Expenses in Bulgaria are Rising: Most Money Spent on Food and Beverages

Business » FINANCE | Author: Diana Kavardzhikova |February 16, 2024, Friday // 14:15
Bulgaria: Expenses in Bulgaria are Rising: Most Money Spent on Food and Beverages @novinite.com

At the end of 2023, household expenses increased by 19.1%, with the majority spent on food - approximately one-third of all expenditures. This is indicated by the data from the National Statistical Institute (NSI).

Household incomes

In the third quarter of 2023, the average total income of households is 2,874 BGN, increasing by 22.5% compared to the same period in 2022. In the structure of this total income, the largest share comes from wages (54.4%), followed by pensions (30.9%) and self-employment income (6.3%). Compared to the same period in 2022, the share of income from wages increased by 1.1%, while the share of self-employment income increased by 1.4%. Meanwhile, the share of pension income decreased by 3.3%.

Household expenses

During the third quarter of 2023, the average household expenditure for that period was 2,714 BGN, representing a 21.2% increase compared to the same period of the previous year. The largest portion of this expenditure is allocated to food and non-alcoholic beverages (28.7%), followed by housing expenses (16.1%), taxes and social security contributions (12.7%), and transportation and communications (11.5%).

According to the National Statistical Institute (NSI), in the third quarter of 2023 compared to the same period in 2022, household expenditures per person changed as follows:

Expenditure on food and non-alcoholic beverages increases from 675 to 780 BGN (by 15.4%); on alcoholic beverages and tobacco: from 87 to 102 BGN (by 16.5%); clothing and footwear: from 69 to 88 BGN (by 28.0%); on housing (water, electricity, heating, furnishing, and maintenance of the home): from 426 to 436 BGN (by 2.3%); healthcare:  from 138 to 147 BGN (by 6.5%); transportation and communications: from 248 to 311 BGN (by 25.5%); on leisure, cultural activities, and education: from 149 to 251 BGN (by 68.0%); on taxes and social security increases from 255 to 345 BGN (by 35.5%).

The consumption of basic food products per household member decreased compared to the same period in 2022. The most significant decreases are observed in the consumption of vegetables, bread, and pastry products, as well as fruits. At the same time, the consumption of meat products and fresh milk increases. Consumption of meat, eggs, and mature beans remains stable, with no changes.

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