Bulgarian Household Incomes Offset by Inflation in 2023

Business » FINANCE | Author: Diana Kavardzhikova |April 18, 2024, Thursday // 15:08
Bulgaria: Bulgarian Household Incomes Offset by Inflation in 2023 Pixabay

According to the latest data released by the National Statistical Institute, Bulgarian household incomes experienced a remarkable surge in 2023, reaching an average of BGN 10,846 per household member. This represents an impressive annual growth rate of 20.4%, marking a significant increase over the past decade, where incomes have more than doubled, growing by 2.3 times.

When accounting for inflation, real household incomes saw a notable increase of 10% over the past year, with a staggering 158.5% surge compared to 2014. The data also highlight substantial growth in income from salaries, rising by 22.5% compared to 2022, and from pensions, which increased by 13.6%.

On the expenditure front, households spent an average of BGN 10,044 per person in 2023, reflecting a 19.7% increase from the previous year and a 2.2-fold rise compared to a decade ago. Notably, spending on leisure, cultural activities, and education saw the most significant growth, surging by 46.8%, followed by expenditures on clothing and footwear, which rose by 23.8%, and on food and soft drinks, increasing by 18.1%.

In terms of consumption patterns, the statistics indicate a continued decline in the consumption of bread and pasta, with consumption in 2023 averaging 3.1 kg per household member. Conversely, consumption of meat products increased by 0.8 kg, fruits by 0.6 kg, non-alcoholic beverages by 5.9 liters, and alcohol by 2.9 liters per household member.

The data underscores a positive trend in household purchasing power, with the largest increases observed for butter (16.9%), ripe beans (16.5%), and bread (15%).

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Tags: inflation, household, incomes, Bulgaria

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