PhD Maria Hristova in an Interview with the BNR: Sofia’s Economy Performs Well both Locally and on Regional Level

Sofia’s economy is doing well amid global crises and uncertainty in recent years with GDP growth of 7%, mainly influenced by leading sectors such as services, energy and ICT. This was said in an interview with Bulgarian National Radio by the Executive director of Invest Sofia, PhD Maria Hristova.

The city’s gross domestic product is over 51 billion, and the IT and outsourcing sectors continue to develop most dynamically. The hubs of multinational companies that manage processes all over the world operate from Sofia. This is a stable prerequisite for the rapid development in these sectors, Maria Hristova commented.

She emphasized that Sofia concentrated an increasingly large share of the exported goods and services – BGN 42 billion out of a total of BGN 103 billion for the country. The city generates half of the foreign investments in the country – 14.7 out of 28.2 billion euros. Not only digital services drive investments, but also foreign industrial leaders with high-tech production facilities. This positively affects the labor market in the city. Salaries already exceed BGN 2,000, and BGN 4,000 in the IT sector – a trend that attracts talent and young people. The labor market is expected to be favorably influenced by the newly adopted law on the “Blue Card of the European Union”. For ten years now, unemployment in Sofia has maintained enviably low levels. Thus, according to a number of indicators, Sofia keeps its leading position not only in Bulgaria but also in the region.

“We continue to focus our efforts towards improving the interaction between business and the city administration. We deliver services that represent a “fast track” for administrative assistance not only to big investors in the city but also for startup companies,” Maria Hristova said. She added that tourism in the city has recovered and is at higher levels than in 2019, which proves that Sofia is doing well not only in terms of the business environment but also in terms of the quality of the urban environment, leisure, sport, and entertainment.

To find out more about the economy of Sofia and what trends will affect life in the city follow the link and listen to the interview on BNR here.