After inflation had been rising almost constantly since the beginning of the year, in October it began to slow down slightly - to 5.3% on an annual basis compared to 5.6% the previous month, according to NSI data. Measured according to the European methodology, inflation in Bulgaria amounted to 3.8% in October compared to 4.1 in September. In the ninth month, for which data are also available for other European countries, the average inflation in the EU was 2.6%, with Bulgaria ranked seventh in terms of price growth among the 27 EU countries. Data for the third quarter showed a record growth in consumption for the last two decades - over 9% on an annual basis. It was stimulated by a growth in wages - by over 12% compared to a year earlier, again in the third quarter, according to NSI data. In addition to boosting demand, higher wages also represent higher labor costs for producers, which in turn are passed on to the final prices of goods and services. According to experts, high government spending this year, especially for public sector wages and social benefits, is also acting pro-inflationary. In its latest forecast from July, the BNB is betting that prices will grow at approximately their current pace, with 2026 ending with a 3.8% price increase - the same as at the end of 2025. In the macroeconomic framework of the 2026 budget, the Ministry of Finance predicts a minimal decline in inflation next year - from 3.6% on average annually in 2025 to 3.5% next year. The European Commission's autumn forecast is a little more optimistic from a price perspective - its expectations are that average annual inflation in Bulgaria will slow to 2.9% in 2026 compared to 3.5% this year.

Plot of 111 decares with a newly built 4.9 MWp photovoltaic plant (56 decares) and an adjacent free plot (55 decares) with development potential at a key location in the city of Blagoevgrad

The state profits from energy and military plants, while the rest of the enterprises owned by it cannot boast of great successes. Kozloduy NPP for the third quarter of 2025 has a profit of 159 million leva. On an annual basis, however, it decreases by 47% due to the contribution to the energy security fund, which is 414 million. Operating income is 1.666 billion leva - 8% more on an annual basis. Expenses are 1.492 billion, which is 274 million leva more. The entire profit of Kozloduy NPP for last year, in the amount of nearly 200 million leva, was distributed as a dividend in favor of the Bulgarian Energy Holding (BEH). This has worsened the liquidity of the nuclear power plant and it has drawn short-term loans to secure working capital. In the first nine months of 2025, the two nuclear units produced almost 12 million megawatt hours of electricity, and 11.34 million were sold. Bulgartransgaz's profit fell by 11.7% to 225.764 million leva for the first nine months. Revenues were 821.225 million leva – 34.5 million more on an annual basis, mainly thanks to licensing activities from the modernization and expansion of the gas transmission infrastructure. Revenues from gas transmission were 662 million leva, which is a growth of 4%, and those from storage were 24.6 million leva. The quantities transmitted were mainly to Romania and Serbia. The company's expenses were 277.448 million leva, which is 30.256 million more. This is mainly due to the higher price of natural gas. Two loans for 30.3 million euros were repaid, but in September a new one for 127.2 million euros was drawn for the implementation of the Vertical Gas Corridor. BEH's profit increased by 40.6% to 906.541 million leva. Revenues increased to 818.5 million leva, but this was due to the growth in dividends paid by subsidiaries. Expenses increased by 1 million to 11.668 million leva, mainly for external services. BEH has given a loan to “Mini Maritsa – East” in the amount of 140 million leva. ESO realized a profit of 187.308 million leva, which is a decrease of 5.041 million. The main factors for this are the higher purchase price of energy for technological consumption. Revenues are just over 1 billion, and expenses – 896 million leva. “Mini Maritsa - East” is at a loss of 209.109 million leva, which is double the amount it lost last year. Revenues increased by 25% to 257.896 million leva. Almost the entire amount is due to sales of coal, the production of which has increased. However, expenses jumped by 50% to 467 million leva. There was a huge increase of 758% in the “Other expenses” item, reaching 24 million leva. The expenses for external services also increased by almost 69% to 38 million leva. “Maritsa - East 2” TPP is also at a loss of 235.770 million leva, while last year it was 101.6 million leva. Total expenses exceed 1 billion leva, which is an increase of 30%. The main ones are for greenhouse gas emissions – 51% more to 578 million leva. This is due to increased production, as well as higher quota prices. Revenues grow by 12% to 854.412 million leva. 2.846 million megawatt-hours of electricity were realized, which is an increase of 17.6%. Military plants continue to have a profit, but here it is not small either. VMZ - Sopot, has accumulated 153.570 million leva for the nine months, which is a 26% decrease for the year. Revenues increase by 166 million to 759 million leva, and expenses – by 193 million to 656 million leva. Revenues from sales of special production are 746.7 million leva. 51% of them are ammunition, a relatively large share is held by those for hand-held and heavy anti-tank grenade launchers. By the end of the year, the implementation of contracts for 250 million leva is expected. The profit of “Terem Holding” is shrinking by 85% to 117 thousand leva. Net sales revenue is decreasing by 42% to 10.654 million leva. The services provided for the repair, production and modernization of weapons and military equipment are increasing by 73.5%. At the same time, expenses are decreasing by 36%. The financial result of “Kintex” is shrinking by 92% for the year to 89 thousand leva profit. The company has realized revenues from sales of special-purpose goods for 7.517 million leva. They are increasing by 52%, new contracts have also been concluded. A strategy for entering new markets in the Middle East and Africa has been developed and is being implemented.

