Bulgarian industry began to return to its worst months, accelerating the rate of decline in November. Data from the National Statistical Institute (NSI) show that the annual decline in the penultimate month of 2025 was 9.3%. This represents a significant acceleration compared to the 7.5 and 5.7% decreases reported in October and September, respectively. The leading reason for the three-year trend lies behind the problems of the industry in Europe, and especially in Germany, which is our country's main trading partner. Other factors include the permanently high prices of electricity, the shortage of qualified labor, insufficient exports, and others. A significant annual decline was reported in: Manufacture of clothing -23.9%; Manufacture of paper, cardboard and paper and cardboard products - 20.2%; Manufacture of vehicles, excluding automobiles - by 17.7%; Manufacture of chemical products - by 17.2%. Significant growth was reported in: Production of tobacco products - 32.9%; Production of furniture - 24.2% and Production of medicinal substances and products - by 17%.

The National Revenue Agency (NRA) collected nearly BGN 9 billion more in 2025 than in 2024, but still fell short of the planned budget revenues by BGN 1.8 billion. Tax revenues amounted to BGN 50.9 billion, compared to the target of BGN 52.7 billion and BGN 42 billion collected last year, announced the director of the National Revenue Agency (NRA), Hristo Markov, who took over the mega-agency in November 2025 after his predecessor Rumen Spetsov was appointed by the government as a special manager of the assets of the Russian oil company Lukoil, which was sanctioned by the US, in Bulgaria. The collected amount represents 96.5% of the budgeted amount. Tax revenues have increased by about 21 percent, the most significant being the increase in the collection of the value-added tax, which is related to consumption in the country - 24.4%, but the desired results have not been achieved there either.

Bulgaria ranks third among the European Union member states in terms of annual house price increases in the third quarter of 2025, according to published Eurostat data. Over the year, house prices in the country increased by 15.4%, with higher growth recorded only in Hungary (+21.1%) and Portugal (+17.7%). Among the member states for which data are available, Finland is the only country to report an annual price decline in the third quarter of 2025 – by 3.1%. Compared to the previous quarter, house prices decreased in five member states and increased in 21. The largest declines were recorded in Luxembourg (-3.1%), Finland (-2.2%) and Slovenia (-1.1%), while the strongest growth was recorded in Latvia (+5.2%), Slovakia (+4.9%) and Portugal (+4.1%). At EU and euro area level, in the third quarter of 2025, house prices, as measured by the house price index, increased by 5.5% in the EU and by 5.1% in the euro area on an annual basis. Compared to the second quarter, the increase was 1.6% in both the EU and the euro area. In the longer term, Eurostat data show a noticeable divergence between the dynamics of house prices and rents. While rents have been growing relatively smoothly, house prices have been characterised by greater fluctuations – periods of decline, stagnation and sharp increases. Between 2015 and the third quarter of 2025, house prices in the EU increased by 63.6%, while rents increased by 21.1%. When comparing the third quarter of 2025 with the same period in 2015, house prices increased more than rents in 25 Member States. The most significant increases were recorded in Hungary (+275%), Portugal (+169%), Lithuania (+162%) and Bulgaria (+156%). Finland remains the only EU country where house prices are lower than in 2015 – by 2%. Over the same period, rents increased in all 27 Member States, with the largest increases recorded in Hungary (+107%), Lithuania (+85%), Slovenia (+76%), Poland (+75%) and Ireland (+74%).

