4/10/2023 0 Comments Sample household budget![]() ![]() The tightening of the monetary policy will “cool down” the economies of the USA and the Eurozone, and from there this will be transferred to export-oriented businesses in our country. There is an almost undisputed consensus that the rate of economic growth will slow. ![]() And at the same time, unemployment is at historically low levels of 3.8%.Ĭonsidering reality, and not in an instilled fear of crisis upon crisis (as almost without exception the politicians fighting for parliamentary representation, but also the president and the caretaker government appointed by him), we must look at the challenges of 2023. According to preliminary data, this is the highest nominal growth in the EU – and it was achieved mainly due to an increase in wages in the private sector, which, as can be seen from the data on industrial production and the export of goods and services, managed to maintain competitiveness even with the higher labor expenses. In 2022, pensions are increasing significantly, and the average salary managed to record a growth higher than inflation – 16.6% in the last quarter on an annual basis. This is also confirmed by the data on industrial production – in December 2022, and for the whole year, the real index of production in the processing industry is the highest in the entire recent economic history.Ĭonsumption is supported by an increase in the disposable income of households. The real increase in exports was 8.3%, which refutes claims that the record growth in nominal terms of exports of goods (38%) and services (29%) was due to inflation alone. Net exports also contributed to growth despite significantly increased energy import costs. Moreover, in the fourth quarter, with already accumulated significant price increases, especially for food, the real growth of household consumption was 6.9%. Final consumption reports a real growth of 5.2% compared to 2021, and that of households – 4.7%. High inflation, contrary to many forecasts, has not limited domestic demand so far. By the way, at current prices, Bulgaria’s GDP has almost doubled in 8 years. And because excuses are often given for the covid pandemic – GDP in 2022 is already over 6.8% in real terms over that reported in 2019, and in nominal terms over 37.4%. In our country, this growth comes after a solid recovery in 2021, when GDP grew by 7.6%, while growth in the EU averaged 5.4%. A similar rate – 3.5% growth – is given by the preliminary data for the entire EU economy. The gross domestic product grew by 3.4% in real terms compared to 2021, and in nominal terms it reached BGN 165.4 billion. And with a little more detail we see the following: In short, the “end of the world” did not happen, regardless of the energy supply shock and the war. More than 2,500 years ago, Aesop succinctly and accurately described this phenomenon in The Lying Shepherd. The main problem with the seemingly uncritical acceptance of such public debate is that it crushes the possibility of focusing efforts on solving real problems and preparing for real risks. Collapse, crash, perfect storm, famine, bankruptcies, cold and death, and not to forget the now mechanical reference to all sorts of crises – the list of fearmongers could go on and on. A whole year of competition for predicting the inevitable collapse of the Bulgarian (and European) economy into the abyss, but instead – as if one of the best years in our recent economic history. ![]()
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