Sun, Nov 08 2009
Photo: Assen Tonev
Among European Union member states for which data are available for the second quarter of 2009, the highest annual increase in labour costs was in Bulgaria, at 15.5 per cent.
Jones Lang LaSalle report says Bulgaria is still the most favourable destination in central and Eastern Europe and it will remain to be so – being the cheapest one.
Salaries in Bulgaria and Romania have registered the biggest increase in the European Union in 2008, showed data by Eurostat, the EU's statistical office.
Seven thousand people lost their jobs in October, labour minister says
Once the promotional tickets are purchased during the discount window, they will be valid for the period January 4–March 30 2010
Flannagan’s will be replaced by a French brasserie as part of a 10 million euro Radisson renovation
Globul has accumulated a profit of 139.1 million euro for the period January – September 2009, or a 0.3 per cent drop as opposed on last year’s results
After 100 days in office, Finance Minister Simeon Dyankov pinpoints 10 key issues for Cabinet in ‘the next 100 days’
They increased so rapidly because they were so low to start with. I use to employ a man for about €3 a day in Romania.
If Bulgaria higher labor cost increases due to increased productivity and / or better quality of goods and services is the increase in wage costs justifiable. But since I was in Bulgaria, I know that this is not the case. I have never been in a country with such poor service feeling just Bulgaria, and they are investing in production efficiency is quite ossanolikt. Bulgaria will soon be the new Latvia. High wages high inflation, consumption on borrowed money.
Good News for the workers......Short Term
Next comes company overheads now higher than can cope, cheaper foreign imports, cheaper to produce in China, Factory closers down. Watch this space. As cost to produce becomes to high ALL companies look elsewhere for cheaper production, and inevitably end up in the Far East.......