Bulgaria's gross external debt (private and public) increased by 10.9% (EUR 5.342 billion) year-on-year to EUR 54.258 billion at the end of November 2025. This equates to 47.3% of the country's estimated gross domestic product (GDP) for last year, up 0.6 percentage points from a year earlier, according to preliminary data from the Bulgarian National Bank (BNB). At the end of November, short-term liabilities stood at EUR 8.598 billion (15.8% of gross debt, 7.5% of GDP), down by EUR 195.6 million (2.2%) year-on-year. Long-term liabilities amounted to EUR 45.660 billion (84.2% of gross debt, 39.8% of GDP) at the end of November, increasing by EUR 5.538 billion (13.8%) on an annual basis. As of November 30 last year, EUR 36.274 billion (66.9%) of gross external liabilities had a residual maturity of over one year. 80% of gross external liabilities were denominated in euros, compared to 77% a year earlier. The gross external debt of the General Government sector at the end of November was over EUR 17.610 billion (15.3% of GDP) and increased by more than EUR 4.621 billion (35.6%) in one year. It has the most significant share in the structure of external debt – 32.5% at the end of November 2025, compared to 26.6% a year ago. The external liabilities of the central bank are EUR 2.007 billion (1.7% of GDP) and decrease by EUR 73.1 million (3.5%) compared to the end of November 2024 (EUR 2.080 billion, 2% of GDP). The external liabilities of the Other monetary and financial institutions sector (banks and money market funds) are EUR 7.992 billion (7% of GDP). They increase by EUR 1.302 billion (19.5%) compared to the end of November 2024. The external liabilities of businesses and households are over EUR 13.215 billion (11.5% of GDP), increasing by EUR 37.6 million (0.3%) in one year. Intra-company lending amounted to EUR 13.432 billion at the end of November 2025, which is EUR 546.1 million (3.9%) less than a year earlier.

The overall producer price index in industry in December 2025 was 9.6 percent higher than the level in December 2024, the National Statistical Institute (NSI) announced. Price growth was registered in the extractive industry - by 30.6 percent, in the production and distribution of electricity, heat and gas - by 15.7 percent, as well as in the processing industry - by 10.3 percent. Producer prices in November 2025 were 12 percent higher than the level in November 2024. In December, on a monthly basis, the overall producer price index increased by 1.4 percent. Higher prices were observed in the extractive industry - by 10.7 percent, in the production and distribution of electricity, heat and gas - by 2.1 percent, and in the processing industry - by 0.7 percent. In November, on a monthly basis, producer prices marked an increase of 1.6 percent.

The profit of the banking system in Bulgaria amounted to 3.62 billion leva as of the end of December 2025, which represents a decrease of 1.8 percent on an annual basis, according to data from the Bulgarian National Bank. For comparison, the net profit of banks in 2024 was 3.69 billion leva, or nearly 67 million leva more than the reported result for 2025. In the fourth quarter of 2025, the assets of the banking system increased by 16.9 billion leva, or 8.1 percent, and at the end of December they reached 227 billion leva. The liquidity coverage ratio at the end of December reached 280.6 percent compared to 234 percent at the end of September. The liquidity buffer amounted to BGN 68.6 billion, and net liquidity outflows – to BGN 24.5 billion (respectively BGN 59.4 billion and BGN 25.4 billion as of September 30). Gross loans and advances on a quarterly basis increased by BGN 11 billion (8.2 percent) and at the end of the year reached BGN 144.9 billion. Receivables from credit institutions increased by BGN 6.1 billion (52.7 percent) to BGN 17.6 billion, and the gross loan portfolio increased by BGN 5.2 billion (4.3 percent) to BGN 127.3 billion, with growth recorded in all sectors. Loans to households during the quarter increased by BGN 2.6 billion, or 4.7 percent (including BGN 2.2 billion in loans secured by residential property), and loans to non-financial enterprises – by BGN 2 billion (3.6 percent). Loans to the general government sector increased by BGN 358 million (30.4 percent), and those to other financial enterprises – by BGN 203 million (2.1 percent). In the last quarter of 2025, deposits in the banking system increased by BGN 12.3 billion, or 6.9 percent, and at the end of December they reached BGN 190.5 billion. The most significant increase was recorded in household deposits – by BGN 11 billion (11 percent). Deposits of non-financial corporations increased by BGN 728 million (1.4 percent), of other financial corporations – by BGN 455 million (10.2 percent), as well as of credit institutions – by BGN 407 million (2.4 percent). A decrease was recorded in deposits of the General Government sector – by BGN 267 million (6.9 percent). Gross non-performing loans and advances at the end of December 2025 amounted to BGN 3.94 billion, increasing by BGN 95 million (2.5 percent) compared to the end of September. Their share in the total amount of gross loans and advances decreased to 2.72 percent from 2.87 percent at the end of September. The net value of non-performing loans and advances (after deducting impairments) reached BGN 1.86 billion, which is BGN 68 million (3.8 percent) more than at the end of September. Their share in the total net value of loans and advances decreased to 1.31 percent from 1.37 percent three months earlier.

