Business revenues sees 1% decline
In 2023, for the first time in a decade, the financial performance of companies in Bulgaria declined, with total revenues falling by 0.95% to 607.9 billion levs across 387,000 active firms.
This slowdown is moderate compared to the top 100 largest companies, which saw a sharper revenue drop of 14.35%, largely due to the energy sector's return to normal levels after two booming years.
Despite the overall downturn, the number of active companies grew by 10,000, and many sectors, such as finance and insurance, experienced profit growth of nearly 120%. In contrast, sectors like mining, agriculture, and professional services faced significant losses. The National Revenue Agency (NAP) data shows that the collective net profit for 2023 decreased by 1.72% to 54.6 billion levs, while tax losses rose by 14.47%.
MRF's internecine warfare continues
The war between Delyan Peevski and Ahmed Dogan is deepening after prosecutors opened a case against former Kardzhali mayor Hasan Aziz, one that Aziz says is politically motivated.
This follows the split of the MRF between Dogan's loyalists (now known as ARF) and Peevski's supporters a few weeks ago. Recent actions against MRF activists loyal to Dogan (such as Aziz) appear echo earlier moves by the state prosecution during previous elections, targeting Peevski's political opponents.
Peevski's close ties to the prosecution have become more blatant, particularly as the election of a new Chief Prosecutor is underway, seemingly under his direction. The timing of the Chief Prosecutor selection, coinciding with the pre-election period, raises concerns about political interference and control over the judiciary.
Buyers favor new builds
Brokers at a recent conference organized by Manager magazine report that buyers are prioritizing constructions with specific features, including not just quality and energy efficiency, but also an attractive surrounding environment. These larger projects are increasingly found outside densely urbanized areas, as city centers lack available space.
Buyers, particularly younger ones with good financial resources, prefer modern layouts, such as open-plan kitchens integrated with living rooms, and tend to avoid outdated properties. While new developments come at higher prices, this is not a significant obstacle due to easy access to affordable loans. Developers have also noted the strong demand for new properties.
Business revenues sees 1% decline
In 2023, for the first time in a decade, the financial performance of companies in Bulgaria declined, with total revenues falling by 0.95% to 607.9 billion levs across 387,000 active firms.
