Report Shows Bulgarians Have Doubled Their Wealth in a Decade

Business » FINANCE | Author: Diana Kavardzhikova |April 18, 2024, Thursday // 14:40
Bulgaria: Report Shows Bulgarians Have Doubled Their Wealth in a Decade Pixabay

The National Statistical Institute's (NSI) latest report unveils a marginal annual increase in the income of Bulgarians in 2023 compared to their expenses, marking a reversal of the trend observed in 2022.

In 2023, the average annual total income per person in a household reached BGN 10,846, representing a 20.4% surge from 2022. Over the past decade (2014-2023), this metric has more than doubled, reflecting a steady upward trajectory. Conversely, household expenses also saw a notable uptick, reaching BGN 10,044 per person on average in 2023, marking a 19.7% increase from the previous year. Similar to income, household spending has also experienced substantial growth over the past decade.

Real household incomes, after adjusting for inflation, rose by 10% in 2023 compared to the previous year, with the real income index for 2023 soaring to 158.5% compared to 2014. This indicates a significant improvement in purchasing power for most basic foodstuffs. Notably, the purchasing power of Bulgarian households increased for items such as milk butter, mature beans, and bread, witnessing double-digit growth percentages.

The purchasing power of households increased in 2023 compared to 2022 for the majority of basic food items. The largest growth in purchasing power was observed for milk butter (16.9 %), mature beans (16.5 %), and bread (15 %). Conversely, in 2022, the National Statistical Institute reported a decline in household purchasing power compared to 2021 for most major food products, with notable decreases in sugar, eggs, cheese, yellow cheese, and bread.

We need your support so can keep delivering news and information about Bulgaria! Thank you!

Finance » Be a reporter: Write and send your article
Tags: households, Bulgarian, increase, income

Bulgaria news (Sofia News Agency - 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." (Sofia News Agency - 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