Bulgaria’s Purchasing Power: Lagging Behind EU Peers After Two Decades
Source: Novinite.com (Sofia News Agency)
Photo: Stella Ivanova
Bulgaria‘s purchasing power stands at about 60% of the European average, as highlighted by Assoc. Prof. Grigor Sariyski from the Institute for Economic Research at the Bulgarian Academy of Sciences during an interview with Bulgarian National Radio. He noted significant disparities in economic indicators between Bulgaria and other EU countries, particularly Romania.
Sariyski pointed out that Romania, which had comparable purchasing power to Bulgaria in 2006-2007, now surpasses it significantly, with a purchasing power index one-seventh higher. He also compared the two nations’ minimum wages, stating that while they were once nearly identical, Bulgaria’s current minimum wage is roughly one-third lower than that of Romania.
The economist further stressed that despite nearly two decades of EU membership, Bulgaria has made limited progress in converging with the income levels of other member states. He drew comparisons with non-EU countries, including Serbia and Montenegro, where wages are approximately 10% higher than in Bulgaria. This situation underscores the ongoing challenges Bulgaria faces in closing the economic gap with its neighbors and achieving greater parity within the European Union.
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