ICT Industry 'to Generate 11% of Bulgaria's GDP' in 2016 - Analysis

Business | January 4, 2016, Monday // 13:25
Bulgaria: ICT Industry 'to Generate 11% of Bulgaria's GDP' in 2016 - Analysis File photo, BGNES

Some USD 5.5 B will be generated by 10 000 working in Bulgaria's information and communications technology (ICT) industry, a recent forecast suggests.

The analysis prepared by CBN - Panoff, Stoycheff & Co (a business and market research group also providing IT consultancy services) and sent to media outlets argues the share of ICT businesses in the economy this year might amount to 11 percent.

Software services, supply of telecom equipment, contact centers, and IT distribution are the areas where CBN sees the biggest growth potential.

Ownership change at Blizoo and Vivacom will have a positive impact on revenues stabilization expected by a number of businesses, the text also reads.

Slowdown in sales of tablet devices and a bigger share of laptops as the engine of the computer industry will also be key processes to observe in 2016.

Additionally, online trade (traditionally at low levels in the country) will see a substantial boost, alongside online services offered by a number of sectors such as banking and telecoms, the latter triggering a process of closing down a number of bank offices and store branches.

With an increase in revenues of Chinese technology giants in the Bulgarian market, a further expansion of Chinese capital should be expected, according to the analysis.

Despite "critically low" levels of technology development in the state and municipal administration (mainly owned to the lack of good communication between the country's political leadership and the IT businesses), a good development in 2015 to have effect this year is the opening of Sofia Tech Park "regardless of the lack of experience and the notable absence of knowledge on the technology industry in Bulgaria".

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Tags: ICT, software, CBN, sofia tech park, Blizoo, Vivacom
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