One-Third of Bulgaria's Economy is in the Gray Sector, Says GERB Minister

Deputy Prime Minister and Minister of Innovation and Growth from GERB, Tomislav Donchev, stated that Bulgaria is seeking reserves and preparing to make cuts to the 2025 Budget. He shared these details during a visit to Plovdiv, emphasizing that the government will not raise taxes but will focus on identifying areas for revenue growth.

One of the key issues highlighted by Donchev is the ongoing battle against the gray economy, which he described as constituting one-third of Bulgaria’s economy. He noted that the government is exploring ways to increase revenues while avoiding cuts to expenditures that directly impact citizens. According to Donchev, there are opportunities for reductions in the functioning of state administration, which he assured is not as large as some might think.

Donchev also mentioned that the specifics of the budget would be finalized in the coming weeks, as the project needs to go through the tripartite and the Council of Ministers before being presented to the parliament. He expressed regret over the delayed adoption of state and municipal budgets, acknowledging that it is likely to happen in March or April. However, he stressed that "better late than never."

Source: BNR