EIB investment survey 2022 : Bulgaria overview.
Date: 2023-02-20
Institutions: European Investment Bank
Subjects: Bulgaria, aid to undertakings, corporate finance, data collection, investment abroad, investment policy, large business, loan, sample survey, small and medium-sized enterprises

Bulgaria

Overview

EIB INVESTMENT SURVEYBulgaria

Overview

EIB INVESTMENT SURVEY 2022EIB Investment Survey Country Overview 2022: Bulgaria 
© European Investment Bank (EIB), 2023. All rights reserved. 

About the EIB Investment Survey (EIBIS)
The EIB Group Survey on Investment, which has been administered since 2016, is a unique, annual survey of some 13 000 firms. It covers 
firms in all European Union Member States and also includes a sample of firms in the United States.

The survey collects data on firm characteristics and performance, past investment activities and future plans, sources of finance, financing 
issues and other challenges that businesses face, such as climate change and digital transformation. The EIBIS, which uses a stratified 
sampling methodology, is representative across all 27 EU Members States and the United States, as well as across four classes of firm 
size (micro to large) and four main economic sectors (manufacturing, construction, services and infrastructure). The survey is designed to 
build a panel of observations, supporting the analysis of time-series data. Observations can also be linked back to data on firm balance 
sheets and profit and loss statements. The EIBIS was developed by the EIB Economics Department. It is managed by the department 
with the support of Ipsos MORI.

About this publication
These reports provide an overview of data collected for the 27 EU Member States and the United States. They are intended to provide a 
snapshot of the data. For the purpose of these publications, data are weighted by value-added to better reflect the contribution of different 
firms to economic output. Contact: eibis@eib.org.

Download the findings of the EIB Investment Survey for each EU country or explore the data portal at www.eib.org/eibis.

About the Economics Department of the EIB
The mission of the EIB Economics Department is to provide economic analyses and studies to support the Bank in its operations and in 
the definition of its positioning, strategy and policy. The department and its team of 40 economists is headed by Debora Revoltella, director 
of economics.

Main contributors to this publication
Atanas Kolev, Julie Delanote, Francisca de Novais e Silva.

Disclaimer
The views expressed in this publication are those of the authors and do not necessarily reflect the position of the EIB.
To accommodate scheduling limitations, the content of this publication has not been subject to standard EIB copyediting or proofreading.

About Ipsos Public Affairs
Ipsos Public Affairs works closely with national governments, local public services and the not-for-profit sector, as well as international and 
supranational organisations. Its around 200 research staff in London and Brussels focus on public service and policy issues. Its research 
makes a difference for decision makers and communities.

For further information on the EIB’s activities, please consult our website, www.eib.org. You can also contact our InfoDesk, info@eib.org.

Published by the European Investment Bank. 
Printed on FSC® Paper.

pdf:

QH-BL-22-005-EN-N ISBN 978-92-861-5438-6 ISSN 2599-8005 doi:10.2867/428534

EIB Investment Survey 2022
EIB Investment Survey 2022
Country overview: Bulgaria
European Union overview

EIBIS 2022 – Bulgaria

KEY RESULTS

Investment Dynamics and Focus
EIBIS 2022 shows that on average, at the time of interviews (April-July 2022), Bulgaria’s firms were exiting
from COVID-19 in a relatively good shape and, on balance, had a negative outlook. Bulgarian firms appear to
be holding back from making investment commitments. This is consistent with aggregate statistics from
National accounts showing aggregate investment declining since 2019 to some 13% below per-pandemic
levels.

Investment Needs and Priorities
Three-quarters of Bulgarian firms (74%) believe they invested the right amount over the past three years 
while 19% think they invested too little. The proportion thinking they invested too little is above the current 
EU average (14%). Over the next three years, a similar share of Bulgarian firms will prioritise investment in 
capacity expansion (34%) and capacity replacement (31%). 

Covid-19 Impact
The pandemic was a major shock for EU firms, but policy support was sizable and helped them to survive 
and transform. However, the impact was uneven across firms and sectors. More than a half (56%) of 
Bulgarian firms were negatively impacted by COVID-19 but 42% expected sales to recover to 2019 levels in 
2022. Around a quarter (27%) did not see a year-on-year sales loss due to COVID-19, and at the time of 
interview a half (52%) of firms expected 2022 sales to be higher than 2019 and relatively few (17%) said they 
will be lower. This reflects the EU outlook (57% and 16% respectively).

Compared to the EU average, fewer Bulgarian firms received financial support in response to COVID-19 (51% 
versus 60%.) Just over one in ten (12%) are still receiving it.

Firms’ Transformation, Innovation and Digitalisation
Far fewer Bulgarian firms (45%) than the EU average (63%) have taken actions in response to COVID-19. The 
action most frequently taken is to become more digital (30%) but this is also much lower than the EU 
average (53%). 

Two-thirds of Bulgarian firms (65%) use at least one advanced digital technology. Having increased from 
51% in EIBIS 2021, this is close to EU average (69%). The share of Bulgarian firms investing in innovation (26% 
versus 34%) and classified as active innovators (8% versus 18%) are below the EU average.

International Trade
Although 75% of Bulgarian firms face disruptions linked to international trade, this is lower than the EU 
average (87%). Fewer Bulgarian firms than across the EU have been disrupted by COVID-19 and/or the 
Russia-Ukraine conflict (66% versus 78%). Most Bulgarian firms (55%) are taking action to mitigate the 
impact of these disruptions and are more focussed on increasing/diversifying trading partners (40%), than 
domestic suppliers/markets (30%).

Drivers and Constraints
Bulgarian firms are less optimistic about investment conditions than in EIBIS 2021. Economic climate 
expectations have fallen sharply (+4% to -38%) as have those for business prospects (+26%  to -1%). 
Expectations for availability of external (+18% versus +10%) and internal finance (+17% versus +8%) have 
deteriorated since EIBIS 2021 but remain in positive territory. As seen across the EU, the overall trend is 
downward, but apart from business prospects Bulgarian firms are relatively less pessimistic. Bulgarian firms 
regard the availability of skilled staff (88%), energy costs (87%) and future uncertainty (85%) as the biggest 
barriers to investment. The energy costs figure is 23 points above EIBIS 2021.

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EIB Investment Survey 2022
EIB Investment Survey 2022
Country overview: Bulgaria
European Union overview

EIBIS 2022 – Bulgaria

Investment Finance 
The proportion of finance constrained firms in Bulgaria (7.5%) is the lowest yet seen in EIBIS and is closer than 
ever to the EU average (6.2%). Internal sources (69%) account for the large majority of Bulgarian firms’ 
investment finance with 27% financed from external sources. This is consistent with EIBIS 2021 and the EU 
average. Over two-fifths (44%) of Bulgarian firms that invested in the last financial year funded at least some 
of it through external finance (again consistent with EIBIS 2021 and the EU average). Bulgarian firms are just 
as likely as those across the EU to have been supported by banks (80% versus 82%), but only half as likely to 
have received grants (11% versus 21%).

Climate Change and Energy Efficiency
Bulgarian firms are less worried by climate risks and invest less in climate-change mitigation and adaptation 
measures than their peers in the EU. The proportion of Bulgarian firms facing climate-related losses (44%) is 
lower than the EU average (57%). Consistent with these perceptions, Bulgarian firms are less likely than those 
across the EU to have invested in tackling the impacts of weather events and reducing carbon emissions (34% 
versus 53%) or to have plans to invest in the next three years (43% versus 51%). The share of Bulgarian firms 
investing in measures to improve energy efficiency (31%) is also below the EU average (40%).

Over twice as many Bulgarian firms regard the transition to stricter climate standards and regulations a risk 
(37%) as consider it an opportunity (15%). The proportion that considers it a risk reflects the EU average 
(33%). 

While 70% of Bulgarian firms are taking actions to reduce Greenhouse Gas (GHG) emissions, only a quarter 
(26%) set and monitor targets for their own emissions. Both figures are lower than the EU average (88% and 
41% respectively). 

Firm Management, Gender Balance and Employment

Fewer than four in ten Bulgarian firms (38%) use a strategic monitoring system, lower than the EU average 
(51%) but similar to the US (44%). The share of Bulgarian firms striving for gender balance within their firm 
(74%) is higher than either the EU average (58%) or the US (62%). 

A third of Bulgarian firms have increased employee numbers since 2019 (33%)  which is below the EU average 
(38%) or US (41%).