The government is providing 246,556,225 euros from the Recovery Mechanism of the Bulgarian Development Bank (BDB) to provide subsidies for the renovation of residential buildings. The draft decree has been published for public discussion. Thus, the ministers are transferring the obligation to provide European financing from the regional ministry to the bank. Since it has not had any commitments under the recovery plan so far, this government decree was imposed. BDB will create an Investment Committee, which will rank the project proposals under stages 1 and 2 of the procedure "Support for sustainable energy renovation of the residential building stock". European money for renovation is distributed territorially. 25,564,594 euros are for the largest cities - Sofia Municipality, Plovdiv, Varna and Burgas. In the second group are Stara Zagora, Ruse, Pleven, Veliko Tarnovo, Blagoevgrad, Vidin, for which the same amount has been determined. For 41 cities (Vratsa, Lovech, Lom, Montana, Troyan, Gabrovo, Gorna Oryahovitsa, Sevlievo, Razgrad, Svishtov, Silistra, Dobrich, Targovishte, Shumen, Sliven, Yambol, Nova Zagora, Aytos, Karnobat, Kazanlak, Svilengrad, Harmanli, Dimitrovgrad, Kardzhali, Haskovo, Asenovgrad, Velingrad, Smolyan, Pazardzhik, Peshtera, Panagyurishte, Karlovo, Botevgrad, Gotse Delchev, Dupnitsa, Kyustendil, Pernik, Petrich, Samokov and Sandanski) the amount is 17,895,216 euros. In the fourth group are 215 municipalities falling within the definition of a rural area, the money is 17,895,216 euros. Bulgarian Development Bank shall conclude the financing agreements no later than June 30, 2026.

After almost 5 months of analysis, the Competition Protection Commission has allowed Agropolychim and the son of its co-owner to acquire the Bulgarian company Ecofol, with which they have been partnering in the production of fertilizers for several years. Ecofol, registered in Targovishte, is an established producer of treated and foliar fertilizers, as well as AdBlue additive. The company has over 100 employees, revenues of 39.5 million leva and a profit of 276 thousand leva for 2023. As part of the deal, Agropolychim AD and Victor Pierre Vincent Rombaut acquire 75% of the issued share capital of Ecofol. Rombaut is the son of Agropolychim co-owner Philip Rombaut. He owns 75% of the agricultural producer Agro Tsar Petrovo AD, and the remaining 25% belongs to his father. Agropolychim and Ecofol have been partnering since 2022 in the field of treated nitrogen fertilizers. The buyers indicate that their main strategic goal after the deal is to increase the R&D dynamics of new fertilizer products. In addition, the Agropolychim group will enrich its portfolio with Ecofol's niche products. Among the reasons are the proximity of production facilities of major competitors such as Neochim AD, Azomures (Romania), Elixir Zorka (Serbia), PFIC (Greece) and Kavala Novafert (Greece), which can supply farmers, as well as the specifics of the emerging market of treated fertilizers, in which price is only one of the factors - and potentially not the main one. Agropolychim from Devnya is one of Bulgaria's industrial giants. The company, which sells a large part of its production abroad, has a turnover of nearly 800 million leva for 2024 and a profit of 70 million leva. It has about 740 employees.

A new development center in Sofia will be built by the Bulgarian space company EnduroSat, it is clear from a decision of the Council of Ministers, which approved a memorandum of understanding with the company. The investment is in the amount of 10.686 million euros and 50 new jobs will be created. The center will be equipped with advanced machines and modern technologies for developing a new class of satellites. All developments are intended for export, with the main markets being the USA, the European Union, Japan and others, the government press service notes. The project has been designated as a priority and an interdepartmental working group will be created to provide institutional support for the implementation of the center. This is another major investment by EnduroSat in Bulgaria in recent months. In the fall, its Space Center in the capital became operational - a production facility covering an area of ​​17,500 square meters with laboratories, clean rooms and other equipment. The goal is to assemble two of its most advanced Endurance Gen3 satellites per day. These are spacecraft weighing up to 500 kilograms and with up to 2 gigabits of connectivity, suitable for building entire constellations. EnduroSat was founded in 2015 by Raycho Raychev, and after the last round it has attracted a total of over $150 million from investors. In May 2025, it raised $49 million in a round led by tech billionaire Peter Thiel's Founders Fund. In October, it raised its largest round yet - $104 million from Riot Ventures, Google Ventures, Lux Capital, Shrug Capital and the European accelerator European Innovation Council Fund.

