Bulgarians reach 60% of the income and standard of living of the average European citizen.

The Bulgarian economy is catching up with the European one by 2% per year, despite the crises of the last three years, according to an analysis by the Institute for Market Economy.

According to last year's data, the purchasing power of Bulgarians reached 59% of the average levels for the European Union (gross domestic product per capita at purchasing power parity).

This comparison, according to Petar Ganev, senior analyst at the Institute for Market Economy, most accurately describes the process of catching up with average European incomes and living standards, as it also takes into account the differences in prices and incomes in individual countries.

"We passed the 50% border with Germany, 60% with France, and we are crossing both borders now for the first time. Roughly speaking, it means that we can have, based on our incomes and the prices that exist in the economy, half with what the German has. Until 20 years ago it was 1/4 or even 1/5. That is, we started from a very low base. Now we are halfway,

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Despite the statistical data, Bulgarians do not feel that they are living better.

"The freedom of travel allows us to very easily compare ourselves to the rich. It allows us to leave the country relatively easily and directly enter the job market of the wealthier. And it's normal to make such comparisons. However, I think the average person considers that the difference in its quality of life compared to 10 years ago or compared to 20 years ago is really sensitive," the economists explain.

Bulgarians

quality of life

Institute of Market Economy

incomes

Europeans