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EIB Investment Survey 2022
Country overview: Bulgaria

Investment dynamics and focus

INVESTMENT DYNAMICS BY INSTITUTIONAL SECTOR

•

•

15%

10%

5%

%

0

-5 %

-1 0%

-1 5%

In spite of the moderate fall in aggregate investment 
at the beginning of the pandemic (during which the 
lowest level was reached in Q2 2020 of -2.6% relative 
to Q4 2019) and the early recovery of the pre-
pandemic level in Q4 2020, aggregate investment 
levels in Bulgaria have been on the decline.

The continuous fall in aggregate investment, which 
has been considerably more pronounced than the 
one observed during the first year of the pandemic, 
was simultaneously driven by reductions in private 

2022 Q2 vs 2008 Q4: -33.9%

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Private

Governmen t

Total

and government investments (and with both 
contributing in roughly equal terms). 

•

In Q2 2022, aggregate investment was 11.7% below 
its pre-pandemic level (comparatively, three times 
larger than the fall registered in Q2 2020 relative to 
the Q4 2019 level).

15%

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%

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The LHS chart shows the evolution of total gross fixed capital formation (GFCF) by institutional sector, in real terms and non seasonally nor calendar adjusted. The nominal GFCF source data 
was transformed into four-quarter sums and deflated using the implicit deflator for total GFCF (2015=100 euro). The four-quarter sum of total GFCF in 2019Q4 is normalised to 0. 
The RHS chart shows the y-o-y % change in total real GFCF by institutional sector. The implicit deflator for total GFCF (2015=100 euro) was used for deflating the nominal GFCF source data. 
Source: Eurostat, authors’ own calculations.

INVESTMENT CYCLE AND EVOLUTION OF INVESTMENT EXPECTATIONS

•

The share of Bulgarian firms investing (61%) and 
investment plans (a net balance of 14% of firms 
planning to increase rather than decrease investment) 
in Bulgaria are very similar to EIBIS 2021 (61% and 9%, 
respectively). Both figures are lower than the EU 
average (61% versus 81%) and (14% versus 20%). 
They are in line with aggregate investment trends, 
observed in National accounts statistics.

• On balance, far more infrastructure (27%) and 

manufacturing firms (13%) expect to increase rather 
than decrease their investment than those operating 
in services (4%) or construction (0%). These shares are 
similar for SMEs and large firms (12% versus 17%).

2018  -  2019

2019  -  2020

2020  -  2021

exp ec tati on for
2022  relative to
2021

Realised 
change (%)

Expected 
change (%)

18,7%

3,3%

-6,3%

-33,5%

17,2%

8,7%

13,6%

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Low investment 
expanding

High investment 
expanding

50%

40%

30%

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10%

0%

-1 0%

-2 0%

-3 0%

-4 0%

Large

BG 2022 

SME

Infrastructure

Manufacturing

EU 2022 

EU 2021 

BG 2021 

Construction

Services

BG 2019 

BG 2020 

40% 45% 50% 55% 60% 65% 70% 75% 80% 85%

Low investment 
contracting

High investment 
contracting

Share of firms investing

‘Realised change’ is the share of firms who invested more minus those who invested less; 
‘Expected change’ is the share of firms who expect(ed) to invest more minus those who 
expect(ed) to invest less.

Share of firms investing shows the percentage of firms with investment per employee 
greater than EUR 500. 

Base for share of firms investing: All firms (excluding don’t know/refused responses)

Base for expected and realised change: All firms 

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EIB Investment Survey 2022
Country overview: Bulgaria

Investment dynamics and focus

PURPOSE OF INVESTMENT IN LAST FINANCIAL YEAR (% of firms’ investment)

•

•

•

In broad terms, Bulgarian firms’ investment is evenly 
split between capacity replacement (43%) and 
capacity expansion (36%). A relatively small 
proportion (14%) is directed towards developing new 
products/services. The share of’ Bulgarian business 
investment focused on capacity expansion is above 
the EU average (36% versus 28%). 

Infrastructure (49% versus 35%) and manufacturing 
firms (42% versus 33%) are directing more investment 
towards capacity replacement than expansion, while 
construction and services firms are dividing 
investment almost equally between the two. Almost a 
fifth of manufacturers’ investment has been in new 
product/service development.

Bulgaria’s SMEs and large firms have similar 
investment priorities. 

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Capacity expansion

Replacement

Ne w produ cts/services

Other

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Q. What proportion of total investment was for (a) replacing capacity (including existing 

buildings, machinery, equipment, IT) (b) expanding capacity for existing 
products/services (c) developing or introducing new products, processes, services?

Base: All firms who have invested in the last financial year (excluding don’t know/ 

refused responses)

INVESTMENT AREAS

Organisation/business processes

Training of employees

Software, data, IT & website activities

R&D

Machinery and equipment

Lan d, busin ess buildings and in frastructure

100 %

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Q. In the last financial year, how much did your business invest in each of the following 
with the intention of maintaining or increasing your company’s future earnings?

Base: All firms who have invested in the last financial year (excluding don’t know/refused 

responses)

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• As in EIBIS 2021, three-fifths of Bulgarian firms’ 

investment (60%) was directed towards machinery 
and equipment. Firms from the services sector have 
spent a smaller share of their investment in 
equipment (53%).

• A quarter (24%) of Bulgarian firms’ investment was in 

intangible assets (R&D, software, training and 
business processes). This is virtually unchanged since 
EIBIS 2021 (21%) but lower than the EU average 
(37%). 

•

Services (29%) and infrastructure sector firms (26%) 
are directing a much larger proportion of their 
investment towards intangibles than are 
manufacturers (19%) or construction firms (17%).

• As with investment purpose, the areas of investment 
of Bulgaria’s SMEs and large firms are very similar.

 
 
 
 
 
 
 
 
 
 
EIB Investment Survey 2022
Country overview: Bulgaria

Investment needs and priorities

PERCEIVED INVESTMENT GAP

Three-quarters of Bulgarian firms (73%) believe they 
invested the right amount over the past three years. 
Fewer than two in ten (19%) think they invested too 
little. The proportion saying they did not invest 
enough is higher than the current EU average (14%).

The share of firms that perceive their investment as 
insufficient is the lowest in the services sector (15%). 

•

•

•

SMEs are more likely than large firms to say they have 
invested too little over the past three years (23% 
versus 12%).

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Invested too much
Invested too little
Divider afte r

About the  righ t am oun t
Don't  kn ow/ refused

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Q. Looking back at your investment over the last 3 years, was it too much, too little, or 

about the right amount?

Base: All firms (excluding ‘Company didn’t exist three years ago’ responses)

FUTURE INVESTMENT PRIORITIES

• Over the next three years, a similar share of Bulgarian 
firms will prioritise investment in capacity expansion 
(34%) as will focus on capacity replacement (31%), 
Two in ten expect to prioritise new product/service 
development (19%). 

•

•

The proportion looking to prioritise capacity 
replacement has increased since EIBIS 2021 (25% 
versus 31%), with fewer firms now looking to focus on 
new product/service development (25% versus 19%). 

In construction, the largest share of firms (45%) 
expects to prioritise capacity expansion. Capacity 
replacement is an investment priority for almost half 
of infrastructure firms (47%). Services (25%) and 
manufacturing (23%) have the largest proportion of 
firms intending to prioritise new products/services. A 
quarter of service sector firms (26%) have no 
investment planned at all.

• Over twice as many SMEs (20%) as large firms (9%) 

have no investment planned. 

Q. Looking ahead to the next three years, which is your investment priority (a) replacing capacity 
(including existing buildings, machinery, equipment, IT) (b) expanding capacity for existing 
products/services (c) developing or introducing new products, processes, services?

Base: All firms (excluding don’t know/refused responses)

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5

Capacity expansion

Replacement

Ne w produ cts/services

No in ve stmen t pla nned

100 %

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EIB Investment Survey 2022
Country overview: Bulgaria

Impact of COVID-19

IMPACT OF COVID-19 ON SALES OR TURNOVER BY END OF 2022 COMPARED TO 2019

Low er in 20 22

About the  same

High er in 202 2

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•

•

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The majority of Bulgarian firms (52%) expected their 
2022 sales to be higher than those achieved in 2019. 
Relatively few (17%) thought they would be lower. 
This reflects the general EU outlook (57% and 16% 
respectively).

