As happens every quarter, Infomercatiesteri.it has recently published the macroeconomic data relating to Bulgaria. This is an important photograph, for those who invest or are thinking of investing in this country, as it also immediately provides the pulse of what is the state of health of the Bulgarian economy. An important starting point for those who consider bringing their business here.
This is why we at VR and Partners believe it is important to share and comment on them with our customers but also with those who simply follow us through our blog or on the social networks on which we are active. In fact, we believe, and it is a belief that accompanies us in our daily work, that having clear, impartial and correct information is the first step towards a good investment, whatever the sector in which you are going to operate.
Well, analyzing these data there are indicators that, also on the basis of our experience in the field here in Sofia, tell what has been happening in Bulgaria in recent years. Let's look at GDP for example. We all know how the Covid 19 emergency has "cut down" the gross domestic product of economies that are much more structured and consolidated than the Bulgarian one. However, even in the black year of Covid, or 2020, Bulgaria was able to boast a GDP that, albeit slightly, settled at levels higher than those of 2019. It is said that a swallow does not make spring, and in fact the strong boost to the growth of the Bulgarian economy is strongly confirmed both in this 2021 and in the next year in which GDP levels will be almost 10% higher than pre-Covid ones.
The reasons for this boom? Well surely they are due to two factors. The first and perhaps the most important is that relating to the aggressive tax policies in force in Bulgaria, with a maximum taxation of 10% for both individuals and legal entities.
A second important growth factor is the low cost of labor which invites many foreign companies to relocate factories and offices here in Bulgaria where, not surprisingly, and the data from Infomercatiesteri.it confirm it, the unemployment rate is still at 6.7. % and, next year, it will be even lower.
A nation that does not use the tax ax but rather rewards its entrepreneurs and that offers a dynamic, skilled workforce at much lower costs than European standards.
This explains the Bulgarian boom we have witnessed in recent years. A boom you can be part of too. Contact us to ask us how Bulgaria can become a place of growth for your company or for your business in general; our consultants will be at your disposal to provide you with all the information you need.