Service production in Bulgaria grows by 9.3% annually and outpaces the EU

According to data from the National Statistical Institute (NSI), production in the services sector in Bulgaria recorded the highest dynamics among all European Union member states in April. The index increased by 9.3% on an annual basis and by 1.5% compared to the previous month, with this indicator significantly exceeding the average annual growth for the entire EU of 1.8%.

The annual growth of the Bulgarian sector is more than five times higher than the European average. The main driver of economic growth is the sub-sectors serving business and administration. The strongest dynamics are shown by the "Administrative and auxiliary activities" sector with 26.5% and "Professional activities and scientific research" with 25.9% on an annual basis. Positive contributions come from information services (growth of 8.6%) and transport (3.3%).

Despite general optimism, the market is not entirely homogeneous. On an annual basis, a decline was recorded in real estate operations (-7.5%) and in the hospitality and restaurant sector (-3.2%). On a monthly basis, the real estate market was most severely affected, recording a drastic decrease of 18.1% compared to March.