The Bulgarian National Bank (BNB) forecasts that Bulgaria's GDP growth in real terms will slow to 2.1% in 2022 in its macroeconomic forecast for March. The regular quarterly forecast is published on the BNB website. The slowdown in the growth of private consumption and the increase in the negative contribution of net exports will contribute to this slowdown in economic growth. In 2023 the BNB expects GDP growth to accelerate to 3.9% and then to slow to 3.7% in 2024. For the dynamics of real GDP in 2023 and 2024 the most significant impact will be from the expected profile of absorption of funds under the National Recovery and Sustainability Plan. Increased volatility in commodity prices on international markets and the inability of market participants to determine their long-term equilibrium level given the structural changes resulting from the war in Ukraine, the transition to carbon neutrality in EU countries and their stated intentions to reduce their dependence on Imports of energy sources from Russia lead to a high degree of uncertainty over the inflation forecast, according to the BNB.

In February 2022 the industrial production in Bulgaria increased by 14.5% compared to the same period of 2021. This is shown by the calendar adjusted data of the National Statistical Institute (NSI). On an annual basis, growth was reported in the production and distribution of electricity and heat and gas - by 28.7%, in the mining and quarrying industry - by 16.9%, and in the manufacturing - by 11.9%. The NSI reports a serious increase in the manufacturing industry, especially in the production, not elsewhere classified - by 59.6%, the production of wood and wood products, excluding furniture - by 30.4%, beverage production - by 29.4%, the production of computer and communication equipment, electronic and optical products - by almost 26%, the production of chemical products - by almost 25%, the production of vehicles, excluding cars - by 24.7%. The largest decrease was reported in the manufacture of tobacco products - by 12.2%.

Another nearly BGN 41 million will be paid to 815 small enterprises to deal with the consequences of the Covid crisis. The grant is under the measure for support of companies with a turnover of over BGN 500 thousand, implemented by OP 'Innovation and Competitiveness' (OPIC) at the Ministry of Innovation and Growth. Each of the companies will receive BGN 50,000 to reimburse the operating costs for salaries, materials and consumables made during the pandemic, the ministry said. 636 of the companies have already signed contracts and are expected to receive their money within a maximum of three months. For the remaining 179 approved small enterprises, the negotiated procedure has started. They will receive approximately BGN 9 million, which were provided at the end of March. The total number of companies supported under this measure of the operational program will be almost 4,400. The allocated funds will exceed BGN 219 million.

Bulgaria and Romania requested and obtained access to the Revithoussa liquefied natural gas (LNG) terminal operated by Greek gas transmission system operator DESFA, Greek media reported. The unloading of 142,500 cu m of LNG is already scheduled for May on behalf of MET Energy, which operates in Bulgaria. Greece’s plan for securing energy supply in case of a disruption of gas supply from Russia foresees the expansion of Revithoussa’s storage capacity with the addition of a floating tank. MET Energy Trading Bulgaria was established in 2017 to represent Switzerland-based energy company MET Group in the Southeast European (SEE) natural gas and energy markets. The company focuses on the purchase and sale of electricity and natural gas to retail and wholesale customers in SEE through cross-border transactions and close corporation with other MET subsidiaries in the area, according to information published on the website of the company. The Revithoussa LNG terminal is located on the islet of Revithoussa, some 45 km west of Athens. With a storage capacity of 225,000 cu m LNG and a regasification capacity of 1,250 cu m/h, the terminal is an important energy asset for Greece, providing security of energy supply, operational flexibility in the transmission system, and increased capability to meet peak gas demand.

Fort Knox LTD has notified the Commission for Protection of Competition that it wants to concentrate by acquiring control over Capital Fort JSC, the antitrust regulator announced. Fort Knox is engaged in investments in the development of holiday properties for the purpose of sale, maintenance and management of the holiday properties built by the company, real estate transactions, hotels and restaurants. Capital Fort JSC - Sofia specializes in investments in design, construction and furnishing of its own class A administrative buildings, management and technical maintenance of its own administrative buildings, as well as their rental.

