site.btaRegional Minister Karadzhov: Construction Output in Bulgaria Drops by 30% in 2021 Y/Y

Bulgaria's construction output has decreased by 30% in 2021 compared to 2020, Regional Development Minister Grozdan Karadzhov said Tuesday during an international economic forum on investment projects under the National Recovery and Resilience Plan. He was citing data from the National Statistical Institute.

According to him, the state should interfere in two ways given the current situation. First, by envisaging an indexation of the contracts which were signed at prices that are no longer realistic, and second, by increasing its investments and allowing for the implementation of various European programmes and funding, Karadzhov said. 

The Chairman of the Management Board of the Bulgarian Construction Chamber (BCC), Iliyan Terziev, said that in his eyes the decrease in construction output is 50%, rather than 30%. 

Karadzhov noted that despite the observed decrease of the output in 2021, there is a reason for optimism in 2022, as the industry registers an increase in February on an annual basis for a fourth consecutive month. He added that the main contributor to that is the construction of buildings, which increased by 7% in February year-on-year. 

Organizer of the forum is Standart media in partnership with the Regional Development Ministry, the BCC, the Chamber of Architects in Bulgaria, and the newspaper Constructor.