Bulgaria – New Unemployment Low

Following the positive news about the successful formation of the new Bulgarian government and the wide parliamentary and public credit it received, Bulgaria has accomplished new economic and social goals. The officially published statistical data indicate a new unemployment low in the third quarter of 2014 with the much more acceptable figure of 10.8 % (368.8 thousand people). In comparison – in the same period of the previous year the unemployed were 12.0 %.

Statistical data clearly prove the positive tendency in almost all economic sectors in Bulgaria and almost all key social segments and groups, including youth unemployment which reached 15.7 % at the end of September 2014, while it was 19.9 % at the end of September 2013.

These optimistic figures represent sufficient ground to accept the economic growth stability achievements that are still far away from the planned parameters but do seem moving in the right direction. Economists firmly believe that unemployment is one of the factors which improvement is strictly dependent on a continuous long-term growth. That is why it is hard to expect considerable enhancement in unemployment levels with short-term results.

The trend in Bulgaria, however, seems steady since this indicator tends to be improving which cannot have been caused by unstable economic changes.

Employment segmentation in Bulgaria as of 2014:

Sectors:

- Services – 62.1%
- Industry – 30.3%
- Agriculture – 7.7%

Employment Type:

- Simultaneously employer and employee – 3.7%
- Self-employed – 8.3%
- Employees – 87.2%

Private/Public Sector:

- Private-sector-employed – 74.2%
- Public-sector-employed – 25.8 %

The above data show once again the specific economic development of Bulgaria – market economy with private initiative domination. This is the European as well as the western societies’ capital-oriented way of development. Beyond doubt, the positive signs in Bulgaria’s unemployment levels are part of the much larger-scale economic revival of EU member states which turns this tendency into a reason for a greater economic optimism.