Infrastructure and services firms were the most 
optimistic that their 2022 sales would exceed those of 
2019 (58% and 53% respectively). Over a quarter of 
construction firms (27%) thought 2022 sales would be 
lower than 2019.

SMEs were more likely than large firms to be 
expecting their sales or turnover in 2022 to be about 
the same, compared to 2019 (37% versus 23%).

Q. Compared to 2019, do you expect your sales or turnover in 2022 to be higher, lower 

or about the same? 

Base: All firms (excluding don’t know/refused responses)

IMPACT ON FIRMS’ SALES OR TURNOVER

• More than a half (56%) of Bulgarian firms were 

negatively impacted by COVID-19. Nevertheless, 42% 
expected 2022 sales to recover to 2019 levels.

• A further 27% were COVID-19 winners, in that they did 
not experience a loss of sales or turnover in 2020-2021 
and expected a positive sales evolution in 2022 
compared to 2019. However, the proportion of ‘winners’ 
is lower than the EU average (27% versus 33%).

•

The sales outlook varies by sector. Services (32%) and 
infrastructure (29%) are more likely than manufacturing 
(23%) or construction firms (20%) to be classified as 
winners. Nearly a quarter of construction firms (23%) 
expected their sales to recover in 2022.

• More SMEs than large firms expected their sales to 
recover to pre-pandemic levels (46% versus 37%). A 
bigger proportion of large firms than SMEs reported that 
sales were yet to recover (19% versus 9%). 

Q. Compared to 2019, before the pandemic started, did your company’s sales and 

turnover in 2020 decline, increase or stay the same?

Q. Compared to 2020, did your company’s sales and turnover in 2021 decline, increase or 

stay the same?

Q. Compared to 2019, do you expect your sales or turnover in 2022 to be higher, lower 

or about the same? 

Base: All firms (excluding don’t know/refused responses)

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Winn ers

Un affected

Expected to recover

Not yet re covered

Ne wly hit

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60%

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0%

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EIB Investment Survey 2022
Country overview: Bulgaria

Impact of COVID-19

FINANCIAL SUPPORT RECEIVED IN RESPONSE TO COVID-19

•

The proportion of Bulgarian firms that received 
financial support in response to COVID-19 is lower 
than the EU average (51% versus 60%.) Just over one 
in ten (12%) are still receiving it. 

• Compared to the EU average, very few Bulgarian 

firms benefited from deferred payments (5% versus 
17%), and subsidised or guaranteed credit (2% 
versus 18%).

• Over two-fifths of Bulgarian firms (44%) were 

supported by subsidies/support that will not need to 
be paid back (similar to EU, 40%). 

Received financial support

Still receiving any financial support

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EU

BG

EU

BG

EU

BG

EU

BG

EU

BG

Any su pport

Ne w su bsidised or  guaran teed
credit

Deferr al of payme nt

Su bsidies/support th at will not
ne ed to be paid back

Other fin ancial support

• A minority of Bulgarian firms (45%) say they have 

taken at least one action in response to COVID-19. 
The figure is slightly higher than EIBIS 2021 (40%) but 
remains much lower than the EU average (63%).

• As reported by 30% of Bulgarian firms, the most 

frequently taken action or investment is to become 
more digital. This is a similar level to EIBIS 2021 (24%) 
but again much lower than the EU average (53%). 

• Over four in ten SMEs (42%) and large firms (49%) 
have taken action of some kind. Bulgaria’s largest 
firms have responded to a greater degree than its 
SMEs by becoming more digital (39% versus 24%).

Q. Since the start of the pandemic, have you received any financial support?
Q. Are you still receiving {any of} this financial support?

Base: All firms (excluding don’t know/refused responses)

ACTIONS AS A RESULT OF COVID-19

Any action

Develop new products

Sh orten  your su pply chain

Be come more digital

2021

100 %

s

m

r
i
f

f
o
e
r
a
h
S

80%

60%

40%

20%

0%

EU 202 2

BG  20 22

SM E

Large

Q. As a response to the COVID-19 pandemic, have you taken any actions or made 

investments to…?

Base: All firms (excluding don't know/refused responses)

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Document Name | Date | Version xx | Public : Internal Use Only | Confidential 

7

 
 
 
 
EIB Investment Survey 2022
Country overview: Bulgaria

Innovation activities

INNOVATION ACTIVITY 

• A quarter (26%) of Bulgarian firms developed or 

introduced new products, processes or services as 
part of their investment activities. This represents an 
increase from EIBIS 2021 (20%) but is lower than the 
EU average (34%).

•

•

Bulgaria’s manufacturing sector has the highest 
proportion of innovating firms (32%). In all other 
sectors it ranges from 22% to 24%. A greater 
proportion of large firms than SMEs are making 
investments in developing or introducing new 
products, processes or services (32% versus 22%). 

Fewer Bulgarian firms (6%) than the EU average (10%) 
have developed or introduced products, processes or 
services that were new to either the country or global 
market. The figure is higher among manufacturers 
(9%) than firms in the services or infrastructure sectors 
(both 2%).

Q. What proportion of total investment was for developing or introducing new products, 

processes, services? 

Q. Were the products, processes or services new to the company, new to the country, new 

to the global market? 

Base: All firms (excluding don’t know/refused responses)

INNOVATION PROFILE 

No in novation  an d no R&D

Developer

Adopte r only

Active in novat ors - increme ntal

Active in novat ors - leading

EU 202 2

BG  20 21

BG  20 22

US 202 2

0%

20%

40%

60%

80%

100 %

Share of firms

No In novat ion

Ne w to the firm

Ne w to the cou ntry/globa l market

EU 202 2

BG  20 21

BG  20 22

US 202 2

Man ufacturing

Con stru ction

Services

Infrastructure

SM E

Large

0%

20%

40%

60%

80%

100 %

Share of firms

•

•

Fewer than one in ten Bulgarian firms (8%) can be 
classified as active innovators — firms that invested 
significantly in research and development and 
introduced a new product, process or service. The 
proportion is similar to that recorded in EIBIS 2021 
(6%) but much lower than the EU average (18%).

The proportion of Bulgarian firms that did not 
innovate or invest in R&D in the last financial year 
(66%) matches EIBIS 2021 (70%) and is much higher 
than either the EU average (49%) or the US (37%).

Q. What proportion of total investment was for developing or introducing new products, 

processes, services? 

Q. Were the products, processes or services new to the company, new to the country, new 

to the global market?

Q. In the last financial year, how much did your business invest in Research and 

Development (including the acquisition of intellectual property) with the intention of 
maintaining or increasing your company’s future earnings? 

Base: All firms (excluding don’t know/refused responses)

The ‘No innovation and no R&D’ group comprises firms that did not introduce any
new products, processes or services in the last financial year. The ‘Adopter only’
introduced new products, processes or services but without undertaking any of their
own research and development effort. ‘Developers’ are firms that did not introduce
new products, processes or services but allocated a significant part of their investment
activities to research and development. ‘Incremental’ and ‘Leading innovators’ have
introduced new products, processes and services and also invested in research and
development activities. The two profiles differ in terms of the novelty of the new
products, processes or services. For incremental innovators these are ‘new to the firm’;
for leading innovators‘ these are new to the country/world’.

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Document Name | Date | Version xx | Public : Internal Use Only | Confidential 

8

EIB Investment Survey 2022
Country overview: Bulgaria

Innovation activities

USE OF ADVANCED DIGITAL TECHNOLOGIES

•

•

•

•

Two-thirds of Bulgarian firms (65%) are using at least 
one advanced digital technology, having increased 
from 51% in EIBIS 2021. This is close to EU average 
(69%).

Between 60% (construction) and 66% (services and 
infrastructure) of firms in every sector are now 
employing at least one digital technology. 

Bulgaria’s large firms are far more likely than its SMEs 
to utilise digital technologies (75% versus 59%) while 
these bigger businesses are twice as likely to be 
embracing multiple digital technologies (45% versus 
22%).

Except for the Internet of Things (50% versus 41%), 
Bulgarian firms use individual technologies to a lesser 
degree than firms across the EU. In relative terms they 
make far less use of 3-D Printing (6% versus 23%) and 
digital platform technologies (24% versus 49%).

Single techn ology

Mu ltiple t ech nologies

EU 202 2

BG  20 21

BG  20 22

US 202 2

Man ufacturing

Con stru ction

Services

Infrastructure

SM E

Large

0%

20%

40%

60%

80%

100 %

Share of firms

2022
Q. T0 what extent, if at all, are each of the following digital technologies used within 
your business? Please say if you do not use the technology within your business?

