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October 2020
Bulgaria's business, economy and politics explained in 128 pages of quality reporting

Stories in this report

Postponing the Fall

How long will the Prime Minister Boyko Borissov dodge resigning after three months of protests and what comes next?

The big pretender

Bulgaria’s second party strives for the prime spot after months of anti-GERB protests. Who are the party’s movers and shakers?

What is the Bulgarian mafia – and why does it matter?

"Thugs – out" and "Mafia" have become the signature chants of this summer’s anti-governmental protests. There are deeply rooted reasons for this.

Forgotten scandals

An update to the list of transgressions of the powerful that remained buried in the news of protests and pandemics.

Eyes wide shut (no more?)

The EU faces a conundrum: either get tough on Boyko Borissov or accept his "Orban lite" model

A reluctant brotherhood

Bulgaria’s attempt to thwart N. Macedonia’s EU accession bid ruins four years of diplomatic efforts and may lead to Sofia’s isolation in Brussels

A very Bulgarian spy saga

Sofia is highly selective when it comes to expelling Russian spies – and its interests in general

Bulgaria’s GDP: Nowhere to go but up

The sharpest economic drop on record was expected to be followed by a quick recovery. The third quarter is not looking so good though.

Borissov and the bottomless budget

The government has opened its wallet, throwing money at COVID-19 in an attempt to cling to power and stave off protests


Bulgaria raised 2.5 billion euro through the sale of Eurobonds under favorable conditions in September. The question is what the GERB-led government coalition will do with the money

The Northern Road

What is happening with Hemus motorway which is supposed to connect Sofia with towns in the northern parts of the country all the way to Varna

The loneliest summer

While small towns on the Bulgarian Black Sea coast enjoy the return of domestic tourists, large resorts traditionally relying on foreigner visitors look deserted

Small businesses’ big crisis

Small firms which make up more than 90% of companies in Bulgaria, were hit hardest by the Covid-19 crisis

A toy war

How one toy retailer got mixed-up in anti-government protests and received an uninvited buy-out offer

5G: learning to walk in Bulgaria

Bulgarian Telecomunications Company, operating under the Vivacom brand, has rolled out the first version of its 5G network - with limitations in both coverage and capacity

Most Profitable Companies: A Flourishing Year

As many as 60% of the most profitable companies improved their profitability rates in 2019

The Companies with lowest debt: The Pre-crisis Picture

In total, the liabilities of the top 300 companies in terms of revenue in the country grew by over BGN 4.5 billion, reaching almost BGN 50 billion

Most Dynamic: Grain, Manufacturing, Road Construction

The revenues of the 50 fastest growing companies increased by an average of 56% in 2019, with the largest companies growing particularly fast.

Retail Chains: Tasty Growth of 10%

All top 20 companies achieved a revenue growth' it is above average for nine of them

The largest construction companies

In addition to paying, the state is now constructing as well

Outsourcing: The foreign sector

Service outsourcing companies have been growing at healthy double-digit rates for a decade but the coronavirus crisis is putting that model of development to the test

In focus: The smaller economies of northern Bulgaria

The economic indicators of the regions of Shumen and Targovishte lag behind national averages but population trends are optimistic

The glass capital

The availability of raw materials make Shumen and Targovishte the regions with the biggest number of glass and ceramics producers in the country

Bulgaria’s bright side: When smart ideas turn into business

Dragomir winery's new home & Starting a business during a pandemic & The fashion of being green

The slow recovery of the real estate market

Held back by COVID-19, now the market is springing back to action

Coronavirus puts pressure on Bulgarian banks

In the second quarter, banks’ profits plummeted due to higher provisions and declining interest and fee income

The ghost of bad loans in a COVID-hit economy

Over 4.65 billion euro worth of loans have received a deferral under Bulgaria's credit moratorium by the end of August

Bulgarian blue-chip stock index nears mid-March lows, TBS Group listing signals hope

Despite some early signs of improvement in Bulgaria’s main economic indicators in the third quarter, the biggest companies listed on the stock exchange in Sofia saw the outflow of investors continue.

Black Sea gas rush

Turkey and Romania are hoping for big production, while Bulgaria is still awaiting its golden chance

Don’t call it "Turkish Stream". It is entirely Russian

A "Capital" investigation into the companies building and financing it reveals that all are under Russian control. US sanctions on the project have not yet been approved

Къде to learn Bulgarian?

A few recommendations on how to learn and know more about the language

The words you need to know this month

Have you ever posted something so stupid and embarrassing on your social media profile that your boss forbade you from posting anything ever again?

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October 2021
Bulgaria's business, economy and politics explained in 128 pages of quality reporting
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