Bulgaria had the third-lowest tax-to-GDP ratio in the European Union in 2018, at 29.9 per cent, according to the EU’s statistics agency Eurostat. The statistics agency said that the overall tax-to-GDP ratio means the total amount of taxes and net social contributions (including imputed contributions) payable to general government and the institutions of the EU, including voluntary contributions, net of uncollectible amounts; expressed as a percentage of GDP. “It is one measure of the tax burden. It encompasses the wide diversity of social security systems in the EU,” Eurostat said. Bulgaria had the third-lowest taxes on income and wealth as a percentage of GDP, at 5.8 per cent, among members of the bloc, Eurostat said. Taxes on income and wealth include corporate and personal income taxes, taxes on holding gains, payments by households for licences to own or use cars, hunt or fish, current taxes on capital that are paid periodically, and others.

Unemployment in Bulgaria in September 2019 was 4.1 per cent, European Union statistics agency Eurostat said on October 31, citing seasonally-adjusted figures. The figure represented about 137 000 people, up from August 2019 when it was four per cent, an estimated 135 000 people. Bulgaria’s September 2019 unemployment figure was down from the 5.1 per cent reported in September 2018, representing about 169 000 people. Youth unemployment in Bulgaria in September 2019 was 8.7 per cent, about 12 000 under-25s, down from 12.2 per cent in September 2018, about 18 000 under-25s, according to Eurostat. The euro zone (EA19) seasonally-adjusted unemployment rate was 7.5 per cent in September 2019, stable compared with August 2019 and down from eight per cent in September 2018. This is the lowest rate recorded in the euro area since July 2008. The EU28 unemployment rate was 6.3 per cent in September 2019, stable compared with August 2019 and down from 6.7 per cent in September 2018. This remains the lowest rate recorded in the EU28 since the start of the EU monthly unemployment series in January 2000.

The combined net profit of the banks operating in Bulgaria increased to BGN 1.27 billion in the first nine months of 2019 from BGN 1.22 billion in the same period of last year, the Bulgarian National Bank (BNB) said in a regular report on the performance of the country's banks. The banking sector's net operating revenue expanded to BGN 3.17 billion in the January-September period of the year, from BGN 3.07 billion in the comparable period of 2018. Gross interest income of Bulgarian banks edged up to BGN 2.30 billion in the review period of 2019 from BGN 2.26 billion in the like period of last year. Gross fee and commission income rose to BGN 985.3 million in the period under review from BGN 920.1 million a year earlier. The banks' total assets increased to BGN 111.51 billion at the end of September, from BGN 103.19 billion a year earlier.

Shumen-based aluminum products manufacturer Alcomet reduced its revenues for the first nine months of the year. This became clear from the public company report for the period. The main reason for the decline was the reduction of aluminum by 200 euros/tonne, which also reduced the cost of materials. Production overall remained stable, but the company reported lower volumes of one of its main products - household foil, as a result of dumped imports from China into Europe. The overall data from the report shows that production volumes remain almost unchanged in the first nine months of 2019 compared to the same period last year. In total, the company sold just under 51 thousand tonnes of production in the first nine months. Nearly a quarter of the plant's total output is exported to Germany, with other major markets being Italy, Spain, Poland, etc. The company's balance sheet shows a significant (37%) increase in machinery and equipment, which is the result of a three-year investment program of BGN 70 million, which should soon be completed and double the capacity of the company.

Bulgaria's DSK Bank and Expressbank, the local units of Hungary's OTP Group, have closed financially the sale of Express Life Insurance to Bulgaria's Groupama Zhivotozastrahovane. As a result of the completion of the transaction on October 31, Groupama Zhivotozastrahovane, the local life insurance subsidiary of France's Groupama Group, has acquired full ownership of Express Life Insurance. Earlier this month, Bulgaria's anti-trust body and the financial regulator both granted their approval to Groupama Zhivotozastrahovane to acquire 100% of its peer. In July, OTP said that together with its Bulgarian unit Expressbank it has agreed to sell 100% of Express Life Insurance to Groupama Zhivotozastrahovane. Expressbank was renamed from Societe Generale Expressbank earlier this year, after DSK Bank completed its acquisition from France's Societe Generale Group. Besides Expressbank, DSK Bank also acquired indirect control over its units Societe Generale Factoring, Sogelease Bulgaria and Regional Urban Development Fund, as well as direct control over insurer Sogelife Bulgaria. OTP Bank has been present in Bulgaria since 2003.