Please note:  the question wording and definitions changed between 2021 and 
2022, comparisons between the two waves should not be made.

2021
Q. Can you tell me for each of the following digital technologies if you have heard about 
them, not heard about them, implemented them in parts of your business, or whether 
your entire business is organised around them?

Base: All firms (excluding don’t know/refused responses)

Reported shares combine used the technology ‘in parts of business’ and ‘entire business 
organised around it’

Single technology is where firms have used one of the technologies asked about.
Multiple technologies is where firms have used more than one of the technologies asked 
about

ADVANCED DIGITAL TECHNOLOGIES

s

m

r
i
f

f
o
e
r
a
h
S

100%

80%

60%

40%

20%

0%

The technologies asked about differed 
by sector

EU

BG

US

EU

BG

US

EU

BG

US

EU

BG

US

EU

BG

US

EU

BG

US

EU

BG

US

Intern et of thin gs
* 1, 2,3, 4

Big data/AI
* 1, 2,4

3-D P rin tin g
* 1, 3,4

Augmen ted or vir tual
reality
* 2, 3

Digital platform
techn ologies
* 2, 4

Automation via
robotics
* 1

Drones
* 3

* Sector: 1 = Asked of Manufacturing firms, 2 = Asked of Services firms, 3 = Asked of Construction firms, 4 = Asked of infrastructure firms

Q. To what extent, if at all, are each of the following digital technologies used within 

your business? Please say if you do not use the technology within your business?

Reported shares combine used the technology ‘in parts of business’ and ‘entire 
business organised around it’

Base: All firms (excluding don't know/refused responses);
Sample size BG: Manufacturing (144); Construction (108); Services (107); Infrastructure 

(118).

Please note: question wording changed between 2021 and 2022, comparisons 
between the two waves should not be made.

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Document Name | Date | Version xx | Public : Internal Use Only | Confidential 

9

 
 
EIB Investment Survey 2022
Country overview: Bulgaria

International trade

ENGAGEMENT IN INTERNATIONAL TRADE

•

The proportion of Bulgarian firms engaged in 
international trade reflects the EU average (62% 
versus 63%). Manufacturers (87%) are far more likely 
than construction (32%) or services firms (46%) to 
trade outside their home market. Only in 
manufacturing (82%) do a majority of firms export.

• A higher proportion of large firms than SMEs are 

trading internationally (74% versus 54%). They are 
also more likely to be exporters (64% versus 40%).

Exported an d Im ported

Imported only

Exported only

Ne ith er

100 %

80%

60%

40%

20%

0%

s

m

r
i
f

f
o
e
r
a
h
S

2
2
0
2
U
E

2
2
0
2
G
B

g
n

i
r
u
t
c
a
f
u
n
a
M

s
e
c
i
v
r
e
S

n
o

i
t
c
u
r
t
s
n
o
C

e
r
u
t
c
u
r
t
s
a
r
f
n

I

E
M
S

e
g
r
a
L

Q. In 2021, did your company export or import goods and/or services?

Base: All firms (excluding don’t know/refused responses)

DISRUPTIONS RELATED TO INTERNATIONAL TRADE

• Although 75% of Bulgarian firms face disruptions 

• Relatively few Bulgarian firms have found trade 

linked to international trade, this is lower than the EU 
average (87%). Bulgaria’s exporters and importers 
have been impacted to a far greater degree than its 
non-traders (85% versus 59%). 

• Disruption to global logistics (64%) and reduced 
access to raw materials, services or other inputs 
(58%) are the main trade-related obstacles for 
Bulgaria’s firms. 

restrictions, customs or tariffs an obstacle to their 
activities (22%). 

•

Bulgarian firms have found these disruptions a little 
less problematic than businesses across the EU. In 
relative terms, trade restrictions are much less of an 
obstacle (22% versus 45%).

EU - Major obstacle

EU - Minor obstacle

EU - Any obstacle

BG  - M ajor obstacle

BG  - M inor obstacle

BG

BG  Traders - M ajor obstacle

BG  Non -Traders - M ajor obstacle

BG  Traders - M in or obstacle

BG  Non -Traders - M in or obstacle

BG  Traders

BG  Non -Traders

s

m

r
i
f

f
o
e
r
a
h
S

100 %

80%

60%

40%

20%

0%

EU

BG

BG
Traders

BG  Non -
Traders

EU

BG

BG
Traders

BG  Non -
Traders

EU

BG

BG
Traders

BG  Non -
Traders

EU

BG

BG
Traders

BG  Non -
Traders

Any obstacle

Disru ption  to globa l logistics
(e.g. marit ime tran sport issu es,
delay in  delivery t ime etc)

Disru pted or reduced access to raw
materials, se rvices or other  inputs
(excludin g issu es related to logistics)

Ne w trade restriction s, custom s
and tariffs

Q. Since 2021, did any of the following present an obstacle to your business’s activities? 

Base:  “Any obstacle” - All firms (excluding those who said don’t know/refused/not applicable 

responses to all three international trade obstacles)

Base: Individual obstacles  - All firms (excluding those who said don’t know/refused/not applicable)

10

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Document Name | Date | Version xx | Public : Internal Use Only | Confidential 

Any obstacle combines ‘minor’ and ‘major’ obstacles 
into one category

 
 
 
 
 
 
EIB Investment Survey 2022
Country overview: Bulgaria

International trade

EXTERNAL FACTORS IMPACTING INTERNATIONAL TRADE

•

•

•

The proportion of Bulgarian firms that have been 
impacted by external factors disrupting international 
trade, is lower than the EU average (66% versus 78%). 
In relative terms, COVID-19 as a stand-alone factor 
has impacted more Bulgarian firms than the Russia-
Ukraine conflict (17% versus 10%).

Service sector (60%) and infrastructure (61%) firms are 
the least likely to have been effected by these external 
factors. The figure reaches 75% among 
manufacturers. In every sector except construction 
(12% versus 14%), COVID-19 has impacted more 
Bulgarian firms than the Russia-Ukraine conflict.

For both SMEs and large firms, traders and non-
traders, COVID-19 has impacted more firms than has 
the Russia-Ukraine conflict.

100 %

80%

60%

40%

20%

0%

s

m

r
i
f

f
o
e
r
a
h
S

COVID-19
Both COVID-19  an d Russia /Ukraine conflict
Russia/Ukraine conflict

U
E

G
B

g
n

i
r
u
t
c
a
f
u
n
a
M

s
e
c
i
v
r
e
S

n
o

i
t
c
u
r
t
s
n
o
C

e
r
u
t
c
u
r
t
s
a
r
f
n

I

E
M
S

e
g
r
a
L

s
r
e
d
a
r
T

s
r
e
d
a
r
t
-
n
o
N

Q. You have just said that you experienced {an obstacle/obstacles} to your business 

activities since 2021.  Did Covid-19 and/or the Russia-Ukraine conflict, including the 
sanctions imposed by the International community, contribute to this in anyway? 

Base: All firms (excluding don’t know/refused/not applicable responses)

ACTIONS TO MITIGITATE INTERNATIONAL TRADE DISRUPTIONS

• Over half of Bulgaria’s firms (55%) are taking action to 
mitigate the impact of international trade disruptions. 
This matches the EU average (57%).

• A higher share of Bulgarian firms are focussing on 

increasing or diversifying trading partners (40%), than 
on domestic suppliers or markets (30%). Both figures 
are similar to the EU average (37% and 35% 
respectively).

• A bigger proportion of Bulgaria’s large firms than its 
SMEs have taken steps to mitigate the impact of 
international trade disruptions (61% versus 51% 
respectively). Traders (60%) have generally been more 
active than non-traders (45%), with traders far more 
focussed on increasing or diversifying trading partners 
than non-traders have been (48% versus 19%).

Yes - any
Yes - in cre asing th e n umber of trade  partne rs to diversify
Yes - focusin g more on domestic su ppliers / market s

s

m

r
i
f

f
o
e
r
a
h
S

100 %

80%

60%

40%

20%

0%

EU 202 2

BG  20 22

SM E

Large

Traders

Non-
traders

Q. Is your company taking any actions to mitigate the impact of these disruptions? 

Base: All firms facing trade disruptions (excluding don’t know/refused responses)

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Document Name | Date | Version xx | Public : Internal Use Only | Confidential 

11

 
 
 
 
EIB Investment Survey 2022
Country overview: Bulgaria

Drivers and constraints 

SHORT-TERM FIRM OUTLOOK

•

•

Bulgarian firms are less optimistic about investment 
conditions for the year ahead than they were in EIBIS 
2021.

