Despite having stepped up its efforts to combat intellectual property theft, Bulgaria still needs to do more in its battle with copyright pirates, according to a report released by the International Federation of Phonographic Industry (IFPI). Ten years ago, Bulgaria was listed by the IFPI as the largest producer of illegal CDs in Europe, and second worldwide to China. A decade later, the problem…
While the European Commission report recommending that Bulgaria become a member of the EU on January 1, 2007, has been hailed throughout the country as a major achievement, there were enough codicils and red flags to give pause for thought. Bulgarian Prime Minister Sergei Stanishev said that the recommendation to admit his country into the EU represented the final fall of the Berlin Wall, while President…
Figures for the January-September 2006 period demonstrate another bright year for Bulgaria's tourism industry. Indeed, the State Agency for Tourism announced last week that 4.25m tourists visited the country. Meanwhile, Kremena Nedyalkova, the head of the Tourism Policy Directorate at the agency told the local press that the number of foreign visitors increased by 5.39% in comparison to the same period…
The draft 2007 budget appears to have confirmed Bulgaria’s strong but steady economic growth and mapped out significant spending increases, many of which are linked to EU projects. Plans to cut corporate tax to Europe’s lowest rate have also been implemented, with the support of Bulgaria’s business community. This has met with opposition from Bulgaria’s macroeconomic mentor,…
As Bulgarian companies adapt to EU regulations regarding food production, and new players enter the market, fresh opportunities are emerging. Recent moves by the EU have highlighted concerns associated with standards in the Bulgarian food production sector, and many expect that the small- and medium-sized enterprises (SMEs) operating in the industry will face serious challenges following the twin…
The Bulgarian government was warned last week by the European Commission that it should tighten its fiscal policy to promote economic stability and offset external imbalances. In a report on Bulgaria's first "convergence programme" since it joined the EU at the beginning of the year, the Commission praised Bulgaria's "sound budgetary position", but cited concerns about fiscal loosening, efficiency…
Following a no confidence vote filed by right-wing opposition parties on the grounds of a poor health care policy and a lack of revenues, the government has agreed to increase wages and reform the sector. The government is also pioneering "e-health" with pilots of health identity cards. The health care system in Bulgaria is managed by the National Health Insurance Fund (NHIF), which derives its revenue…
Bulgaria's economy has continued to grow steadily so far this year, with analysts and the International Monetary Fund (IMF) predicting Gross Domestic Product (GDP) growth of over 6% by year-end. Foreign Direct Investment (FDI) continues to be a key driver of economic growth, unemployment continues to fall and inflation is under control. However, Bulgaria's current account deficit is still growing…
Bulgaria's tourism sector continues to grow rapidly despite a fall in visitors from its non-European Union (EU) neighbours and an unusually short ski season. The authorities are continuing to develop the growing opportunities in spa, cultural, adventure and ecological tourism, as worries persist that some coastal resorts have hit the limits of their expansion and sustainability. There is an ongoing…
As incomes rise and consumers become more discerning with their disposable income, Bulgaria's retail sector continues to grow. This year has seen a sharp increase in shopping mall construction as the country's retail sector continues to gain maturity after lagging behind Central Europe for several years. Earlier this month, an international real estate consultancy firm reported that by the end of…
