Industry in Bulgaria Has One of the Highest Profit Rates in Europe

Business » INDUSTRY | March 30, 2017, Thursday // 14:54
Bulgaria: Industry in Bulgaria Has One of the Highest Profit Rates in Europe EPA/BGNES

Industry in Bulgaria has one of the highest profit rates in Europe but pays some of the lowest salaries in the EU, an expert analysis  of the Confederation of Independent Trade Unions in Bulgaria shows, cited by BNR.

The results were presented at a national conference titled ‘’Social Dialogue for Fair Pay’’ organized by the trade union.

According to the union, one worker in the tailoring sector in Bulgaria receives an average EUR 276, while the equivalent in Spain receives EUR 1,606. The difference in pharmacy is almost six-fold – Bulgaria receive EUR 536 while their Spanish counterparts receive EUR 3, 480. At the same time, the rate of return in Bulgaria mining and quarrying is among the highest in Europe – 31.7% compared to the average 21.7% for the EU.

CITUB leader Plamen Dimitrov said that the argument whether Bulgarians produce more than they receive should have a final solution in all industries. The answer on macro-level is clear - as early as 2003 GDP reached its 1990 level and has actually increased by 47.6 per cent over the entire period of transition between 1990 and 2016, while the real minimum salary rose above its 1990 levels only in 2016 by the modest 5.0 to 6.0 %. According to CITUB, this prolonged situation should be overcome, and that very soon.

The President of CITUB thinks the comparison with neighboring countries is important. He quoted data, according to which Bulgaria's minimum salary is by 40% lower and the average salary is about 30 % below those in Romania. He also said, however, that per capita GDP there is generally higher, although not in all sectors. The average salary in Serbia is over 30% higher and the minimum salary - by about 15 %. Salaries are lower only in Albania, Dimitrov added.

According to the leader of CITUB, the mining industry in Bulgaria is among the most effective ones, but in spite of the rising added value, the dynamics of the average salary there shows that payment has increased a little over 16% in 2016 compared to 2012 while employment decreased by 10%.



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Tags: industry, CITUB, Confederation of Independent Trade Unions
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