The former privatization fund Rodna Zemya-Holding JSC has notified the Commission for Protection of Competition of its intention to concentrate by acquiring control over Koopdoverie Lesidren LTD. Rodna Zemya-Holding is engaged in natural gas trading, grain business, agricultural land, photovoltaic projects, retailing of building materials and garden furniture through the retailer for construction, home and garden DIY goods Hit Hypermarket SPLTD, as well as managing and selling real estate. The activity includes also acquisition, management, evaluation and sale of holdings in Bulgarian and foreign companies, acquisition, management and sale of bonds, acquisition, evaluation and sale of patents, etc. Koopdoverie Lesidren LTD specializes in animal husbandry, meat processing, production and trade in meat products. This operation is expected to have an impact on the following product and geographic markets in the country: pig production, meat production and processing (excluding poultry) and retail in meat and meat products.

Kozloduy NPP has decided to build a system for protection against air threats. In addition, there will be a new fire alarm system. This is clear from the register of the Public Procurement Agency. An analysis of the effectiveness of Kozloduy NPP’s physical security system was made, which showed that there was a need to build an air defense system. With just over BGN 7 million, special system equipment will be delivered, installed and put into operation. What would be included in the system in particular is not clear. The contract is based on the principle of negotiation without notice. Thus, according to the documents, the contract will be concluded with the Dron Defense association. It has a license for a useful model of air defense system for strategic objects through radar scanning, optical recognition and radio interference and jamming of drones. A little cheaper, but just as curious is the second Kozloduy NPP order, related to the new emergencies alert system. It will cost just over BGN 4 million. This money will provide for the delivery of sound and fire alarm equipment. Just a year ago, another state-owned company, Maritza East 2 TPP, announced it was ready to invest BGN 9.5 million in its own cyber center to keep it safe from computer raids.

The European Union has decided to provide 663 million euro in humanitarian aid to continue projects implemented for Turkey’s Syrian refugees, the European Commission said. Turkey and EU in 2016 agreed on a deal that aimed to cut the influx of Syrian refugees arriving into Greece. According to the deal, the EU promised the allocation of 6 billion euro in aid to Turkey to be provided in two instalments, which would be used for projects to help migrants. The 663 million euro to be transferred to Turkey in line with this deal will ensure the continuity of the EU's largest ever humanitarian programme, the Emergency Social Safety Net, the EU Commission said. The remaining funds will continue supporting projects in the areas of education and essential services such as healthcare, the commission added. “EU support has made a real impact for refugees hosted in Turkey. Thanks to EU support, around 1.7 million refugees can meet their basic needs, and more than half a million refugee children go to school,” Christos Stylianides, EU Commissioner for Humanitarian Aid and Crisis Management, said.

U.S. consumer spending rose marginally in September while wages were unchanged, which could cast doubts on consumers’ ability to continue driving the economy amid a deepening slump in business investment. The Commerce Department said consumer spending, which accounts for more than two-thirds of U.S. economic activity, gained 0.2% last month as households stepped up purchases of motor vehicles and spent more on healthcare. Data for August was revised up to show consumer spending climbing 0.2% instead of the previously reported 0.1% rise. Economists polled by Reuters had forecast consumer spending would advance 0.2% last month. The data was included in the gross domestic product report for the third quarter, which was published on Wednesday. The government reported that growth in consumer spending slowed to a still-healthy 2.9% annualized rate last quarter after surging at a 4.6% pace in the second quarter, the fastest since the fourth quarter of 2017. That softened some of the blow on the economy from a deepening slump in business investment.

China's three major mobile operators launched their long-awaited 5G service plans with users in dozens of cities making a beeline for the ultra-fast cellular network. China Mobile, China Unicom and China Telecom, in simultaneous moves, unveiled their monthly 5G plans with prices ranging from 128 yuan (about 18 U.S. dollars) to 599 yuan. Subscribers will be able to enjoy connections way faster than 4G and less expensive data per gigabyte. For example, China Unicom's 129-yuan service plan comes with a 30-gigabyte data cap, 500 minutes of voice talk and a 500-Mbps speed cap. Its 599-yuan plan allows 300 gigabytes of data and 3,000 minutes of voice talk, putting the speed limit at 1 Gbps. The 5G commercial services are now available in 50 cities, including Beijing, Shanghai, Guangzhou and Shenzhen. Shanghai had activated 11,859 5G base stations by mid-October, which will support the 5G network coverage across the city's key outdoor areas, said the municipal administration of communications. The expectation for the new communication technology has long been high. The three major mobile operators already registered over 10 million wannabe 5G users before the official commercialization launch.