Bulgaria over the Next 5 Years: Wages Jump by 40%, GDP Rises, but the Demographic Crisis Continues to Deepen
The economic forecasts for Bulgaria for the next few years are quite positive. This is indicated by statistics released by the Statista covering the period 2014 to 2024.
The GDP of the small European country is expected to increase steadily over the next 4-5 years, by 2019 estimated to reach $ 67 billion or 2 billion more than in 2018. Extremely pleasant, is the Statista’s suggest (for the next 5 years) for a significant growth of 3 to 5 billion annually, reaching $ 91.56 billion in 2024. We recall that GDP is an important indicator of the economic situation of the countries, showing the total value of all services and goods produced for a year in the country.
In terms of GDP per capita - another important indicator that demonstrates the total value produced by each resident - the picture is expected to be similar. From an estimated $ 9,619 on average per year in 2019, the growth will reach $ 13,533 per year on average per person. This practically means that the average wages in the country should jump by almost 40 percent within 5 years. According to the latest data from the National Statistical Institute, the average wage in the country for the first quarter of this year amounts to BGN 1208 or 5, which means that the expectations for the next 5 years are these amounts to increase to BGN 1691 or 4.8 respectively.
At the same time, in 2019, the government of Bulgaria spent in 37% of its gross domestic product on various investments, improving the living conditions and quality of services in the country. The projection is to gradually reduce this amount by almost half a percent a year, reaching 34.6% in 2024.
However, the good news are over here. According to statistics, the demographic crisis in the country will continue to deepen. Since officially the population of Bulgaria has fallen below 7 billion people in 2019, the tendency for the country is to lose an average of 0.5% of its people every year - in other words, the Bulgaria’s population decreases annually by about 35 thousand people. It is projected to reach 6.77 million people in 2024, which, however, will receive higher average salaries and will have higher productivity.
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