Average Salary in Bulgaria Drops Slightly, but Annual Growth Continues

At the close of the third quarter in 2024, Bulgaria saw a slight decrease in both employment numbers and average wages, according to data from the National Statistical Institute (NSI). The total number of people employed in labor and service roles dropped by 22,800, or 1%, from the previous quarter, bringing the total workforce to 2.33 million. The most notable declines occurred in sectors such as the hotel and restaurant industry, agriculture, and culture, which experienced decreases of 11.5%, 3.2%, and 2.8% respectively. These reductions were likely due to the seasonality of the jobs.

Conversely, there was a rise in employment in the healthcare and social work sector, with an increase of 1.2%. In terms of wages, the average monthly salary for September stood at BGN 2,306, slightly up from August's BGN 2,227, but lower than the July figure of BGN 2,292. The overall average salary for the third quarter was BGN 2,275, marking a slight 0.9% drop from the previous quarter.

However, compared to the same period in 2023, salaries have seen a significant annual increase of 13.8%. This rise was most notable in sectors like "Other activities" (up by 24.6%), real estate operations (23.5%), and the hospitality industry (18.2%), suggesting increased demand for workers and a corresponding rise in wages.

On the other hand, some sectors experienced wage declines, including state administration, which saw a 3.1% drop, and the financial and insurance industries, with a 2.2% decrease. Construction also saw a 1.9% fall in wages. The highest-paid employees in the country continue to be those working in telecommunications and creative industries, with an average salary of BGN 5,127, followed by those in financial services earning BGN 3,260, and those in energy production at BGN 3,235.

Meanwhile, employees in the hotel and restaurant sector earn the lowest wages, averaging BGN 1,495 per month, followed by those in agriculture, forestry, and fisheries at BGN 1,654.

The third-quarter wage growth was higher in the private sector (14.3%) than in the public sector (11.9%), reflecting the overall trends of inflation adjustment and rising skill requirements in various industries.