The Best Bulgarian Industries in 2015
Several reports announce the Bulgarian banking, the industrial and the construction sectors as the most thriving industries at the moment. The banking industry is slowly starting to recover as corporate debt is decreasing. The industrial segment is also on its way to recovery and the construction sector is one of the most sought by foreign investors coming to Bulgaria.
The banking industry set to grow according to Moody’s
One of the world’s largest rating agencies, Moody’s, is very optimistic about the Bulgarian banking industry and announced the sector is “on a slow path to recovery”. Even if the operating conditions have not changed very much, Bulgarian banks are benefiting from an improved environment due to the overall economic growth in the country, and also due to the recent changes brought to the legislation related to banking supervision. The stabilization of property prices are also supporting the banking industry.
For the next year, Moody’s announced an increased confidence coming from investors, especially foreign ones, and a slight economic improvement to support the banking industry.
Industrial production rises by 0.6% in September
More good news come from the Industrial Production Index which indicates a 0.6% growth in September 2015 compared to the same month of 2014. The mining and quarrying sectors were the ones registering the highest increase of 3.7%. Small decreases were registered by the electricity, gas and heating energy industries, but the downfall was low enough not to affect the overall index.
The manufacturing segment remains representative for Bulgaria’s industry, on a year-to-year basis the manufacturing of equipment and non-metallic products registering an almost 60% combined growth this year.
The construction industry popular among foreign investors
The third, and perhaps the most spectacular growth this year comes from the construction industry. The Government announced the number of applications for construction permits have registered record figures. Municipal authorities have released over 1,100 permits in the third quarter of 2015, most of them for residential buildings and over 60 for office buildings. Compared to the second quarter, the number of applications has increased by 35%. Most of these licenses were applied for by foreign real estate developers in Bulgaria, showing an increasing interest of international investors in the local real estate market.
If you want to open a company and need information about any of the industries above or other sectors you can contact our lawyers in Bulgaria.