Bulgaria's Software Industry Expected to Grow by 12.4 Percent in 2024
Georgi Yanchev, a board member of BASSCOM, highlighted the remarkable trajectory of the industry. "Back in 2016, we were an industry generating 2 billion BGN in revenue. Today, we're approaching 10 billion," he said.
A key factor contributing to this continued expansion is the growing export market. Yanchev emphasized that over 85 percent of the revenue comes from exports, representing 28 percent of Bulgaria's total service exports.
The sector is expected to make up 4.9 percent of the country's gross domestic product (GDP), according to the report. In 2023, 2022 and 2021, this ratio was 4.7 percent, 4.5 percent and 4.2 percent, respectively.
Ekaterina Zaharieva, the newly appointed European commissioner for startups, research and innovation has said that one of her priorities was to introduce a so-called single European visa for highly qualified professionals. Zaharieva said she was convinced that the sector needed many such professionals.
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