Economic climate expectations have deteriorated 
sharply, from +4% to -38%. For the political climate, 
the balance of pessimists over optimists is 29%. 
Expectations for business sector prospects have 
dropped 27 points to be marginally negative (-1%). 

•

•

Expectations for the availability of external (+18% 
versus +10%) and internal finance (+17% versus 
+8%) have deteriorated but this still means more 
Bulgarian firms expect these to improve rather than 
get worse over the next 12 months. 

The downward trend in sentiment reflects the data 
from the EU as a whole, except for business sector 
prospects, Bulgarian firms are not as pessimistic.

EU net balan ce*

BG  n et bala nce

s

m

r
i
f

f
o
e
r
a
h
S

70%

50%

30%

10%

-1 0%

-3 0%

-5 0%

-7 0%

6
1
0
2

7
1
0
2

8
1
0
2

9
1
0
2

0
2
0
2

1
2
0
2

2
2
0
2

6
1
0
2

7
1
0
2

8
1
0
2

9
1
0
2

0
2
0
2

1
2
0
2

2
2
0
2

6
1
0
2

7
1
0
2

8
1
0
2

9
1
0
2

0
2
0
2

1
2
0
2

2
2
0
2

6
1
0
2

7
1
0
2

8
1
0
2

9
1
0
2

0
2
0
2

1
2
0
2

2
2
0
2

6
1
0
2

7
1
0
2

8
1
0
2

9
1
0
2

0
2
0
2

1
2
0
2

2
2
0
2

Political/
regulatory climate

Econ omic
climate

Bu siness prospects
in  t he sector

Availability of
extern al finan ce

Availability of
in tern al finan ce

Q, Do you think that each of the following will improve, stay the same, or get worse over 

the next 12 months?

Base: All firms

*Net balance is the share of firms seeing improvement minus the share of firms 
seeing a deterioration

SHORT-TERM FIRM OUTLOOK BY SECTOR AND SIZE (net balance %) 

•

In every sector and for SMEs and large firms alike, 
firms are substantially more negative than positive 
about the political and economic climate in Bulgaria. 
Services and manufacturing firms are most 
pessimistic, while infrastructure firms a little less so. A 
bigger share of SMEs than large firms think things will 
get worse.

• Construction (-20%) firms and SMEs (-7%) are the 
most pessimistic about business sector prospects, 
while infrastructure and large firms have a net positive 
balance (both +10%).

•

In each sector and size category, more firms expect 
the availability of external finance to improve rather 
than get worse. Manufacturers (+16%) and large firms 
(+22%) are the most optimistic.

• Only in construction (-5%) is there a negative balance 
of opinion regarding availability of internal finance. 
Infrastructure (+14%) and manufacturing (+12%) 
firms are the most positive. As seen for every other 
element of the short-term outlook, SMEs are less 
optimistic (+1%) than large firms (+20%).

Political / 
regulatory  
climate 

Economic 
climate 

Business 
prospects

External 
finance 

Internal 
finance

Bulgaria

29%

38%

1%

10%

8%

Manufacturing

33%

48%

0%

16%

12%

Construction

33%

29%

20%

1%

Services

42%

48%

7%

7%

5%

2%

Infrastructure

11%

21%

10%

9%

14%

SME

37%

45%

7%

2%

1%

Large

17%

29%

10%

22%

20%

Please note: green figures are positive, red figures are negative

Q. Do you think that each of the following will improve, stay the same, or get worse over 

the next twelve months?

Base: All firms

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Document Name | Date | Version xx | Public : Internal Use Only | Confidential 

12

 
 
EIB Investment Survey 2022
Country overview: Bulgaria

Drivers and constraints 

LONG-TERM BARRIERS TO INVESTMENT 

• Almost nine in ten Bulgarian firms regard the 

availability of skilled staff (88%), energy costs (87%) 
and future uncertainty (85%) as barriers to 
investment. 

• Most firms also consider Bulgaria’s transport 

infrastructure (58%) and labour regulations (54%) as 
obstacles to business investment.

• Compared to EIBIS 2021, the energy costs figure is 23 

points higher, while the proportion saying business 
regulations deter investment has dropped 10 points 
(60% to 50%). 

•

The proportion of Bulgarian firms saying each factor 
obstructs investment is similar to the EU average. In 
relative terms, transport infrastructure is more of a 
barrier (58% versus 48%), but business regulations 
are perceived as less obstructive (50% versus 61%).

n
n

EU - Minor obstacle
EU - Major obstacle
EU - 2021

n
n

BG - Minor obstacle
BG - Major obstacle
BG - 2021

s

m

r
i
f

f
o
e
r
a
h
S

100 %

80%

60%

40%

20%

0%

U
E

G
B

U
E

G
B

U
E

G
B

U
E

G
B

U
E

G
B

U
E

G
B

U
E

G
B

U
E

G
B

U
E

G
B

Dem and for
products/
services

Availability of
skilled staff

Ene rgy
costs

Acce ss to digita l
in frastr ucture

Labour market
regulations

Bu siness
regulations

Ade qua te
tran sport
in frastr ucture

Availability of
fin ance

Un cer tainty
about  th e
futu re

Q. Thinking about your investment activities, to what extent is each of the following an 

obstacle? Is it a major obstacle, a minor obstacle or not an obstacle at all?

Base: All firms (data not shown for those who said not an obstacle at all/don’t 

know/refused)

LONG-TERM BARRIERS BY SECTOR AND SIZE 

Demand for 
products/ 
services

Availability of 
skilled staff

Energy 
costs

Access to digital 
infrastructure 

Labour market
regulations

Business 
regulations

Adequate transport 
infrastructure

Availability 
of finance

Uncertainty 
about the future

BG

50%

88%

87%

37%

54%

50%

58%

44%

Man ufacturing

53%

92%

91%

34%

50%

48%

50%

44%

Con stru ction

51%

89%

78%

29%

Services

43%

89%

91%

42%

53%

52%

62%

57%

51%

54%

63%

41%

Infrastructure

SM E

52%

52%

Large

46%

84%

83%

39%

60%

45%

61%

46%

88%

89%

87%

41%

58%

58%

62%

48%

89%

31%

47%

37%

51%

38%

85%

84%

93%

85%

86%

86%

85%

Q. Thinking about your investment activities, to what extent is each of the following an 

obstacle? Is it a major obstacle, a minor obstacle or not an obstacle at all?

Base: All firms (data not shown for those who said not an obstacle at all/don’t 

know/refused)

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Share of firms

13

Reported shares combine ‘minor’ and ‘major’ 
obstacles into one category

 
 
EIB Investment Survey 2022
Country overview: Bulgaria

Access to finance

SOURCE OF INVESTMENT FINANCE

• As in EIBIS 2021 (73%), internal sources currently 
account for the large majority of Bulgarian firms’ 
investment finance (69%). The proportion financed 
from external sources (27%) is broadly consistent with 
the EU average (28%).

•

•

In every sector at least 62% of investment is financed 
from internal sources. Services firms are most reliant 
on their own internal resources with 81% of 
investment funded through this channel.

SMEs finance slightly more of their investment via 
external sources than large firms (29% versus 25% 
respectively).

e
r
a
h
s

e
c
n
a
n
i
f

e
g
a
r
e
v
A

100 %

80%

60%

40%

20%

0%

External

Internal

Intra-group

2
2
0
2
U
E

1
2
0
2
G
B

2
2
0
2
G
B

g
n

i
r
u
t
c
a
f
u
n
a
M

s
e
c
i
v
r
e
S

n
o

i
t
c
u
r
t
s
n
o
C

e
r
u
t
c
u
r
t
s
a
r
f
n

I

E
M
S

e
g
r
a
L

Q. What proportion of your investment was financed by each of the following?

Base: All firms who invested in the last financial year (excluding don’t know/

refused responses)

USE OF EXTERNAL FINANCE

202 1

s

m

r
i
f

f
o
e
r
a
h
S

100 %

80%

60%

40%

20%

0%

U
E

G
B

g
n

i
r
u
t
c
a
f
u
n
a
M

s
e
c
i
v
r
e
S

n
o

i
t
c
u
r
t
s
n
o
C

e
r
u
t
c
u
r
t
s
a
r
f
n

I

E
M
S

e
g
r
a
L

• Over two-fifths of Bulgarian firms that invested in the 
last financial year funded at least some of this using 
external finance (44%). The proportion of Bulgarian 
firms using external finance is consistent with EIBIS 
2021 (also 44%) and the current EU average (45%). 

