EU Population Trends: Bulgaria Sees Largest Decrease
As of January 1, 2023, the European Union (EU) has a population of 448.8 million people. Germany is the most populous EU country, with 84.4 million residents (19% of the EU total),
Bulgaria ushers in the new year on a different note, as the State Budget Act for 2024 gets the green light, marking a departure from previous years of budgetary uncertainties. The freshly ratified budget signifies a significant milestone, offering stability as the nation steps into the year ahead.
This budget, crafted for the first time in consecutive years, forecasts a 3% deficit, signaling a cautiously balanced fiscal approach. Additionally, economic projections paint an optimistic picture, with an estimated annual inflation of 4.8% and a projected 3.2% growth in the country's economy.
In a move to refine tax categorizations, the National Revenue Agency rolled out updated criteria delineating large and medium-sized taxpayers. As per the new guidelines, 1,350 large companies have contributed substantially, each contributing more than 1.5 million euros to the national budget over the past year.
Under the revised criteria, large companies are now defined as those generating over 1.75 million euros annually or with sales revenue exceeding 150 million euros. Meanwhile, average taxpayers are characterized by contributions surpassing €0.75m or sales revenue crossing the €7.5m mark, encompassing around 3,300 companies in Bulgaria.
This budgetary update and refined tax categorization serve as pivotal steps in Bulgaria's financial landscape, setting the stage for fiscal stability and strategic revenue generation in the year ahead.
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In April, inflation across the European Union remained steady, with both the EU and the Eurozone recording a rate of 2.6% and 2.4%, respectively, according to data from Eurostat, the official statistics agency of the EU
Julian Voinov, an economist and financial expert, expressed optimism regarding Bulgaria's potential adoption of the euro in 2025 or early 2026
This was stated by the Governor of the Bulgarian National Bank at the international conference "Bulgaria in the Eurozone, When?" in Sofia
Former Finance Minister Simeon Dyankov has suggested that Bulgaria's potential entry into the Eurozone may not materialize before 2026
In the initial quarter of 2024, Bulgaria's economy expanded by 0.4%, as per an expedited evaluation by the National Statistical Institute (NSI), a slight deceleration from the 0.5% growth witnessed in the final quarter of the preceding year
According to Levon Hampartzoumian, the likelihood of Bulgaria joining the Eurozone in 2025 is very slim, as no country has ever entered during the middle of the year
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