The building, located at 8 Veslets Street in Sofia, which houses the Central Dispatching Department of the Electricity System Operator, will be contributed to the capital of the Bulgarian Energy Holding, the government decided. It manages the country's electricity system - from power plants to networks, it was built and intended for this purpose. The CDU has been operating in this building since 1992, its main task is to ensure conditions for secure and economical operation of the electricity system and its synchronous operation with the electricity systems of the countries of the continental synchronous zone of the association of electricity transmission operators ENTSO-E. The building houses many communications, technical means for connection with energy facilities in Bulgaria, neighboring transmission operators and ENTSO-E coordination centers in Europe. The contribution of the building to the capital of BEH EAD will not lead to an economic advantage for the holding, since it will not be used for economic activity.

Deep drilling for mineral water will be carried out in the area of ​​the Baba Vida fortress in Vidin and in the villages of Slanotran and Gradets by the Bulgarian company "Oil and Gas Exploration and Production" AD. The total investment value amounts to 8.1 million euros including VAT. The contract for the Gradets field is worth 2,382,029.73 euros including VAT, and the term for the implementation of the construction and installation works is 640 calendar days. The contract for the Vidin field is worth 2,985,476.65 euros including VAT, and the term for the implementation is 620 calendar days. The third contract for the Slanotran field is worth 2,739,333.17 euros including VAT, and a term of 635 calendar days is given for the completion of the construction and installation activities. The drilling, the purpose of which is to lay a new water intake facility for the purpose of groundwater extraction, will be carried out at a depth of 1200 to 1500 meters. According to preliminary data and previous studies, the water in Vidin and Slanotran is hydrogen sulfide and is not drinkable, but has the potential for balneotherapy, while in Gradec the water is drinkable. After completing all procedures, the municipality plans development by attracting private investors, with the most likely option being water concession and the construction of modern balneological and tourist complexes. Work on the three drillings should be completed within two years. The company has experience in drilling up to 3000 meters, with the depth here being 1300 meters.

The Registry Agency has refused to register the increase in the capital of the insurance company "DallBogg: Life and Health" by 80 million leva. The main shareholder - "Targovska Liga" and businessman Tihomir Kamenov provided the money and deposited it into an account at "UniCredit Bulbank", but despite this, the refusal was issued. In recent days, there has been active correspondence between the agency and the insurer on the topic of the capital increase. It is key to how the supervisory saga with the company, which was among the leaders on the market until mid-2025, will end. Then "DallBogg" received a temporary ban from concluding new insurance policies in EU countries outside Bulgaria, and from October 1, 2025, the ban became permanent. Before the New Year, the Financial Supervision Commission (FSC) announced its findings from the inspections of the insurer and issued a series of orders for coercive measures. Within just a few days, the Registry Agency first refused, then allowed registration (against the presentation of additional documents), and on Friday again refused to register the capital increase of "DallBogg". The reasons for the new refusal are related to the problem that arose before Christmas regarding the registration of the previous capital increase by 5.5 million leva, with which one of Tihomir Kamenov's sons - Tihomir Kamenov Jr. - was supposed to be registered as a shareholder. However, the Financial Supervision Commission found shortcomings in the procedure and ordered the Central Depository not to register the new shareholder. The registration of the new shareholder was also challenged in court. Due to the ambiguity surrounding the shareholder structure, however, the Registry Agency also finds loopholes in the new capital increase of 80 million leva, which was voted on at the company's general meeting on December 28, 2025. In addition, "Targovska Liga" and Tihomir Kamenov transferred the money to the bank on December 22, and not after the meeting, which according to the Registry Agency is a problem. "In total, the four transfers made on December 22, 2025, appear to have been paid without reason and are subject to reimbursement to the shareholders, as they were not made in implementation of the decision of the general meeting of shareholders of December 28, 2025 to increase the capital, since the latter was not available on the date of their implementation," the Registry Agency writes in its reasoning. It finds that the identified irregularities cannot be eliminated by issuing instructions, which is why it ruled to refuse to register the capital increase. It can be appealed to the Sofia City Court within 7 days. In December, the FSC announced that for the final decision on the DallBogg case, they will take into account the expected opinion of the European Insurance and Occupational Pensions Authority (EIOPA).

