Construction starts on Vitosha Art residential complex
Life at the former Vitosha factory site in Sofia appears unchanged from the outside, with shops, offices, and workshops still active at 47 Cherni Vrah Boulevard.
However, this is set to change as construction begins on the large-scale Vitosha Art complex, which will transform the 31-decare site over the next four years. Led by Artstroy 1 Investment, the 135 million euro project will unfold in two phases, delivering 82,000 square meters of above-ground space and 131,000 square meters including underground areas - all for residential use.
The project has sparked local interest and concern, particularly among residents of the nearby Lozenets neighborhood, who are wary of potential overdevelopment.
Labor market sees higher wages, fewer workers
In 2023, Bulgaria's labour market saw cautious hiring in some sectors but a double-digit increase in average wages. Due to high inflation, a 20% minimum wage increase, and a shortage of skilled workers, the average monthly salary rose by nearly 14%, reaching 2,173 levs in December.
While unemployment slightly increased to 4.3%, the job market remains tight, with a declining working-age population. Employment trends varied by sector, with increases only in public administration, mining, and healthcare, while tourism, real estate, and construction saw declines due to seasonal factors and informal employment. Political instability has also impacted business confidence, dampening the investment outlook.
Bulgaria needs to tighten its belt as 2024 ends
Bulgaria will need to carefully manage spending over the final two months of the year to maintain budget control.
The cash deficit has risen by nearly 1.2 billion levs, reaching 4 billion levs, or 2% of projected GDP, as of November, according to preliminary data from the Ministry of Finance. With the 2024 budget targeting a cash deficit of 6.2 billion levs (3% of GDP), the government has 2.2 billion levs left to spend through December.
While end-of-year spending surges are typical, as suggested by the 11.6 billion spent at the end of 2023, there are exceptions to the rule, albeit not very frequently, but 2024 would certainly have to buck the trend if the country is to meet its fiscal goals for Eurozone entry.
Construction starts on Vitosha Art residential complex
Life at the former Vitosha factory site in Sofia appears unchanged from the outside, with shops, offices, and workshops still active at 47 Cherni Vrah Boulevard.
