Healthcare generates 4.2% of Bulgaria's GDP
The healthcare sector is among the top five employers in Bulgaria, according to a study of the economic contribution of medical institutions in the country commissioned by the Bulgarian Medical Association.
Local medical institutions pay nearly 2.8 billion levs (approx. 1.4 billion euro) a year in salaries to over 106,000 health system employees. They also contribute close to 80 million levs in corporate taxes and some 890 million levs in insurance contributions. The expenditures on services provided by medical practices, hospitals, and other healthcare facilities increase the household income in the economy by about 3.8 billion levs.
The total economic contribution of healthcare institutions amounts to nearly 7 billion levs, accounting for 4.2% of GDP. Including indirect and induced effects, their contribution to the economy totals 11.6 billion levs.
Finance Ministry slashes 2024 inflation forecast
The Finance Ministry has cut its forecast for this year's average annual inflation by half compared to its previous estimate. According to the ministry's spring macroeconomic forecast,inflation under the EU Harmonised Index of Consumer Prices (HICP) is expected to abate in 2024 to an annual average of 2.4% and 2.3% at the end of the year.
The autumn forecast predicted a slowdown in average annual inflation to 4.8%. The report highlights that the most significant price increases will come from the components of core inflation, especially in the service sector.
Inflation remains the only criterion Bulgaria does not yet meet for joining the eurozone. The country officially plans to adopt the euro on January 1, 2025, but there are indications that this deadline might not be met, largely due to inflation concerns. Suggestions have been made for a mid-2025 entry, although there is no such precedent in the euro area.
Bulgaria's new car sales jump by 38%
Sales of new passenger cars and light commercial vehicles in the first quarter of 2024 have surged by just over 38%, according to registration data from Traffic Police. A total of 12,814 vehicles were purchased compared to 9,271 in the first quarter of last year.
For used passenger and light commercial vehicles, the increase in registrations is slightly over 20%. The total number of second-hand cars purchased is 57,173. Over 70% of these vehicles are over 10 years old.
As of today, for every new passenger car and light commercial vehicle purchased in Bulgaria, there are 4.4 used ones. Last year, this ratio was 1 to 5.1.
Healthcare generates 4.2% of Bulgaria's GDP
The healthcare sector is among the top five employers in Bulgaria, according to a study of the economic contribution of medical institutions in the country commissioned by the Bulgarian Medical Association.