Bulgarian shipbuilding company "MTG-Delfin" is based in the Varna village of Ezerovo. Founded in 1991 as "Delfin 1", the family-owned company initially focused on ship repair, only to switch to ship production about ten years later. And recently it has also become a supplier for the Bulgarian warship fleet with two new modular patrol ships, which it produced in partnership with the German NVL. The first of them - "Brave", was delivered at the end of last year, and the second - "Bold", is expected to be completed at the beginning of this one. "MTG-Delfin" reached an agreement with the German NVL Group, which is the main contractor of the project, while the Varna company is a shipbuilding partner. For the implementation of the project in 2021, the German group registered the design company "Naval Technology Bulgaria", which employs nearly 50 people. For 2024, the company recorded 3.05 million euros in revenue and 178 thousand euros in profit. In recent years, the revenues of "MTG Delfin" have also increased significantly, reaching 65.2 million euros in 2024. According to the "Program for the Development of the Defense Capabilities of the Armed Forces of the Republic of Bulgaria 2032", at least two more ships are expected to be added, as this is the recommended minimum set for protecting the exclusive economic zone and territorial waters of the country. One of the main challenges facing the company are the policies of neighboring Turkey, which has raised the fees for passing the Bosphorus six times in recent years. This makes ship repair in the Black Sea less competitive than if it were carried out in Turkish companies. The reaction from the Bulgarian authorities is limited and unsatisfactory. In 1995, "Delfin-1" began construction of its first base in Ezerovo, on Lake Varna, where ship repair activities are still carried out today. In 1997, it purchased its first floating dock - a kind of water plant, with a carrying capacity of up to 18 thousand tons, which was then the largest floating dock in Bulgaria. It was completed and positioned in Lake Varna in 1998. Shipbuilding is an extremely specific business, which in the last few decades has been dominated by Asia. According to sources such as MarineInsight, Center for Strategic & International Studies and others, nearly 96% of the entire market is occupied by three countries - China (53%), South Korea (29%) and Japan (13%), leaving relatively little for the rest of the world. When it comes to materials, steel, which is the main resource in shipbuilding, comes mainly from North Macedonia, as well as "Stomana-industry" in Pernik. On August 7, 2025, MTG-Delfin was selected by the American Westinghouse to build the hulls of the AP1000 structural module for the nuclear power units. The new production will be entirely in Varna, and for this purpose the company will increase its staff by about 150 people for the needs of this direction.

Hristo Gebrev - son of arms businessman Emilian Gebrev, intends to acquire independent control over the company "KPZ-99" AD, it becomes clear from documents submitted to the Commission for Protection of Competition. This is actually the Forging and Pressing Plant in the Dryanovo village of Tsareva Livada. It was established in the 1980s and produces precise hot stampings from steel and non-ferrous metals. It has modern and highly automated equipment. The plant produces mine and projectile bodies, with the parameters being "according to the client's documentation". Civilian production includes forgings of gears, axles, pinions and non-standard bolts, solid parts, running wheels, bearing bodies and cups, as well as thick-walled pipes. The activities also include "production and sale of electrical power strips and extension cords; rental of real estate; production and sale of tooling, plastic and metal parts and assemblies for defense-related products; processing of waste TNT for secondary use in the mining and defense industries". Leading shareholders in the plant are Simona Dencheva and Mitko Mandichev with 40.3% and 45.8% shares, respectively. The number of employees as of November 2025 is 74. Since 2022, revenues and profits have been growing rapidly, with turnover for 2024 being 9.457 million leva and profit being 3.23 million leva.

