Bulgaria's Eurozone Aspirations: Fitch Ratings Affirms Positive Outlook
Fitch Ratings, a leading credit rating agency, has affirmed Bulgaria's Long-Term Foreign-Currency Issuer Default Rating at 'BBB' with a Positive Outlook
Recent data from the Statistical Handbook "Demography, Economy, and Social Security" of the National Insurance Institute for 2022 has revealed a stark reality for Bulgaria: the country's population has decreased by nearly 800,000 people over the period from 2013 to 2022.
The statistics paint a concerning picture of demographic trends in Bulgaria. In 2013, approximately 66,600 live births were recorded in the country. Fast forward to 2022, and this number has decreased by 10,000, signaling a significant decline in birth rates. Notably, almost half of the children born during this period were from mothers aged between 25 and 34.
Similarly alarming is the rise in the number of deaths among Bulgarians. In 2013, the recorded number of deaths stood at 104,000. However, this figure has been steadily increasing each year, reaching a peak of 149,000 in 2021. By the end of 2022, the number of deaths had slightly decreased but remained high at 119,000.
Over the decade, the natural increase in population has worsened, shifting from -37,700 to -62,200. The birth rate has declined from 9.2 per 1000 people to 8.8. Meanwhile, the number of insured persons has seen a modest increase of 64,000 during the same period, juxtaposed with a notable decrease of nearly 160,000 pensioners.
Financially, the strain of these demographic shifts is evident. In 2013, the expenses in the budget of the State Social Security amounted to nearly 9 billion BGN. By 2022, these expenses had more than doubled, exceeding 18 billion BGN.
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