Average Monthly Wage in Bulgaria To Exceed BGN 1,000 in 2017

Business | January 17, 2017, Tuesday // 19:00| Views: | Comments: 0
  • Send to Kindle
Bulgaria: Average Monthly Wage in Bulgaria To Exceed BGN 1,000 in 2017 BGNES

The average monthly wage in Bulgaria will exceed BGN 1,000 in 2017, forecast experts of UniCredit Group. The forecast was made at the financial forum Euromoney in Vienna, reported BTA.

Economists expect the average monthly wage to increase to BGN 1,039 in 2017 and reach BGN 1,125 in 2018. According to data of the National Statistical Institute (NSA), at the end of 2016, the average monthly wage in the country was BGN 954.

According to analysts, Bulgaria’s economy will grow by 3.6% - or an increase of 0.1%, compared to 2016. The main engine of growth will be internal demand and individual consumption.

Consumption will be supported by an increase in salaries, while the creation of new jobs will drop because the shortage of labour already restricts growth in economic activity in certain sectors, stated the chief economist of UniCredit Bulbank Kristofor Pavlov.

According to Pavlov, households are more confident in the stability of their income and jobs, while banks wish to extend further credits. This, in turn, will improve the prospects of the residential construction sector, which could lead to more intense building activity and, thus, moderately higher prices of homes in 2017 and 2018.

The financial institution expects a 0.9% drop in unemployment in 2017 to 6.8% and yet another decrease of 0.8% in 2018.

Business » Be a reporter: Write and send your article
Tags: salaries, wages, average monthly wage, demand, consumption, unemployment, construction, Vienna, Euromoney, Unicredit, economic growth, NSA
Expats.bg All Are Welcome! Join Now!
Advertisement
Advertisement
Please, log in to post a comment.
» To the forumComments (0)
Bulgaria news Novinite.com (Sofia News Agency - www.sofianewsagency.com) is unique with being a real time news provider in English that informs its readers about the latest Bulgarian news. The editorial staff also publishes a daily online newspaper "Sofia Morning News." Novinite.com (Sofia News Agency - www.sofianewsagency.com) and Sofia Morning News publish the latest economic, political and cultural news that take place in Bulgaria. Foreign media analysis on Bulgaria and World News in Brief are also part of the web site and the online newspaper. News Bulgaria