• Half of manufacturers (51%) have accessed external 

finance, but this accounts for a much lower proportion 
of service sector firms (33%). In all sectors the share of 
firms using external finance is within two percentage 
points of EIBIS 2021.

• Owing to a drop among large firms, SMEs are now  

more likely to have accessed external finance in their 
last financial year (47% versus 40%).

Q. Approximately what proportion of your investment in the last financial year was 

financed by each of the following

Base: All firms who invested in the last financial year (excluding don’t know/

refused responses)

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14

 
 
 
 
 
 
 
 
 
EIB Investment Survey 2022
Country overview: Bulgaria

Access to finance

ACCESS TO BANK FINANCE AND CONDITIONS

•

•

•

Eight in ten Bulgarian firms (80%) accessing external 
finance received funding from a bank, with 34% 
obtaining it on concessional terms. Bulgarian firms 
have used bank finance to the same extent as 
businesses across the EU (80% versus 82%). 

Those in the service sector (93%) and manufacturing 
(89%) are the most likely to have received bank 
finance, and infrastructure firms the least (62%). In 
contrast to other sectors, hose in construction were 
more likely to benefit from concessional terms.

SMEs and large firms are equally as likely to have 
received external finance from a bank (79% versus 
81% respectively). However, SMEs are more likely to 
have obtained bank finance on concessional terms 
(41% versus 24%).

100 %

80%

60%

40%

20%

0%

s

m

r
i
f

f
o
e
r
a
h
S

Q. Which of the following types of external finance did you use for your investment 

activities in the last financial year?

Q. Was any of the bank finance you received on concessional terms (e.g. subsidised 

interest rates, longer grace period to make debt payments)?

Base: All firms who used external finance (excluding don't know/refused responses)

SHARE OF FIRMS WITH FINANCE FROM GRANTS

Ban k finan ce

Ban k finan ce  on concession al terms

U
E

G
B

g
n

i
r
u
t
c
a
f
u
n
a
M

s
e
c
i
v
r
e
S

n
o

i
t
c
u
r
t
s
n
o
C

e
r
u
t
c
u
r
t
s
a
r
f
n

I

E
M
S

e
g
r
a
L

100 %

80%

60%

40%

20%

0%

s

m

r
i
f

f
o
e
r
a
h
S

U
E

G
B

g
n

i
r
u
t
c
a
f
u
n
a
M

s
e
c
i
v
r
e
S

n
o

i
t
c
u
r
t
s
n
o
C

e
r
u
t
c
u
r
t
s
a
r
f
n

I

E
M
S

e
g
r
a
L

• Compared to the EU average, Bulgarian firms are half 
as likely to have received external finance in the form 
of grants (11% versus 21%).

• While a quarter of infrastructure firms (24%) said they 
received grants, fewer than one in ten manufacturers 
(7%) obtained external finance through this channel, 
and none in the construction or services sectors. 

•

Twice as many large firms as SMEs that accessed 
external finance received some of it in the form of 
grants (16% versus 7%).

Q. What proportion of your total investment in your last financial year was financed by 

grants?

Base: All firms using external finance (excluding don't know/refused responses)

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15

 
 
 
 
EIB Investment Survey 2022
Country overview: Bulgaria

Access to finance

DISSATISFACTION WITH EXTERNAL FINANCE RECEIVED (% of firms)

•

•

Bulgarian firms that used external finance are far more 
satisfied than dissatisfied with each aspect of the 
finance received. Only for collateral requirements did 
more than one in ten firms express dissatisfaction 
(13%). 

The findings in Bulgaria are generally similar to those 
across the EU, although twice as many firms are 
dissatisfied with collateral requirements (13% versus 
6%). 

EU

BG

Amount

Type s

2%

2%

Cost

5%

2%

3%

3%

3%

1%

6%

13%

Collate ral

Maturity

Q. How satisfied or dissatisfied are you with …?

Base: All firms who used external finance in the last financial year (excluding don’t 

know/refused responses) 

DISSATISFACTION BY SECTOR AND SIZE (% of firms)

Amount

Cost

Maturity

Collateral

Type

• With the exception of collateral requirements, 

dissatisfaction levels are generally low across all 
sectors and size classes. 

BG

2%

2%

2%

13%

3%

• Over one in ten service sector firms (12%) are 

Man ufacturing

0%

1%

1%

14%

1%

Con stru ction

0%

0%

5%

2%

0%

Services

12%

7%

5%

21%

1%

Infrastructure

0%

1%

1%

9%

7%

SM E

4%

4%

4%

10%

2%

Large

0%

0%

0%

17%

4%

dissatisfied with the amount offered. A relatively high 
proportion of services firms (21%) are also unhappy 
about collateral requirements, as are 14% of 
manufacturers. At least one in ten SMEs (10%) and 
large firms (17%) expressed dissatisfaction with 
collateral requirements.

• Otherwise, dissatisfaction is very low in all cases. 

Especially within construction where no criticism is 
expressed about the amount, cost or type of finance 
offered. Among large firms there is zero 
dissatisfaction with the amount, cost or maturity 
period.

Q. How satisfied or dissatisfied are you with …?

Base: All firms who used external finance in the last financial year (excluding don’t 

know/refused responses)

Document Name | Date | Version xx | Public : Internal Use Only | Confidential 
Document Name | Date | Version xx | Public : Internal Use Only | Confidential 

16

EIB Investment Survey 2022
Country overview: Bulgaria

Access to finance

SHARE OF FINANCE CONSTRAINED FIRMS

•

The share of financially constrained firms in Bulgaria 
(7.5%) is lower than EIBIS 2021 (9.2%) and similar to 
the EU average (6.2%).

• Rejection (5.6%) accounts for most of Bulgaria’s 

financially constrained firms.

•

Firms in the services (15.5%) and construction sectors 
(12.8%) are far more likely than manufacturers (5.7%) 
to be financially constrained. Fewer than half of one 
percent of infrastructure firms have experienced 
external finance constraints.

• More SMEs (8.4%) than large firms (5.9%) are finance 
constrained with rejection (5.4%) accounting for 
almost all these bigger firms.

Finance constrained firms include: those dissatisfied with the amount of finance obtained 
(received less), firms that sought external finance but did not receive it (rejected) and 
those who did not seek external finance because they thought borrowing costs would be 
too high (too expensive) or they would be turned down (discouraged)

Base: All firms (excluding don’t know/refused responses)

Rejected

Received less

Too expen sive

Discou raged

EU 202 2

BG  20 21

BG  20 22

Man ufacturing

Con stru ction

Services

Infrastructure

SM E

Large

0%

2%

4%

6%

8% 10% 12% 14% 16% 18%

Share of finance constrained firms

SHARE OF FINANCE CONSTRAINED FIRMS OVER TIME

2016 2017 2018 2019 2020 2021 2022

6,1%

6,8%

5,0%

4,9%

5,6%

4,7%

6,2%

•

•

The proportion of Bulgarian firms that are finance 
constrained (7.5%) is the lowest yet seen in the EIBIS 
series. 

The proportion of finance constrained firms in 
Bulgaria has always been larger than the EU average, 
but the gap is now much smaller (7.5% versus 6.2%).

12,5%

10,9%

9,0%

9,7%

8,7%

9,2%

7,5%

Base: All firms (excluding don’t know/refused responses)

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Document Name | Date | Version xx | Public : Internal Use Only | Confidential 

17

EIB Investment Survey 2022
Country overview: Bulgaria

Climate change and energy efficiency

A major impact

A min or impact

No impact at all

s

m

r
i
f

f
o
e
r
a
h
S

100 %

80%

60%

40%

20%

0%

2
2
0
2
U
E

1
2
0
2
G
B

2
2
0
2
G
B

g
n

i
r
u
t
c
a
f
u
n
a
M

s
e
c
i
v
r
e
S

n
o

i
t
c
u
r
t
s
n
o
C

e
r
u
t
c
u
r
t
s
a
r
f
n

I

E
M
S

e
g
r
a
L

Please note: question wording changed between 2021 and 2022.  Comparisons 
should be treated with caution.

