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Kristofor Pavlov, chief economist at UniCredit Bulbank, said that savings currently account for about six to seven per cent of Bulgarians’ disposable income. Photo by BGNES
Kristofor Pavlov, chief economist at UniCredit Bulbank, has stated that Bulgarians’ household wealth has dived by BGN 83 B since the property bubble burst.
Pavlov, speaking in Dubrovnik at the ‘Euromoney Regional Finance and Investment Conference for South East Europe’, stated that property prices in Bulgaria have been reduced by around 20%.
Pavlov explained that hard times have prompted Bulgarian households to save more and consolidate debts. He added that bad loans in Bulgaria would be average for Europe in 2010.
Savings currently account for about six to seven per cent of Bulgarians’ disposable income. About 70-80 per cent of households' financial assets are parked with deposits and so domestic demand will not help the economy recover, Pavlov said.
He concluded that the Bulgarian economy would pull itself out of recession in the second quarter of 2010 but recovery would be painful.
Bulgarian economy has been shrinking in the last trimester of 2020, but the same trend is expected to persist in the first months of 2021 too, forecast UniCredit Bulbank experts in their three-month analysis of economic development of the Central and East
Experts warn of a new economic crisis that could reach Bulgaria.
Fitch has confirmed BBB's UniCredit Bulbank's Long Term Issuer Ratings (IDRs) and self-rating bb +.
The euro single currency area must shore itself up with reforms or face renewed threats of breakup when a new economic crisis strikes, a top European Central Bank official warned Friday.
The revenues of the Islamic State terrorist group have fallen five times in two years, according to the Italian newspaper La Stampa, quoted by BGNES.
Caretaker Finance Minister Georgi Klisurski said he expects fuel prices at gas stations to ease in the coming period, pointing to a sharp decline in international oil markets
Bulgaria’s new government borrowing for 2026 has surpassed the 1 billion euro mark following the latest successful auction of state securities, according to data cited from the Bulgarian National Bank
Bulgaria recorded only a modest and one-off increase in inflation following the adoption of the euro on January 1, with the effect estimated at between 0.3 and 0.4 percentage points
Data released by the Ministry of Finance, covering budget execution for February 2026 and preliminary estimates for March 2026, indicate a marked deterioration in Bulgaria’s fiscal position
In the 2026 edition of the Index of Economic Freedom, compiled by the Heritage Foundation, Bulgaria is placed 38th out of 176 countries, positioned between Costa Rica and Oman
Finance officials and the Bulgarian National Bank have issued a series of warnings about Bulgaria’s fiscal and economic outlook for 2026, highlighting rising pressure on public finances, slower growth, and higher inflation.
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