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The average Bulgarian is not impoverished, industrialist Vasil Velev claims

published on 3/12/23 4:44 PM

Vasil Velev

Photo: BGNES

The average Bulgarian has not become poorer in 2022, Vasil Velev, Chairman of the Industrial Capital Association in Bulgaria, told BNR, quoting statistics. He explained that for some workers there is a higher wage growth, while for others the statistics do not show any growth at all. This also affects consumption. "The average Bulgarian has not become poorer despite inflation, unlike the average European, because on average in Europe incomes lag behind inflation," Velev says.

"Bulgaria's GDP for 2022 has grown by 3.4%, this is slightly more than expected. We have the highest export growth in the whole EU for 2022 - 38%. We also have wage growth outpacing inflation. For the last quarter in the private sector, average wage growth was 17.7% with inflation below 16%," Velev said.

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Radio Bulgaria Economy Industrial Capital Association poverty Vasil Velev

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62% of Bulgarian workers earn less than the living wage

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The average Bulgarian is not impoverished, industrialist Vasil Velev claims

More from category

Bulgaria’s debt for 2024 amounts to 24.1% of the GDP

62% of Bulgarian workers earn less than the living wage

"Flower in a Test Tube" – a biotechnology startup that tells the story of the power of the human spirit

62% of Bulgarian workers earn less than the living wage

Bulgaria’s debt for 2024 amounts to 24.1% of the GDP