Bulgaria
Bulgaria, an upper-middle-income country in Eastern Europe, has shown economic resilience despite facing significant challenges. The economy is diverse, with strong sectors in manufacturing, services, and agriculture. Economic growth is expected to accelerate in the coming years, supported by ongoing reforms and investments.
In 2023, Bulgaria's GDP grew by 1.8%, mainly due to contracting exports and reduced accumulation of inventories. However, economic growth is projected to accelerate to 1.9% in 2024 and 2.9% in 2025, driven by a recovery in exports and robust domestic demand.
Inflation in Bulgaria is expected to decline from 8.6% in 2023 to 3.1% in 2024, and further to 2.6% in 2025, as energy and food prices stabilize. The unemployment rate is projected to remain stable at 4.3% in 2024 and slightly decrease to 4.0% in 2025, reflecting improvements in the labor market.
Bulgaria's fiscal deficit is anticipated to increase slightly to 2.8% of GDP in 2024 due to higher government spending on public wages and pensions. The government is focusing on maintaining fiscal discipline while supporting economic growth through strategic investments.
Top banks
UniCredit Bulbank
UniCredit Bulbank is one of the largest banks in Bulgaria, offering a wide range of financial services to individuals and businesses.
DSK Bank
DSK Bank provides comprehensive banking products and services, including retail banking, corporate banking, and investment services.
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Postbank (Eurobank Bulgaria)
Postbank is a significant player in the Bulgarian banking sector, offering various financial services and maintaining a strong market presence.
Raiffeisenbank Bulgaria
Raiffeisenbank Bulgaria offers a variety of banking and financial services, focusing on both retail and corporate clients.
Top payment methods
Concluding remarks
Bulgaria's economy is poised for recovery, supported by a diverse payment landscape and ongoing economic reforms. As the country navigates through economic challenges and embraces technological advancements, its payment methods reflect a blend of traditional and modern approaches, catering to a wide range of consumer preferences.
Cash (Налични пари)
Cash remains a widely used payment method in Bulgaria, especially for smaller transactions and in rural areas. Despite the rise of digital payments, cash is still a significant part of the economy.
Credit and Debit Cards
The use of credit and debit cards is extensive in Bulgaria, with major card networks like Visa, MasterCard, and Maestro widely accepted. The adoption of contactless payment methods is growing rapidly due to their convenience and technological advancements.
Bank Transfers (Банкови преводи)
Bank transfers are commonly used for larger transactions, such as rent payments and business dealings. SEPA (Single Euro Payments Area) transfers facilitate cross-border payments within the Eurozone, even though Bulgaria uses the Bulgarian lev (BGN).
Mobile Payments
Mobile payment options, including Apple Pay, Google Pay, and local apps like Pay by Viber, are gaining popularity. These methods offer a convenient way to make payments using smartphones and other digital devices.
Online Payment
Platforms Platforms like PayPal and PayU are widely used for eCommerce transactions. They provide secure and efficient ways to pay for goods and services online, supporting the growth of the digital economy.
Prepaid Cards
Prepaid cards are popular among younger individuals and those who prefer not to use traditional banking services. These cards are used for online shopping and daily expenditures.
Cryptocurrencies
Cryptocurrencies are gradually being adopted in Bulgaria, particularly among tech-savvy individuals and businesses. The regulatory environment is evolving, but widespread acceptance is still in its early stages.
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Processing News is an Online Wikipedia of the payment world. We collect and publish information about payment habits in different countries, describing methods that payers use in their daily life.
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