Former NRA executive director Rumen Spetsov has been officially listed as a special commercial manager of the four Lukoil companies in Bulgaria (Lukoil Aviation Bulgaria SPLTD - Sofia, Lukoil Neftochim Burgas JSC - Bourgas, Lukoil-Bulgaria Bunker SPLTD - Sofia and Lukoil-Bulgaria SPLTD - Sofia) after the government selected him for the position. Rumen Spetsov will be the representative of the Burgas refinery and its chief operating officer, alongside Evgeni Manyakhin, a Russian with a Swiss passport, chairman of the management board. Spetsov will leave his post at the National Revenue Agency (NRA), as the two positions are incompatible, and the current Deputy Executive Director of the National Revenue Agency (NRA), Hristo Markov, has been appointed in his place.

The company's products of the Shumen-based FMCG manufacturer "Ficosota" and its subsidiary "Ficosota Food" are exported to over 90 foreign markets. In 2024, 44% of the machines put into operation at "Ficosota Food" are for the modernization of the production of "Bruschetti Maretti". And investments in automation and robotization solutions exceed 10% of the annual turnover of the two companies, which for 2024 is 447.9 million leva. In 2024, the company installed two new automatic lines for "Bruschetti Maretti", which double its production capacity. Each of the lines is equipped with a robotic cartoning system and is integrated into a central palletizer, which ensures synchronized operation of the entire production flow, the company specifies. The automated solution in the baguette section is also new, which leads to an increase in production capacity by about 30%. The company is also investing in the expansion of the flour silo, which increases its storage capacity by 50%. "Ficosota Food" is building a new bruschetta factory in Shumen. Eight percent of the company's energy consumption is already covered by photovoltaics. The company has two solar parks, which are also equipped with batteries for energy storage. And the share of recycled or reused raw materials used - mainly packaging, is growing. "Ficosota" was founded by the brothers Zhechko and Krasen Kyurkchiev. It owns majority shares in "Ficosota Food" - Bulgaria, "Ficosota Marketing Romania", "Ficosota Marketing New York". The company defines itself not as a manufacturing company, but as a brand creation company. It strives to achieve a high degree of consumer loyalty and high awareness of the company's brands. Among the brands of "Ficosota" are: bruschetta Maretti, Kubeti, Motto, Savex, Teo bebe, "Eho", "Emeka", etc. For 2024, the company reports 447.9 million leva in revenue, and employs about 1,180 people.

