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The economic crisis has brought Bulgarian industry back to 1985 levels. Photo by BGNES
The effects of the economic crisis have brought the Bulgarian industry back to its levels from 1985.
This is the conclusion on an analysis of the Bulgarian Industrial Association (BIA) and the Friedrich Ebert Foundation, cited by the Pari Daily.
The analysis shows that even though in 2008 the Bulgarian industrial sector managed to restore its best level from 1988 after struggling in the post-communist transition for some 20 years, in 2009 the global economic crisis has made equalized the country’s industry to the levels from 1985.
The BIA analysis shows that for the ten-year period between 1998 and 2008, the total amount of money for salaries in the Bulgarian industrial sector registered a real growth of only 14,6%.
And even though the labor productivity in Bulgaria’s industry was 4 times greater in 2008 compared to 1998, the nominal amount of the wages grew was only 2,5 times greater.
The analysis is thus said to disprove the claims of the former government led by Sergey Stanishev that salaries had been growing at a large pace than labor productivity.
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