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Bulgaria Shows Decrease in Labor Productivity

The Bulgarian Post
2007-07-31 10:46:36

Accelerated economic growth of around 6.6% is expected for the second quarter of the year. This shows data from the regular report of the Center for economic development. This growth, however, is extremely insufficient for reaching the speed of the other EU countries, comments for BNR Alexander Bojkov, director of the Center.

There are two worries disturbing this growth. The first one is that the deficit on the current account continues to grow quite significantly. The deficit has grown on an annual basis from 7 to 9.7% of the GDP for the first 5 months and this is a very serious increase, comments Bojkov.

According to the economist based on this data, it can be expected that by the end of the year it will reach 18-20% which is really troublesome.

The second worry is that upon analysis of this growth, it can be seen that it is the outcome of increased employment and reduced unemployment rate. This would have been great provided the reduction of unemployment was due to increased production and export possibilities of Bulgarian companies.

However, it is exactly the opposite, because for the first time a real decrease of the labor productivity in Bulgaria can be observed, notes Alexander Bojkov.

In order to cope with this problems a state strategy for support of export, innovation, hi-tech companies and for creation of competitive environment should be elaborated urgently.

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