Archive for September 2008


INCREASE OF SHARE CAPITAL INVESTMENTS

September 25th, 2008 — 1:43pm

The direct foreign investments in share capital in Bulgaria have increased by 237 million Euros in the fist six months of this year in comparison with the same period of last year according to Stoyan Stalev, the director of the Bulgarian Investment Agency.

According to the Bulgarian National Bank, the investments in share capital has increased to 2.029 billion Euros in the first seven months of 2008. This increase is due to the low taxes in Bulgaria, the monetary board and the fixed Euro-BGN rate, Stalev explained.

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Comment » | Bulgaria, Economy, News

BURGAS MUNICIPALITY – CREDIT RATING

September 23rd, 2008 — 10:36am

Burgas Municipality has received the BBB credit rating. The general evaluation has shown that the investment risk in Burgas is and it is a good place to invest. The financial audit of the municipality and the following credit analysis has outlined an income increase of 95%, low unemployment and increase of the tax income.

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Comment » | Bulgaria, Economy

INVESTMENT FUNDS SHRINK

September 23rd, 2008 — 10:29am

The Bulgarian investment funds have shrunk by 37% since the beginning of the year according to the Bulgarian Association of the Investment Funds. Funds amounted to 880 million levs in December 2007, but they have come down to 556.9 million levs by the end of August 2008.

Only in August 2008, 8.3 million levs have been withdrawn from the investment funds which is a decrease of 1.4% in comparison to July 2008. Brokers claim that the withdrawal was lower than expected due to the holiday season. For comparison, as much as 45 million levs have beed withdrawn in July 2008 only.  Portfolio menagers expect further withdrawals due to the record low capital exchange index.

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GREY ECONOMY

September 18th, 2008 — 4:50pm

The size of the grey economy in Bulgaria is 30% of the country’s GDP or 21 billion levs for 2008 according to the Budget Committee of the Bulgarian Parliament. In comparison the whole of the budget for this year is 27 billion levs. The analysts claim that the negative tendency is due to the change of legal environment in Bulgaria after the EU accession together with the high expectations for the businesses in parallel with the political instability in the Interior and Economic Ministries.

The grey sector is mainly focussed in construction, tourism and agriculture. Most of the time the real turnover is not declared which leads to unreasonably low taxation.

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INVESTMENTS DO NOT GENERATE GROWTH

September 18th, 2008 — 4:31pm

According to professor Minasian, it is likely that the Bulgarian economy might suffer a mini-recession in 2009 similar to the one in the much bigger economies, but in a much smaller scale.  There are investments in the Bulgarian economy and they lead to an increase of the total demand, however, the increase of the GDP is not that fast the levels remain modest. The only logical conclusion is that the investments do not generate the necessary economic growth as they are not in production but in properties.

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