Surge in New Hotels, Restaurants, and Tech Startups in Bulgaria

Business | April 20, 2024, Saturday // 09:31
Bulgaria: Surge in New Hotels, Restaurants, and Tech Startups in Bulgaria Photo: Stella Ivanova

The economic landscape of the country is experiencing a dynamic shift as new hotels, restaurants, and technology startups emerge at an unprecedented rate, according to data from the National Statistical Institute (NSI).

In a remarkable trend, the first quarter of the year witnessed a surge in the registration of new companies within the hotel and restaurant sector. NSI reports indicate a staggering 31.9% increase compared to the same period last year, with 124 new companies entering the market. Simultaneously, the sector saw a notable decline in bankruptcies, with only 14 companies facing such challenges, marking a remarkable 46.2% decrease from the previous year.

These statistics paint a promising picture of recovery for the hotel and restaurant industry post-COVID pandemic. The sector's resilience is evident as businesses recognize favorable prospects for growth and development. Moreover, the decision by parliament to maintain the reduced VAT rate of 9% for restaurateurs serves as an additional incentive, fueling optimism and investment in the sector.

Another sector experiencing significant growth is information technology. NSI data reveals a 27.2% increase in the registration of companies involved in the creation and dissemination of information and creative products, as well as telecommunications. Impressively, the number of bankruptcies in this sector decreased by 45.5% compared to the previous year, indicating a robust and sustainable growth trajectory.

While larger companies in the tech industry may be scaling back, the surge in startups is a testament to the sector's resilience and potential. Despite fluctuations in job postings for programmers, the steady rise in startup companies reflects ongoing opportunities and innovation in the field.

Additionally, the trade sector is witnessing notable growth, particularly in wholesale and retail trade, as evidenced by the registration of 10,812 companies in the first quarter of the year. Although this sector also experiences a proportionate increase in bankruptcies, it remains a vibrant hub for new businesses and economic activity.

As the country's economic landscape continues to evolve, the surge in new enterprises across multiple sectors signifies a promising outlook for recovery and growth in the post-pandemic era.

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Tags: economic, New, recovery, hotels

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