The increase in the capital of the Bulgarian Development Bank (BDB) by 4 billion leva is the most serious problem in Bulgaria's budgeting, as it is about the greatest financial effect. This is the warning of the Institute of Certified Public Accountants - IDES. The decision was made at the end of August by the Council of Ministers, but as of mid-November it has not yet been entered in the Commercial Register. According to the position of the Ministry of Finance, this capital contribution will not be reported as a budget expense, but as financing of the budget balance, and thus will not affect the budget deficit for 2025. However, when reporting on an accrual basis, the detailed rules of the European System of National and Regional Accounts (ESA 2010) must be followed, which distinguish between (a) cases in which a capital injection into a state-owned company is truly a financial investment and does not affect the budget deficit and (b) cases in which it is a budget expenditure and increases the budget deficit. This is stated in an opinion of the Bulgarian auditors. The distinction is determined by the fundamental difference between, on the one hand, operating and capital (investment) expenses, forming the expenditure part of the budget under individual programs and activities, and, on the other hand, financial transactions (mainly debts and financial investments), forming the budget balance. Mixing the two types of transactions can lead to distortion of the reported budget deficit, warns the IDES. The capital contribution to the BDB can be reported as a financial investment without impact on the budget deficit if the state (the Ministry of Finance as the principal) has reasonable expectations of future dividend income from this investment. The funds must be available to the bank and it must have a large degree of freedom in what projects to finance with them. There should be sufficient evidence of the bank's profitability and its ability to pay dividends. The expected dividends should provide a sufficiently high rate of return for the state, for example, the yield should at least cover the interest costs on the government debt withdrawn to finance the capital contribution. As for capital contributions to cover losses or with a view to implementing public policies, they are reported as capital transfers, i.e. as expenses increasing the budget deficit. BDB has not distributed dividends since 2019. Incidentally, in 2023, a reduction in its capital was carried out in order to cover accumulated losses. In other words, BDB does not have a current history of good profitability. According to publicly available data, the funds provided as increased capital must be used by BDB to finance projects precisely defined by the state (e.g. municipal projects, water and sanitation). In essence, the bank does not freely dispose of the funds received, but uses them to implement certain state policies. If these are profitable projects with an acceptable risk for the financing bank (good creditworthiness of the borrowers and good financial justification), it would be expected that not only BDB, but also other commercial banks would show interest in financing such projects. Moreover, there would be no need for such a large increase in BDB's capital, since it currently has very good capital adequacy (despite accumulated operating losses) in the context of fractional reserve banking, the accountants analyze. Thus, when taking into account the available public data, the available indications are entirely in the direction of classification as a capital transfer, i.e. a budget expense leading to an increase in the budget deficit on an accrual basis. Moreover, the definition of financing the budget balance specifies that the acquisition of financial assets should not be related to budget expenditures. Therefore, the increase in the capital of the BDB should be reported as a budget expenditure, respectively an increased budget deficit, also when reporting on a cash basis. The fiscal effect would be approximately 2% of GDP. Since the increase in the capital of the BDB has not yet been entered in the Commercial Register, the aforementioned effects can be avoided for 2025 if the approach is revised or if the increase is postponed until 2026 and accordingly affects the budget data for 2026, the IDES concludes. A significant discrepancy (potentially in times!) between the initially calculated budget deficit on a cash basis for 2025 and the deficit recalculated by Eurostat on an accrual basis could lead to a collapse in investor confidence in Bulgarian government debt. According to them, the lack of reliable budget data could lead to a spike in risk premiums on Bulgarian government securities, which, together with the accelerated growth of government debt, would lead to a sharp increase in budget interest expenses and make the country potentially dependent on rescue measures from the European Central Bank.

