Georgi Stoev: Disposable Real Incomes of the Bulgarians Increase Significantly after the Country's Accession to the EU

Bulgaria's economy has grown with nearly 74% since the country's accession to the European Union ten years ago. It is important to note that accumulated inflation during that ten-year period amounted to 41% only. In other words, the Bulgarian economy grew in real terms with nearly 25%, economic expert from Industry Watch Georgi Stoev told Radio Bulgaria. Moreover, salaries saw a 170% increase in the past 10 years. The wage growth exceeded significantly the increase of the country's gross domestic product which resulted in a substantial growth of the disposable real income of the population, Georgi Stoev said and added: 

“Labor productivity in Bulgaria has been growing at a very good pace and the increase of the salaries makes up for the lack of workforce in some industries. For instance, the salaries in the processing industry in Bulgaria's second largest city Plovdiv have increased with nearly 10% in the past twelve months. Moreover, most employers from Plovdiv Industrial Zones are planning an 8% increase of the salaries each year. That is why we should perhaps reconsider all types of demands related to political interference in the wage-determination process.”

 

 

BNR