Bulgarian Household Incomes Offset by Inflation in 2023
According to the latest data released by the National Statistical Institute, Bulgarian household incomes experienced a remarkable surge in 2023, reaching an average of BGN 10,846 per household member. This represents an impressive annual growth rate of 20.4%, marking a significant increase over the past decade, where incomes have more than doubled, growing by 2.3 times.
When accounting for inflation, real household incomes saw a notable increase of 10% over the past year, with a staggering 158.5% surge compared to 2014. The data also highlight substantial growth in income from salaries, rising by 22.5% compared to 2022, and from pensions, which increased by 13.6%.
On the expenditure front, households spent an average of BGN 10,044 per person in 2023, reflecting a 19.7% increase from the previous year and a 2.2-fold rise compared to a decade ago. Notably, spending on leisure, cultural activities, and education saw the most significant growth, surging by 46.8%, followed by expenditures on clothing and footwear, which rose by 23.8%, and on food and soft drinks, increasing by 18.1%.
In terms of consumption patterns, the statistics indicate a continued decline in the consumption of bread and pasta, with consumption in 2023 averaging 3.1 kg per household member. Conversely, consumption of meat products increased by 0.8 kg, fruits by 0.6 kg, non-alcoholic beverages by 5.9 liters, and alcohol by 2.9 liters per household member.
The data underscores a positive trend in household purchasing power, with the largest increases observed for butter (16.9%), ripe beans (16.5%), and bread (15%).
We need your support so Novinite.com can keep delivering news and information about Bulgaria! Thank you!
Time's Up: Last Call for Tax Returns in Bulgaria
As the clock ticks down to midnight tonight, Bulgarians are reminded that April 30th marks the final day for filing their 2023 personal income tax returns
Bulgaria's External Debt Reaches €44.4 Billion: National Bank Report
Bulgaria's National Bank has disclosed the country's external debt figures, revealing a notable increase in gross foreign debt at the end of February 2024
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
Bulgaria's Poverty Reality: One-Fifth Below the Line in 2023
The National Statistical Institute reports that in 2023, the poverty line for the entire country stood at 637.92 BGN per person per month within households
Bulgaria's Euro Adoption Likely Postponed: Entry Date Shifts to Second Half of 2025
Bulgaria's long-anticipated entry into the Eurozone may face a delay, as the country is unlikely to meet the inflation criterion required for the introduction of the euro on January 1, 2025
Bulgaria Sees Surge in Lamb Prices as Retail Costs Rise
The price of retail lamb in Bulgaria has surged by 8.4% on an annual basis, according to statistics released by the Ministry of Agriculture and Food, with data sourced from SAPI indicating an average price of BGN 25.27 per kilogram as of April 10