Bulgaria's External Debt Reaches €44.4 Billion: National Bank Report
Bulgaria's National Bank has disclosed the country's external debt figures, revealing a notable increase in gross foreign debt at the end of February 2024
Grey economy has generated a parallel output worth 20% of Bulgaria's official official gross domestic product (GDP) for the period 2000 - 2009, according to a survey conducted by the Finance Ministry.
The full results of the detailed institutional analysis of the size of the shadow economy in the country is to be published in September, according to a publication in Dnevnik daily.
Experts at the Finance Ministry have explained that the estimates are made on the basis of energy consumption in Bulgaria.
The model is premised on the notion that rising power consumption is indicative of real economic growth, regardless of officially reported figures.
To illustrate the theory, if energy consumption rises by a higher percentage than the reported economic growth (inflation adjusted), this circumstance is attributed to illegal economic activity.
The Finance Ministry has conceded that the original methodology has its weak sides because it fails to take into account changes in power consumption rates resulting from the advent of hi-tech products.
This is why the final results of the survey will be subjected to further processing and will be revealed in September.
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