Bulgarian Capital Pulls Above Its Weight

.

A major new report carried out by See News for the Sofia Investment Agency shows that more than one in five Bulgarian workers is employed in Sofia. The unemployment rate in the capital has decreased by almost a third over the past four years and is now just 3.8 per cent, well below the national average of 6.2 per cent. Sofia also accounts for a staggering 40 per cent of Bulgaria’s total GDP, and is currently enjoying growth of 7.7 per cent. Growth for Bulgaria as a whole is less than half of that, albeit at a still impressive 3.4 per cent. In 2016, 52 per cent of all foreign direct investment to Bulgaria went to Sofia.

“The educational structure of the Sofia labour force has improved – more than half of all those employed have a tertiary education degree,” the report, published on December 15, states. “The share of university graduates in Sofia continues to grow, while the share of people with secondary, primary and lower level of education has shrunk. Factors contributing to these trends include easy access to education in Sofia and the sectoral structure of the economy, which requires a more highly skilled labour force. Trade remained the largest sector in number of employees in Sofia, but ICT is the fastest growing sector with growth of 21.8 per cent in 2016 compared to 2012.”

Wages in the Bulgarian capital are also far higher than elsewhere in the country. Monthly pay averages 1413 leva (722 euros), compared to just 915 leva (468 euros) in Plovdiv, Bulgaria’s second largest city and almost 70 per cent higher than the national average.

The private sector dominates the structure of the economy in the capital, accounting for 79.5 per cent of all those employed. Sofia’s economic influence reaches far out of the administrative boundaries of the city. Sofia is increasingly attractive for workers from nearby towns and villages, with record numbers now commuting daily: as many as 42,000 in 2016.

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City of London view from Waterloo Bridge. This view includes: St. Paul`s Cathedral The Gherkin Tower 42 and Blackfriars Bridge.

Slovakia: Growth Continues But Problems Remain

Why the Baltic States Should Reject the Nanny State

man smoking a cigarette Cigarette smoking Cigarette with smoke

Bulgaria Ski Resort Plans Concern WWF

Bansko, Bulgaria - December, 6, 2015: Two Bansko cable car cabins and snow mountains peaks

Albania is creating three free economic zones

Mayor: Armenia And Its Capital Yerevan Offer Safe Investment And Tourism To a Growing World

Bulgaria: Real Estate’s New Frontier?

Why Emerging Europe is the New Darling of Outsourcing

outsourcing Developing programming and coding technologies. Website design. Cyber space concept.

Lithuanian Grocery Giant Maxima Set For Polish Expansion

maxima

Azerbaijan, Georgia, Turkey Launch New ‘Silk Rail’ Link

Is Prague the New Face of Overtourism?

prague tourists

New investors interested in Belarus’ Great Stone Industrial Park

Moldovan Government Hails Business-Friendly Legal Reforms; NGOs Remain Cool

Chisinau, Republic of Moldova, Eastern Europe, 29th June 2017: view to the Parliament Building in Chisinau, Moldova

Azerbaijan Showcases ICT Potential

BAKU AZERBAIJAN - SEPTEMBER 25: People goes by the seafront of Baku on September 25 2016. Baku is a capital and largest city of Azerbaijan.

Mobilising Private Sector Investment in Belarus, Moldova & Ukraine

IFC

EU Membership and Transition into Market Economies Have Helped CEE Achieve Social Progress

German Multivac invests €15 million near Sofia

Digital Business Space Gives All Businesses an Office in Sarajevo

Sarajevo Bosnia and Herzegovina - August 24 2015. View from Vraca Memorial Park with building of Avaz Twist Tower

Georgia’s Growth Continues

Batumi, Adjara, Georgia - May 27, 2016: Batumi, Adjara, Georgia. Gogebashvili Street Road And Marine Station Or Maritime Station Building Batumi On Background

Poland’s Flying Circus

airport poland

Still Potential for Growth in CEE as Economies Stabilise

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