Romania earthquake also shakes Sofia
A new earthquake in Northern Romania with an epicenter near Oltenia, Valcha County, was also felt in Bulgaria around 3:16 p.m. today. According to information from the European Mediterranean Seismological Center, the earthquake had a magnitude of 5.5 on the Richter scale.
This is the second earthquake in the same area of Romania in the last 24 hours. The earthquake was felt in most parts of Bulgaria, including Sofia, which is located about 268 km from the epicenter. It was most noticeable in Vidin, Vratsa and Montana. The Ministry of the Interior reported that there were no reports of casualties or damage.
Consumption drives local economy
In the last three months of 2022, consumption was the decisive factor driving economic growth. The National Statistical Institute estimates that it grew by 4.7%, while the gross formation of fixed capital, i.e. investments, decreased by 3.3% compared to the period October - December 2021. On an annual basis, exports grew by 7.2%, and imports - by 10.7%.
Over the last quarter, GDP increased by 2.1% compared to the fourth quarter of the previous year, reaching BGN 47.086 billion. The largest share in GDP is taken by consumption with 81.3%, which amounts to BGN 38.272 billion.
Wages increase by 17%
Wage growth accelerated dramatically in the last quarter of 2022 - the average gross remuneration in the country has increased by 16.6% compared to 2021 reaching BGN 1,879.
The growth is the highest since 2008 and comes amid rapidly rising consumer prices and a tight labor market that has left many employers shortstaffed. As a result, wage growth almost caught up with inflation, which in the months of October - December was around 17-18% on an annual basis.
As in most of last year, salaries in the private sector increased faster - by 17.7% on an annual basis, while in the public sector growth was 13.5%. Despite this, the average salary of civil servants remains higher and already exceeds BGN 2,000, while for those working in private companies it is BGN 1,833.