Podcast in English
Text size
Bulgarian National Radio © 2024 All Rights Reserved

Bulgarian Industrial Capital Association: the crisis is already here!

President of Bulgarian Industrial Capital Association Vasil Velev
Photo: BGNES

The Bulgarian industry is not facing a dilemma whether the crisis may come-it is already here, the President of the Bulgarian Industrial Capital Association Vasil Velev told the Bulgarian National Radio. Vasil Velev pointed out that according to national statistics, exports fell 6.4% in June this year.  In his words, a decrease in sales was registered in the recent months in various sectors such as machine-building, electrical engineering, textile, clothing, manufacture of furniture and metals. For the first time in a very long time, uncertainty is a bigger problem than the deficit of human resources. Due to lack of enough orders, some of the enterprises will shift to a 3 day or 4 day week, which will result in lower salaries. That is why the business has asked the Bulgarian authorities for assistance. Here is how Velev answered the questions whether Bulgaria is heading for a recession: This is the direction when the industry starts going down and the economy is inert. After the huge costs made on the purchase of the new fighter aircraft, it may turn out that this country will recede from the ERM II (the Eurozone’s waiting room) due to the huge deficit, if this country does not take the necessary measures in the meantime, the President of the Bulgarian Industrial Capital Association Vasil Velev warned. The claims of the Bulgarian Industrial Capital Association that this country is heading towards economic recession were rejected by Bulgaria's Minister of Economy Emil Karanikolov.




Последвайте ни и в Google News Showcase, за да научите най-важното от деня!
Listen to the daily news from Bulgaria presented in "Bulgaria Today" podcast, available in Spotify.

More from category

Electricity price for households increases, hot water and central heating price falls

As of today, the price of electricity for household consumers will rise by an average of 1.7%, while the price of central heating and hot water will decrease by 8.5%, the Energy and Water Regulatory Commission said. The biggest increase in..

published on 7/1/24 7:05 AM
Rumen Radev

President Rumen Radev to hand the first government-forming mandate

Today, President Rumen Radev will hand over the first government-forming mandate to the candidate for Prime Minister nominated by the largest parliamentary group, GERB-SDS. Last week, Bulgaria’s head of state held consultations with the..

published on 7/1/24 6:05 AM
Patriarch Daniil

Patriarch Daniil: I accept the cross of the patriarchal ministry entrusted to me today

The enthronement of the newly elected Bulgarian Patriarch, Metropolitan Daniil of Vidin, is over. The new spiritual leader was welcomed in  St. Alexander Nevsky  Cathedral. The gathered laity chanted "Worthy" and applauded him.  ''Conscious of my..

published on 6/30/24 6:30 PM