From February 24 this year, the shares of the Bulgarian software company Sirma Group Holding AD will also be traded on the Frankfurt Stock Exchange. On January 8 this year, an agreement was signed between Sirma Group Holding AD and Deutsche Borse AG for a ceremony to open trading on the Frankfurt Stock Exchange, Germany, which will take place on February 24, 2026. The shares of Sirma Group Holding AD will be traded in parallel on the Bulgarian Stock Exchange and the Frankfurt Stock Exchange. In this way, the software company will become the second Bulgarian company after Shelly Group ED, which will be traded in parallel on the Bulgarian Stock Exchange and the Frankfurt Stock Exchange through the Eurobridge segment of the Bulgarian Stock Exchange, which allows for dual listing on the exchanges in Sofia and Frankfurt. In October 2025, Sirma Group Holding AD received approval for its prospectus for dual listing from the Financial Supervision Commission. The software company's shares have risen by over 167 percent on the Bulgarian Stock Exchange over the last 12 months.

The number of companies in Germany that went bankrupt in 2025 has increased to its highest level in two decades, according to a study by the Institute for Economic Research in Halle (IWH), published by DPA. The number of bankruptcies rose sharply in December, being 75 percent above the average for the same month in the period 2016-2019, the study reported. In December alone, a total of 1,519 cases of companies going bankrupt were registered, the Institute for Economic Research reported. For the whole of 2025, the number of companies going bankrupt reached 17,604, which is almost 5 percent more than the level during the global financial crisis in 2009, the institute reported. The high levels of companies going bankrupt can no longer be explained solely by the consequences of the pandemic or the country's monetary policy, said Steffen Müller, head of insolvency research at the Institute for Economic Research. According to him, the data increasingly reflects the current economic "challenges facing Germany." The German economy contracted in 2023 and 2024, with growth in 2025 minimal according to preliminary data, and no noticeable increase is expected for 2026, DPA reports.

After more than 25 years of preparation, the European Union has given the green light to the historic Mercosur trade deal involving Brazil, Argentina, Paraguay and Uruguay. The deal will create a market of more than 700 million people, eliminate tariffs on more than 90% of products and save EU businesses €4 billion a year. The agreement, supported by business groups and criticized by many farmers in Europe, overcame strong opposition from France, as well as resistance from Ireland, Poland and Hungary. Italy joined at the last minute, providing the necessary support. The European Commission sees the agreement as key for exports, supporting the economy and strengthening diplomatic ties in a time of global uncertainty. Among the sectors that will benefit are cars, machinery, wines and spirits, which will have easy access to the South American market.

Kazakhstan plans to build an industrial park covering an area of ​​over 3,000 hectares worth about $15 billion (≈€14.2 billion). The project is expected to create over 10,000 jobs and turn the Pavlodar region into a regional center for processing raw materials with high added value. The initiative is being implemented in partnership with the Singaporean company XINFA GROUP. This is one of the world's leading industrial holdings with assets in the energy, aluminum and chemical industries, as well as in green construction and agricultural technologies. The project envisages metallurgical plants for alumina, aluminum and copper, construction of energy infrastructure, including facilities for renewable sources, as well as enterprises for the production of soda, carbon materials and green construction solutions. The project in the Pavlodar region is part of a series of significant industrial investments in the country. In Almaty region, Mars Petcare Kazakhstan will build a ready-to-eat pet food plant with an investment of over 88.8 billion tenge (≈€193 million), and in Aktobe region, Coca-Cola Almaty Bottlers plans a soft drinks plant with an investment of 41.9 billion tenge (≈€91 million). Xinjiang Lihua is increasing its investments to $600 million (≈€570 million) with a cotton-textile cluster project in Turkestan region, and Khan Tengri Biopharma will build a modern production complex in the Alatau special economic zone.