Primo Trade EOOD opened a modern production facility in Sandanski with an area of ​​1,300 sq. m, which is part of the expansion of the company's activities. The company employs about 160 people, and the new investment guarantees sustainable jobs and supports the economic development of the region. Primo Trade EOOD specializes in the production of cuts and semi-finished products from chicken meat.

The Republic of Bulgaria won an international arbitration case ICSID Case No. ARB/16/24 before the International Center for Settlement of Investment Disputes (ICSID) in Washington, D.C., USA. The case was filed on July 26, 2016 by ČEZ a.s., Czech Republic. On January 29, 2026, the arbitral tribunal issued an award dismissing all claims of ČEZ and holding that the actions of the Republic of Bulgaria through the Energy and Water Regulatory Commission (EWRC), the Ministry of Economy, the Ministry of Energy, as well as the Administrative Court – Sofia-city, the Administrative Court – Varna and the Supreme Administrative Court did not constitute a violation of the standards for the protection of foreign investments under the Energy Charter Treaty. The total amount of CEZ's claims amounted to 967 million euros, as well as interest of 1.9 percent with annual capitalization from the date of the decision until final payment, the Ministry of Finance said. CEZ claimed to be a foreign investor within the meaning of the Energy Charter Treaty on the basis of three separate investments in Bulgaria - in the electricity distribution company CEZ Razpredelenie Bulgaria AD and the electricity supply company CEZ Electro Bulgaria AD; in the Varna TPP and in the Bara biomass power plant. The plaintiff challenged the actions of the Bulgarian state, including the Ministry of Economy, the Ministry of Energy, the EWRC and the Bulgarian courts, alleging violations of its legitimate expectations and arbitrariness in price regulation, the statement said. In relation to the electricity distribution and supply activities, CEZ claimed compensation in the amount of EUR 733 million, alleging that the EWRC acted arbitrarily in setting prices in the period 2004–2018, and that the judicial review of these decisions was unlawful. In relation to the investment in the Varna CHP plant, the claim amounted to EUR 220 million, with the claimant alleging that Bulgaria had not fulfilled its commitments to liberalise the energy market and that the price regulation in the period 2006–2014 was unjustified. In relation to the Bara biomass power plant, CEZ claimed EUR 14 million plus interest of 1.9 per cent with annual capitalisation from the date of the decision until final payment, alleging that changes in the regime for the promotion of renewable energy sources had led to a complete loss of the investment. This is Bulgaria's third consecutive success in the series of cases filed against it by the electricity distribution and supply companies of EVN AG, Energo-pro a.s. and CEZ a.s. The total amount of claims in the three cases amounted to about 2 billion euros.

In 2025, Megadom OOD opened its eighth consecutive and largest store in Bulgaria - Praktis Mega. Currently, the Praktis chain of construction hypermarkets is represented in seven Bulgarian cities and with its online store. The store is located at 527 Botevgradsko Shose Blvd. in Sofia, next to the largest retail park in the Balkans - XOPark. The retail area is over 20,000 square meters and offers an assortment of over 50,000 items. DIY stores are becoming increasingly popular in Bulgaria, as they offer a wide range of products and services that allow consumers to carry out various projects and repairs themselves.

Another large foreign investor is leaving Bulgaria. The Japanese company "Sumitomo Electric Bordnetze SE" (SEBN SE), specializing in the production of automotive cable installations, is terminating the work of its subsidiary in our country and closing its second plant in Karnobat by the end of the year. Nearly 800 workers will be left without jobs, as the layoffs will be implemented in two stages and will be completed by March 2027, announced "SE Bordnetze - Bulgaria" EOOD. The employees will receive comprehensive support, far exceeding legal requirements, the company says. Some of them have reoriented to other places.

Wizz Air will base an eighth aircraft at Vasil Levski Airport – Sofia from July 2026 and will significantly expand the network of destinations it serves from the Bulgarian capital, announced the airline's Director of Route Network Development András Szabó. The new aircraft represents an investment of around EUR 100 million and is of the latest generation – with lower fuel consumption, less noise and higher environmental performance. The machine with a capacity of 239 seats will provide an additional half a million seats per year and will allow the opening of new routes. Among the new destinations from Sofia are a daily connection to Budapest, flights to Palermo and Rhodes, as well as new routes to Egypt - Hurghada and Sharm el-Sheikh, which are in the process of final approval. The company also confirmed the already announced new routes to Corfu and Santander, as well as a new connection between Varna and Larnaca. Since the start of its operations in the country, the airline has carried over 33 million passengers, with the number exceeding 25 million from Sofia alone. The airline will increase the frequency of flights on a number of existing routes, with some of them becoming daily, including to Madrid, Rome, Prague, Tel Aviv, Valencia and Warsaw.

