The day in 3 news: Exports up, but still below par; Foreign agents law opposed by most parties again; Insurance companies reach record growth

The day in 3 news: Exports up, but still below par; Foreign agents law opposed by most parties again; Insurance companies reach record growth

© Цветелина Белутова


Exports slightly stronger, but still troubling

After a weak start to 2024, with a 9.4% drop in Bulgarian exports during the first quarter, the second quarter showed signs of stabilization. By July, exports rose by 7.4% year-on-year, reaching nearly 7.9 billion levs, the strongest month so far. This growth was partly driven by increased electricity exports to neighboring countries amid higher energy prices.

However, the overall export figures for the first seven months are still 2.9% lower than last year, with a notable decline in sales to the EU. Experts attribute the decline to a return to more sustainable levels after post-pandemic export highs.

Row over foreign agents law reignites

Far-right nationalist party Vazrazhdane again submitted a draft law for registering foreign agents in parliament, but it was swiftly rejected by major political groups, including GERB, WCC and MRF. The draft was criticized for its resemblance to Russia's repressive foreign agent law, although leader Kostadin Kostadinov claimed it was modeled after the U.S. law.

Critics argue the law threatens constitutional rights and national sovereignty. MRF's Delyan Peevski called it a provocation to national security and urged all parties to reject it. There was no support for the bill, even from There is Such a People. The bill itself has been rejected on several occasions in previous parliaments over the last few years with little to no changes to its text.

Bulgarian insurance assets reach record

By mid-2024, Bulgarian insurance companies managed assets worth 10.8 billion levs, a 6% increase compared to the previous year, marking the highest level since 2008. Life insurance assets saw the most significant growth, rising by 14.6% to 3.2 billion levs. Nearly half of the sector's assets (47.7%) are invested in bonds, with an annual increase of 10%. Meanwhile, assets in euro grew to 42.3%, while investments in Bulgaria decreased by 6.8%. The sector's technical reserves rose by 14.1%, reaching 5.7 billion levs.

Exports slightly stronger, but still troubling

After a weak start to 2024, with a 9.4% drop in Bulgarian exports during the first quarter, the second quarter showed signs of stabilization. By July, exports rose by 7.4% year-on-year, reaching nearly 7.9 billion levs, the strongest month so far. This growth was partly driven by increased electricity exports to neighboring countries amid higher energy prices.

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