest report has unveiled a momentous shift in the country's economic landscape—the average gross monthly salary has surpassed BGN 2,000
Bulgaria is witnessing a significant milestone in its economic narrative. The National Statistical Institute's latest report has unveiled a momentous shift in the country's economic landscape—the average gross monthly salary has surpassed BGN 2,000

Bulgaria is witnessing a significant milestone in its economic narrative. The National Statistical Institute’s latest report has unveiled a momentous shift in the country’s economic landscape—the average gross monthly salary has surpassed BGN 2,000.

September 2023 is a pivotal month, marking an unprecedented leap in salary averages, reaching BGN 2,072. This achievement reflects a remarkable ascent from the preceding months of July (BGN 1,973) and August (BGN 1,957) of the same year.

Advertisement

Zooming out to view the broader canvas of the third quarter of 2023, the NSI paints a portrait of progress. The average monthly salary across sectors settles at BGN 2,000, showcasing a 2.2% surge from the second quarter. 

Noteworthy sectors contributing to this growth include “Government” (boasting a 13.4% increase), “Education” (with a commendable 12.2% rise), and “Agriculture, forestry, and fisheries” witnessing a 7.5% uptick.

However, this climb in average salaries is juxtaposed with a concerning decline in the employed population. By the end of September 2023, a decrease of 34.1 thousand individuals (1.5%) was observed compared to the end of June 2023. 

Sectors experiencing the most significant decrease in employment include:

  • The hotel and restaurant industry” (with a staggering 15.8% decrease).
  • The administrative and auxiliary activities” (observing a 2.7% downturn).
  • The manufacturing industry” witnessing a 1.4% decrease.

Nevertheless, amidst this decline, a few sectors have shown resilience. “Human health care and social work” witnessed a 1.1% increase in the number of persons employed under labour and service legal relations.

Comparing the employment figures to the previous year, a 1.0% increase in the number of employed persons under labour and service legal relationships was recorded by the end of September 2023. 

This positive trajectory was evident in sectors such as “Human health care and social work” (notable with a 10.4% increase), “Hospitality and catering” (showcasing a 7.2% rise), and “Creation and distribution of information and creative products; telecommunications” (experiencing a 3.4% increase). 

Advertisement

However, the “Manufacturing industry” (-6.7%) and “Mining industry” (-2.1%) encountered substantial declines.

These statistics unveil a multifaceted economic landscape in Bulgaria. 

While achieving an average salary exceeding BGN 2,000 signals robust growth, attention to challenges in specific sectors becomes imperative for a comprehensive understanding of the country’s economic dynamics.

Bulgaria stands at a crossroads, navigating a trajectory of progress while addressing the nuanced challenges that define its economic evolution. 

Advertisement

The spotlight is on leveraging strengths and addressing the vulnerabilities to steer the nation towards a more resilient and inclusive economic future.

 

This article was created using automation technology and was thoroughly edited and fact-checked by one of our editorial staff members.