Advance Terrafund REIT lowers the average rent per decare for October 2025 – the first month of the new business year (October 1, 2025 – September 30, 2026). The company's average rent per decare for the new business year is 2.2% lower than the rent for the previous business year (October 1, 2024 – September 30, 2025) – BGN 57.86 compared to BGN 59.16. Last year's rent was 8% lower than the previous year's rent – ​​BGN 64.34 per decare, which is also the peak for the company so far. The expected rent income for the current business year is just over BGN 8.8 million compared to BGN 9 million for the previous one. So far, nearly 16% of the expected income has been collected in advance. Over 73% of the receivables due have been collected for the past financial year. For the first nine months of the current calendar year, Advance Terrafund has realized an almost fivefold increase in revenues from direct land sales – up to BGN 10.54 million from nearly BGN 2.6 million a year earlier. At the same time, revenues from lease and rental for the period decreased by 5.55% to nearly BGN 6.9 million from BGN 7.3 million. The value of properties held for sale at the end of September was BGN 40 thousand compared to BGN 148 thousand a year earlier, or 73% less on an annual basis. The company realized a slight decline in profit for the first nine months to BGN 5.556 million from BGN 5.81 million a year earlier. As of the end of October 2025, Advance Terrafund REIT owns just over 181 thousand acres of agricultural land and nearly 61 acres of land in urbanized areas. In October, the company purchased 690 acres of agricultural land and did not sell any land.

Over the past year, the value of Russia's gold reserves has increased by a record $92 billion. This figure exceeds the total increase in value for the previous four years combined, according to calculations by RIA Novosti, based on data from the country's Central Bank. As of November 1, 2025, the value of gold in the vaults of the Bank of Russia reached $299.8 billion, while last year at the same time, gold reserves were estimated at $207.7 billion. The main reason for such a significant increase in the value of the country's gold reserves is the sharp rise in gold prices on the world market. Over the year, the price of a troy ounce of gold has jumped from $2,700 to $4,000. At the same time, the physical volume of Russia's gold reserves actually decreased by about 3.1 tons, or 100,000 troy ounces, over the year. Thus, as of October 1, 2025, Russia's total gold reserves amounted to about 74.9 million troy ounces, which is equivalent to 2,329.7 tons of gold. The share of gold in Russia's international reserves as of early November reached 41.3% - the highest level of this indicator in 30 years. As for the share of foreign currency in the country's reserves, it increased by only 0.5% over the year, to $426 billion. The total volume of Russia's international reserves as of November 1 amounted to about $726 billion.

US President Donald Trump has significantly restricted scientific freedom in the US, cut research funding and imposed restrictions on universities. Many researchers in the US are filled with uncertainty from this "Republican war on science". Some of them are therefore considering moving to Europe, and European research support programmes are seeing a significant increase in interest: applicants for the Marie Skłodowska-Curie programme have increased by 50 percent, and those for grants from the European Research Council (ERC) have tripled. The EU's "Choose Europe" initiative is clearly already enjoying the expected trust. Germany is responding to the changes in the US with the "1000 Heads Plus" initiative. It offers special scholarships, professorships and professional development programmes for international researchers at all career levels. And also - assistance during the adaptation period, as well as additional financial support for the applicants' families. All this should facilitate a quick start and ensure long-term prospects for an academic career in Germany. However, the hopes of attracting talent from the US have so far only been partially fulfilled, the Ministry of Education and Research admits: four months after the launch of the program, the ministry reports 84 supported researchers from 25 countries, only 15 of whom are from the US. In Europe, interest is high and applicants are multiplying, but not in Germany. The problem is excessive bureaucracy, complicated visa and employment procedures in Germany, as well as the language barrier. All this repels researchers from the US. In contrast to Germany, other European countries such as France, Belgium and Austria are deliberately attracting leading researchers from the US - including with huge financial incentives. In Austria, researchers are recruited, supported and integrated in record time. Germany's southern neighbor is deliberately attracting researchers from the US with the "APART-USA" program. And it has been very successful: according to the Austrian Academy of Sciences, the country has so far attracted 25 researchers from elite American universities such as Harvard or Princeton with the help of the funding program. Among them are postdoctoral fellows, but also professors in fields such as physics, chemistry and biology. They receive 500,000 euros from the Austrian state for a period of two years. They are expected to start work at one of the twelve Austrian universities or research institutes this year. Europe is currently attracting mainly postdoctoral fellows. European research centres benefit from young talents with doctoral degrees who offer a current research approach, innovation and valuable international experience. In turn, postdoctoral fellows find in Europe more reliable career prospects, international contacts and an open research environment that is less subject to political influence.