At its meeting of 29.1.2026, the FSC decided: 1. Approves a prospectus for admission to trading on a regulated market of a bond issue issued by "Puldin Holding" AD, Plovdiv. The issue is in the amount of EUR 10,200,000, distributed in 10,200 ordinary, dematerialized, registered, interest-bearing, freely transferable, secured, non-convertible bonds, with a nominal value of one bond in the amount of EUR 1,000, with a floating interest rate in the amount formed by 6-month EURIBOR with a surcharge of 2.00%, but in total not less than 3.50% and in total not more than 7.00% per annum, payable in 6-month periods, with an issue date of 09.10.2025 and a maturity date of 09.10.2028, with ISIN code BG2100033252. Enters the specified bond issue in the register of public companies and other issuers of securities. 2. Deregisters a bond issue issued by "TIZ Invest" AD, Plovdiv, from the register of public companies and other issuers of securities. The issue is in the amount of EUR 4,500,000, distributed in 4,500 ordinary, interest-bearing, dematerialized, registered, freely transferable, secured, non-convertible bonds, with a nominal value of EUR 1,000 per bond, with ISIN code BG2100008205.

On January 31, the dual circulation of lev and euro expired and the euro remains the only official currency in Bulgaria. Until the end of June, banks exchange free of charge banknotes and coins from lev to euro in unlimited quantities at the official exchange rate - 1.95583 leva for one euro. For amounts over 30 thousand leva, a prior request is required with three working days. The deposit and exchange of levs into the client's account in euro is carried out without a fee. In settlements where there are no bank branches, the service is provided by "Bulgarian Posts", but there the maximum daily amount is 10 thousand leva at a time, and again a prior request is required. The BNB exchanges free of charge, in unlimited quantities and without time limit, banknotes and coins from lev to euro at the official exchange rate. Until August 8 of this year, merchants are obliged to indicate prices in euro and leva. In mid-January, the Bulgarian National Bank (BNB) announced that nearly 60% of the leva in circulation had been withdrawn. As of January 16, euro banknotes and coins worth a total of over €4.3 billion had been put into circulation.

Panama's Supreme Court has annulled contracts under which a subsidiary of Hong Kong-based CK Hutchison Holdings operates key container terminals at both ends of the Panama Canal. The decision creates legal uncertainty over strategic logistics infrastructure and threatens a deal worth nearly $23 billion, Reuters reports. The contracts are for Panama Ports Company, which has operated the Balboa terminals on the Pacific side of the canal and the Cristobal terminals on the Atlantic side since the 1990s. The court, after "extensive deliberations," ruled that the laws and administrative acts that underpin the concession were unconstitutional, without specifying what would happen to current operations. The decision comes after an audit by Panama's comptroller. According to Reuters, the audit found unpaid payments, accounting irregularities and the existence of so-called "fictitious" concessions dating back to 2015. Comptroller Anel Flores claims that the irregularities cost the state about $300 million after the contract was extended in 2021 and about $1.2 billion over the entire initial 25-year period. The company denies the allegations. The lawsuit also has a clear geopolitical dimension. The Wall Street Journal notes that the cancellation of the contracts deals a blow to Chinese economic influence in the region and coincides with efforts by the administration of US President Donald Trump to limit the role of companies with ties to Beijing on key global trade routes. According to Reuters, about 5% of world maritime trade passes through the Panama Canal. The economic consequences could be significant. Reuters reports that the decision casts doubt on CK Hutchison's planned sale of dozens of ports around the world, including Panama terminals, to a consortium led by BlackRock and Mediterranean Shipping for nearly $23 billion. CK Hutchison shares, traded in Hong Kong, fell more than 4% after the news.

China's budget revenue fell 1.7 percent in 2025 from a year earlier, the finance ministry said, citing Reuters. This was the first contraction since 2020 and was due to a prolonged downturn in the real estate market and weak domestic demand, which negatively affected the economy. Tax revenue increased by 0.8 percent in 2025, while non-tax revenue fell by 11.3 percent, the ministry said. Budget spending rose by 1 percent year on year. Revenue from land sales by local governments in China fell 14.7 percent in 2025 from a year earlier amid a deep decline in the real estate market.