The level of the formal economy in Bulgaria is rising at a pace that brings it closer to the European benchmark of 85%. According to a study by the Bulgarian Industrial Capital Association (BICA), the formal sector increased by 23% in the last 12 years. Bulgaria's formal economy is catching up with the average European percentage, but remains far behind the Scandinavian countries and Northern Europe which top the ranking. 

Since 2010, when the survey began, the share of the informal economy has declined by 15%, BICA Executive Director Dobrin Ivanov said for BNR. The trend slowed down only during the financial crisis in 2014 and during the peak of the Covid-19 pandemic in 2020. "I think that Bulgaria is unfairly called the most corrupt country and the country with the largest grey economy", said Dobrin Ivanov.