BILLA Bulgaria has started the construction of a new commercial site, located in Sofia. The team of the retail chain and partners-executors of the project made the symbolic first sod. The new site will have a total area of ​​1,500 square meters, and the commercial and cash area of ​​the store will be located on 925 square meters. The location will offer 74 parking spaces, with the possibility of charging electric cars. The store will have new energy-saving solutions in line with the company's strategy for efficient use of natural resources. The construction of the new store is part of a long-term strategy to actively expand the sales network throughout the country. BILLA Bulgaria continues to update the number of its sites, contributing to the economic development of middle-populated regions and giving more customers access to the variety of products it offers.

Austrian insurance group UNIQA said that its loss before taxes from operations in Bulgaria narrowed to EUR 8.4 million in 2021 from EUR 14.9 million a year earlier. The group's net premiums earned in Bulgaria rose slightly to EUR 37.3 million last year from EUR 37.1 million in 2020. Operating expenses in the country fell to EUR 17.1 million in 2021 from EUR 21 million the year before. At the same time, net investment income grew to EUR 1.7 million from EUR 1.1 million. The UNIQA group is represented in Bulgaria by two companies - UNIQA Insurance and UNIQA Life Insurance. The group has a market share of 4.20% in the Bulgarian insurance market and has 289 employees in the country. In Southeast Europe, UNIQA operates in Albania, Bosnia and Herzegovina, Bulgaria, Kosovo, North Macedonia, Montenegro, Romania, Serbia and Croatia. In the region - excluding Romania - the group turned to a pre-tax profit of EUR 3 million from EUR 29.7 million loss the year before.

Mercedes-Benz opened a new EUR 200 million software centre in Sindelfingen on Friday, its latest investment in boosting in-house software capabilities as it works to bring its own MB.OS operating system onto the market by 2024. Around 750 of the 3,000 new hires the luxury carmaker plans to bring in globally to develop the operating system were hired in Sindelfingen, working on features from in-vehicle entertainment to autonomous driving. The centre is part of a wider effort by Mercedes-Benz to streamline its software strategy from a patchwork approach bringing in technology from a wide range of suppliers, to controlling the core of its software offering itself. One such partnership is with U.S. computer graphics specialist Nvidia, with whom Mercedes-Benz struck a deal in 2020 to develop assisted and self-driving functions which will form part of the MB.OS system launching in two years time. The carmaker is 600 unfilled vacancies away from achieving its goal of a global team of 10,000 software engineers in Berlin, China, India, Israel, Japan, and the United States.

Tesla opened a new production facility in Austin, Texas. The new giga factory will initially produce the Model Y SUV, a seven-year-old M Cybertruck, which dates back to 2019. The Texas plant is Tesla's fourth assembly plant worldwide and opened a few weeks after the company opened its huge plant near Berlin. The newest factory will help the company to increase production to try to meet expectations for more sales. In the United States, Tesla chose Austin over Tulsa in 2020, after a heated battle between states to attract business to the company. Tesla initially announced that the long-awaited Cybertruck will be sold at a price of USD 39,900 and will be produced in late 2021. It will eventually be on the market next year. It is claimed that the version with a triple engine with all-wheel drive will cost USD 69,900.

Toshiba has lost its halo of a symbol of Japan's industrial power. The conglomerate, which does virtually everything from memory cards to nuclear reactors, has been torn apart by problems, and its share price is lower than that of domestic and foreign competitors. New hope is now emerging after buyouts begin with a group led by US private equity firm Bain Capital. This led to an increase in shares of Toshiba by a quarter in the last month. Toshiba went through an accounting scandal to inflate profits and change leadership, but the new management failed to sell its division, the US nuclear energy company Westinghouse. To maintain its solvency, the Japanese company sold its memory chip business, bought by a consortium led by Bain. It also issued new shares, benefiting Singapore's asset manager Effissimo Capital Management (ECM), which gained nearly 10% and became Toshiba's largest shareholder.