Bulgarian Labour Market

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Bulgaria has registered the highest decline in employment among all 27 countries in the European Union in the second quarter of 2012, latest Eurostat data indicates.
Thus, in April-June 2012, Bulgaria's employment went down by 1.3% compared with the first quarter of the year.
Bulgaria's employment fares even worse in Q2 of 2012 on annual basis, registering a 2.8% decline year-on-year.
Other EU members – Denmark, Spain, Cyprus, Malta, Portugal, and Slovenia – have also seen declines in their employment levels in the second quarter of 2012 but their drops are all below 0.5%. No Eurostat data is available about Greece and Romania.
The number of persons employed remained stable in the euro area1 (EA17) and increased by 0.1% in the EU27 in the second quarter of 2012 compared with the previous quarter, according to national accounts estimates published by Eurostat, the statistical office of the European Union.
In the first quarter of 2012, employment fell by 0.3% in the euro area and by 0.1% in the EU27. These figures are seasonally adjusted.
The highest increase in employment was recorded in real estate activities (+0.7% in the euro area and +1.4% in the EU27), and the largest fall in financial and insurance activities (-0.8% and -0.7% respectively).
Compared with the same quarter of the previous year, employment fell by 0.6% in the euro area and by 0.2% in the EU27 in the second quarter of 2012 (after -0.5% and -0.2% respectively in the first quarter of 2012).
Eurostat estimates that, in the second quarter of 2012, 223.4 million men and women were employed in the EU27, of which 146.4 million were in the euro area.

Article courtesy of: www.novinite.com 
Image courtesy of: http://www.freedigitalphotos.net image by 'xedos4'

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BNB Reports EUR 846.2 M FDI Jan-Jul 2012

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According to preliminary data of the Bulgarian National Bank (BNB), foreign direct investments (FDI) in Bulgaria in the period January – July 2012 amounted to EUR 846.2 M (2.1% of GDP) as compared to EUR 376.5 M (1.0% of GDP) for January – July 2011.
The attracted Equity Capital (acquisition/disposal of shares and equities in cash and contributions in kind by non-residents in/from the capital and reserves of Bulgarian enterprises and receipts/payments from/for real estate deals in the country) for the period January - July 2012 amounted to EUR 495.8 M. It increased by EUR 68.5 M compared to that attracted in the same period of 2011 (EUR 427.2 M). The receipts from real estate investments of non-residents amounted to EUR 141 M, compared to EUR 122 M attracted in January – July 2011.
The other capital, net (the change in the net liabilities of the direct investment enterprise to the direct investor on financial loans, suppliers' credits and debt securities) was positive, amounting to EUR 290.2 M in January - July 2011, compared to a negative other capital, net of EUR -130.1 M in January - July 2011.
Based on preliminary data on profit/loss, the Reinvested Earnings2 (the share of non-residents in the undistributed earnings/ loss of the enterprise) in January - July 2012 were estimated at EUR 60.3 M, against EUR 79.4 M in the same period of 2011.
By country, the largest direct investments in Bulgaria for the period January - July 2012 were those of the Netherlands (EUR 498.9 M), Switzerland (EUR 104.9 M) and Russia (EUR 85.7 M). The largest net negative flows for the period were towards Germany (EUR -118.8 M) and towards Greece (EUR -65.1 M).
According to preliminary data, Direct investment abroad increased by EUR 103.3 M in the period January - July 2012, compared to an increase of EUR 88.5 M in January - July 2011.

Article courtesy of: www.novinite.com 
Image courtesy of: http://www.freedigitalphotos.net image by 'sheelamohan' 

To rent offices with a service you can trust, in Bulgaria, contact the Dynamic Space property experts:

Website: www.dynamicspacebg.com

Mobile: +359 (0) 896670507 +359 (0) 897036030
Office/Fax: +359 (0) 2 953 01 16
e-mail: info@dynamicspacebg.com

Office Address: Ul.Vladayska 42, Sofia, Bulgaria

Twitter: @dynamicspacebg
  

Bulgarian State Construction Company Privatized For BGN 51 M

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Bulgarian state construction company Technoexportstroy was privatized Wednesday against BGN 51 M given by Bulgarian firm AT Engineering 2000.
AT Engineering was the sole bidder in the privatization tender, and acquired 100% of the company's 103,970 shares.
This is the biggest yet privatization deal in Bulgaria for 2012, but came to be finalized only after the third try.
At the first listing of Technoexportstroy, Bulgaria's Privatization Agency had set a BGN 68 M minimum limit, dropping to BGN 60 M at the second, and then dropping off at the third.
The privatization contract obliges the buyer to keep the principal field of operation of the company unchanged for the next 3 years.
The buyer is also obliged to not initiate or support a liquidation or transformation of the company for the same period.
AT Engineering 2000 engages in construction and repair of industrial, administrative and residential buildings.
Its last major project involves taking part in building composting facilities at the future Sofia recycling plant, as a part of the Eggersmann & Co. consortium.
The company has received a significant drop of income from BGN 78 M in 2009 to BGN 16 M in 2011, which has resulted in some 120 employees being laid off.
Technoexportstroy's financial situation is not good either, with a small profit of BGN 119,000, but also uncovered losses of BGN 175 M, given a capital of BGN 82.6 M and blocked bank accounts.
The company is however known to own attractive real estate and facilities, as well as a network of units abroad.

Article courtesy of www.novinite.com 
Image courtesy of: http://www.freedigitalphotos.net image by 'Stuart Miles' 

To rent offices with a service you can trust, in Bulgaria, contact the Dynamic Space property experts:

Website: www.dynamicspacebg.com

Mobile: +359 (0) 896670507 +359 (0) 897036030
Office/Fax: +359 (0) 2 953 01 16
e-mail: info@dynamicspacebg.com

Office Address: Ul.Vladayska 42, Sofia, Bulgaria

Twitter: @dynamicspacebg