• Almost three in ten Bulgarian firms (29%) have already 
developed or invested in measures to build resilience 
to the physical risks caused by climate change. This is 
close to the EU average (33%). 

• Unlike many other EU countries, Bulgarian firms are 
more likely to have responded by buying relevant 
insurance (15%). In contrast, far fewer Bulgarian firms 
are investing in solutions to avoid or reduce exposure 
to physical risk (9% versus 20%). 

•

Bulgaria’s large firms (35%) are more likely than its 
SMEs (25%) to have developed or invested in 
measures to build resilience to physical risk.

• Only 6% of SMEs are adapting their strategy to take 
account of the losses they may suffer as a result of 
climate change, compared to 14% of large firms. 

IMPACT OF CLIMATE CHANGE – PHYSICAL RISK

•

•

•

The proportion of Bulgarian firms facing climate-
related losses (44%) is lower than the EU average 
(57%). Just over one in ten report that weather events 
are having a major impact (13%).

Perceived impact is highest among construction (52%) 
and infrastructure firms (48%). In each of these 
sectors at least two in ten firms say weather events 
are having a major impact (23% and 20% 
respectively).

Bulgaria’s large firms (51%) have seen climate events 
causing physical losses more frequently than its SMEs 
(39%).

Q. Thinking about the impact of climate change on your company, such as losses due to 
extreme climate events, including droughts, flooding, wildfires or storms or changes in 
weather patterns due to progressively increasing temperature and rainfall. What is the 
impact, also called physical risk, of this on your company?

Base: All firms (excluding don't know/refused responses)

BUILDING RESILIENCE TO PHYSICAL RISK

Any
Adaptation strategy for  th e physical risks
Invested in  solution s to avoid/reduce exposur e to physical risk
Bought in su rance products to off-set climate-relate d losses

s

m

r
i
f

f
o
e
r
a
h
S

100 %

80%

60%

40%

20%

0%

EU 202 2

BG  20 22

SM E

Large

Q. Has your company developed or invested in any of the following measures to build 

resilience to the physical risks to your company caused by climate change? 

Base: All firms (excluding don't know/refused responses)

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Document Name | Date | Version xx | Public : Internal Use Only | Confidential 

18

 
 
 
 
 
 
 
EIB Investment Survey 2022
Country overview: Bulgaria

Climate change and energy efficiency

IMPACT OF CLIMATE CHANGE – RISKS ASSOCIATED WITH THE TRANSITION TO A NET ZERO 
EMISSION ECONOMY OVER THE NEXT FIVE YEARS

• Over twice as many Bulgarian firms regard the 

transition to stricter climate standards and regulations 
a risk (37%) as considers it an opportunity (15%). The 
proportion that considers it a risk has increased since 
EIBIS 2021 (24%) and is above the EU average (33%). 
Just under half of Bulgarian firms (47%) think this will 
have no impact. 

• Opinions are consistent across sectors. The balance of 
firms regarding this transition as a risk rather than an 
opportunity ranges from 33% in construction to 39% 
in manufacturing and infrastructure. 

• More SMEs than large firms (55% versus 36%) believe 

the transition to stricter climate standards and 
regulations will have no impact on their business. 
Large firms are twice as likely to consider this a risk 
rather than an opportunity (42% versus 22%).

100 %

80%

60%

40%

20%

0%

s

m

r
i
f

f
o
e
r
a
h
S

A risk

No impact

An opportu nity

2
2
0
2
U
E

1
2
0
2
G
B

2
2
0
2
G
B

g
n

i
r
u
t
c
a
f
u
n
a
M

s
e
c
i
v
r
e
S

n
o

i
t
c
u
r
t
s
n
o
C

e
r
u
t
c
u
r
t
s
a
r
f
n

I

E
M
S

e
g
r
a
L

Q. Thinking about your company, what impact do you expect this transition to stricter 
climate standards and regulations will have on your company over the next five 
years?

Base: All firms (excluding don't know/refused responses)

ACTIONS TO REDUCE GHG EMISSIONS

•

•

Bulgarian firms are less likely than those across the EU 
to be taking actions to). reduce greenhouse gas (GHG) 
emissions (70% versus 88%

The main actions being taken by Bulgarian firms are 
waste minimization and recycling (34%), investment in 
energy efficiency (28%) and renewable energy 
generation (24%). 

s

m

r
i
f

f
o
e
r
a
h
S

100 %

80%

60%

40%

20%

0%

•

•

For each initiative, Bulgarian firms are less likely than 
those across the EU to be making investments. 

The biggest difference is seen for waste minimization 
and recycling (34% versus 64%), and investment in 
energy efficiency (28% versus 57%).

EU

BG

EU

BG

EU

BG

EU

BG

EU

BG

EU

BG

Implemen ting any

Investing in n ew, le ss
polluting, bu siness areas
and technologies

Investing in en ergy
efficiency

Onsite/offsite renew able
en ergy ge neration

Waste minimization and
recycling

Su stainable transport
options

Q. Is your company investing or implementing any of the following, to reduce 

Greenhouse Gas (GHG) emissions? 

Base: All firms (excluding don't know/refused responses)

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Document Name | Date | Version xx | Public : Internal Use Only | Confidential 

19

 
 
 
 
 
 
 
EIB Investment Survey 2022
Country overview: Bulgaria

Climate change and energy efficiency

INVESTMENT PLANS TO TACKLE CLIMATE CHANGE IMPACT

•

Bulgarian firms are less likely than those across the EU 
to have invested in tackling the impacts of weather 
events and reducing carbon emissions (34% versus 
53%) or to have plans to invest in the next three years 
(43% versus 51%).

• No more than 42% of firms in any sector have already 
invested in these areas and only among infrastructure 
business (52%) are a majority planning investment 
that addresses the impacts of weather events and 
reducing carbon emissions. Only around three in ten 
construction (34%) and services firms (29%) have such 
plans.

• A higher proportion of large firms than SMEs have 
already invested (47% versus 25%) and also plan to 
make investments related to climate change (55% 
versus 35%).

80%

60%

40%

20%

t
s
e
v
n

i

o
t
n
a
l
P

Large

Infrastructure

EU 2022

SME

Manufacturing

Services

BG 2022

Construction

0%

0%

20%

40%

60%

80%

Already Invested

EIBIS 2022
Q. Which of the following applies to your company regarding investments to tackle the 

impacts of weather events and to help reduce carbon emissions?

EIBIS 2021
Q. Now thinking about investments to tackle the impacts of weather events and to deal 
with the process of reduction in carbon emissions, which of the following applies?

Base: All firms (excluding don't know/refused responses)

Please note: question change and an additional answer option was included in 
2022, this may have influenced the data. Treat comparison to previous waves 
with caution.

CLIMATE CHANGE TARGETS FOR OWN GREENHOUSE GAS (GHG) EMISSIONS

s

m

r
i
f

f
o
e
r
a
h
S

100 %

80%

60%

40%

20%

0%

U
E

G
B

g
n

i
r
u
t
c
a
f
u
n
a
M

s
e
c
i
v
r
e
S

n
o

i
t
c
u
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s
n
o
C

e
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u
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s
a
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I

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e
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•

Bulgarian firms are far less likely than those across 
the EU to set and monitor targets for their own GHG 
emissions (26% versus 41%).

• While at least three in ten of Bulgaria’s manufacturing 
(40%) and infrastructure firms (30%) set and monitor 
GHG emissions targets, only around one in ten 
construction (11%) and services firms (8%) are taking 
similar action.

•

Large firms are almost three times more likely than 
SMEs to set and monitor targets for their own GHG 
emissions (41% and 15% respectively).

Q. Does your company… set and monitor targets for its own Greenhouse Gas (GHG) 

emissions

Base: All firms (excluding don’t know/refused responses)

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Document Name | Date | Version xx | Public : Internal Use Only | Confidential 

20

 
 
 
 
EIB Investment Survey 2022
Country overview: Bulgaria

Climate change and energy efficiency

SHARE OF FIRMS INVESTING IN MEASURES TO IMPROVE ENERGY EFFICIENCY

•

The share of Bulgarian firms investing in measures to 
improve energy efficiency (31%) is consistent with 
EIBIS 2021 (28%) and remains below the EU average 
(40%).

• Compared to EIBIS 2021, the proportion of firms 

investing in energy efficiency has remained consistent 
across every sector. It is highest among manufactures 
(40%) and infrastructure firms (34%) and lowest in 
construction (25%) and services (19%).

•

Bulgaria’s large firms (45%) are more likely than its 
SMEs (22%) to be investing in energy efficiency, with 
both figures in line with EIBIS 2021 (43% and 19% 
respectively).

100 %

80%

60%

40%

20%

0%

s

m

r
i
f

f
o
e
r
a
h
S

202 2

202 1

U
E

G
B

g
n

i
r
u
t
c
a
f
u
n
a
M

s
e
c
i
v
r
e
S

n
o

i
t
c
u
r
t
s
n
o
C

e
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u
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c
u
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t
s
a
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f
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I

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S

e
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L

Q. What proportion of the total investment in the last financial year was primarily for 

measures to improve energy efficiency in your organisation?

Base: All firms

AVERAGE SHARE OF INVESTMENT IN MEASURES TO IMPROVE ENERGY EFFICIENCY

202 2

202 1

40%

20%

0%

t
n
e
m

t
s
e
v
n

i

f
o
e
r
a
h
S

U
E

G
B

g
n

i
r
u
t
c
a
f
u
n
a
M

s
e
c
i
v
r
e
S

n
o

i
t
c
u
r
t
s
n
o
C

e
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u
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s
a
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f
n

I

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e
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• On average, Bulgarian firms directed 12% of their 

total investment primarily towards improving energy 
efficiency. This is consistent with EIBIS 2021 (12%) and 
the current EU average (10%).

•

There have been only very small changes since EIBIS 
2021. Manufacturing (17%) and infrastructure firms 
(13%) continue to direct the largest proportion of 
investment towards energy efficiency. It is lowest 
among services firms (6%). 

• Compared to SMEs, a bigger proportion of large 

firms’ investment has been used primarily to improve 
their energy efficiency (15% and 9% respectively).

Q. What proportion of the total investment in the last financial year was primarily for 

measures to improve energy efficiency in your organisation?

Base: All firms who have invested in the last financial year (excluding don’t 
know/refused responses)

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21

 
 
 
 
EIB Investment Survey 2022
Country overview: Bulgaria

Firm management, gender balance and 
employment

FIRM MANAGEMENT AND GENDER BALANCE

•

•

•

•

Fewer than four in ten Bulgarian firms (38%) use a 
strategic monitoring system. This is lower than the EU 
average (51%) but similar to the US (44%).

The proportion of Bulgarian firms striving for gender 
balance within their business (74%) is higher than 
either the EU average (58%) or the US (62%).

In no sector does a majority of Bulgarian firms use 
strategic monitoring systems. It ranges from 22% of 
construction firms to 47% of manufacturers. A 
minimum of 64% in every sector is working to achieve 
gender balance, rising to at least three-quarters of 
manufacturers (75%) and infrastructures firms (80%).

Large firms are far more likely than SMEs to be 
utilising strategic monitoring systems (54% versus 
27%) while at least two-thirds in both groups is 
working towards gender balance (83% versus 68%).

s

m

r
i
f

f
o
e
r
a
h
S

100 %

80%

60%

40%

20%

0%

Use of strategic mon itorin g system

Strive for gen der balan ce

U
E

G
B

S
U

g
n

i
r
u
t
c
a
f
u
n
a
M

s
e
c
i
v
r
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S

n
o

i
t
c
u
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t
s
n
o
C

e
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c
u
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t
s
a
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f
n

I

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S

e
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r
a
L

Q Does your company…?

Base: All firms (excluding don’t know/refused responses)

FIRMS WHO HAVE INCREASED EMPLOYEE NUMBERS SINCE 2019

• A third of Bulgarian firms (33%) have increased their 
employee numbers since 2019. This is slightly below 
the EU average (38%) and the US (41%).

• A higher proportion of large firms (40%) than SMEs 
(29%) have increased employee numbers since 2019.

s

m

r
i
f

f
o
e
r
a
h
S

100 %

80%

60%

40%

20%

0%

EU

BG

US

SM E

Large

Q. How many people does your company employ either full or part time at all its 
locations, including yourself?

Q. How many people did your company employ either full or part time at all its locations 
at the beginning of 2019, before the COVID-19 pandemic? 

Base: All firms (excluding don’t know/refused/did not exist in 2019 responses)

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22

 
 
 
 
EIB Investment Survey 2022
Country overview: Bulgaria

EIBIS 2022 – Country technical details

SAMPLING TOLERANCES APPLICABLE TO PERCENTAGES AT OR NEAR THESE LEVELS 

The final data are based on a sample, rather than the entire population of firms in Bulgaria, so the percentage results are 
subject to sampling tolerances. These vary with the size of the sample and the percentage figure concerned. 

EU 

US

BG Manufacturing Construction Services Infrastructure SME

Large EU vs BG

Manuf vs 
Constr

SME vs 
Large

(12021)

(800) (483)

(144)

(108)

(107)

(118)

(405)

(78)

(12021 vs 
483)

(144 vs 
108)

(405 vs 
78)

1.1% 4.1% 2.9%

4.7%

5.5%

6.0%

5.6%

2.9% 5.8%

3.1%

7.2%

6.5%

1.7% 6.2% 4.4%

7.2%

8.3%

9.2%

8.6%

4.5% 8.9%

4.7%

11.0%

9.9%

10% or 
90%

30% or 
70%

50%

1.8% 6.8% 4.8%

7.9%

9.1%

10.0%

9.4%

4.9% 9.7%

5.1%

12.0%

10.8%

GLOSSARY

Investment

A firm is considered to have invested if it spent more than EUR 500 per employee on
investment activities with the intention of maintaining or increasing the company’s future
earnings.

Investment cycle

Based on the expected investment in current financial year compared to last one, and the
proportion of firms with a share of investment greater than EUR 500 per employee.

Manufacturing sector

Based on the NACE classification of economic activities: firms in group C (Manufacturing).

Construction sector

Based on the NACE classification of economic activities: firms in group F (Construction).

Services sector

Based on the NACE classification of economic activities: firms in group G (wholesale and
retail trade) and group I (accommodation and food Services activities).

Infrastructure sector

Based on the NACE classification of economic activities: firms in groups D and E (utilities),
group H (transportation and storage) and group J (information and communication).

SME

Firms with between 5 and 249 employees.

Large firms

Firms with at least 250 employees.

Note: the EIBIS 2022 country overview refers interchangeably to ‘the past/last financial year’ or to ‘2021’. Both refer to 
results collected in EIBIS 2022, where the question is referring to the past financial year, with the majority of the 
financial year in 2021 in case the financial year is not overlapping with the calendar year 2021.

Document Name | Date | Version xx | Public : Internal Use Only | Confidential 
Document Name | Date | Version xx | Public : Internal Use Only | Confidential 

23

EIB Investment Survey 2022
Country overview: Bulgaria

EIBIS 2022 – Country technical details

The country overview presents selected findings based on telephone interviews with 483 firms in Bulgaria  (carried out 
between April and July 2022).

BASE SIZES  (*Charts with more than one base; due to limited space, only the lowest base is shown)

Base definition and page reference

All firms, p. 3, p.12, p.13,  p. 21 (top)

All firms who have invested in the last financial year (excluding 
don’t know/refused responses), p. 4  (top)
All firms who have invested in the last financial year (excluding 
don’t know/refused responses), p. 4 (bottom)
All firms (excluding ‘Company didn’t exist three years ago’ 
responses), p. 5 (top)
All firms (excluding don’t know/refused responses), p. 5 
(bottom)

1
2
0
2
/
2
2
0
2
U
E

12021/11920

9704/9670

9501/9523

11735/11648

11814/11765

All firms (excluding don't know/refused responses), p. 6 (top)

11810/NA

All firms (excluding don't know/refused responses), p. 6 
(bottom)

11725/NA

All firms (excluding don't know/refused responses), p. 7 (top)

11945/11857

All firms (excluding don't know/refused responses), p. 7 
(bottom)

11989/11891

All firms (excluding don’t know/refused responses), p. 8 (top)

11735/11648

All firms (excluding not applicable/don't know/refused 
responses to all 3 questions), p. 8 (bottom)

All firms (excluding don't know/refused responses), p. 9

8728/8780

11980/NA

All firms (excluding don't know/refused responses), p. 10 (top)

11975/NA

1
2
0
2
/
2
2
0
2

G
B

483/480

382/360

g
n
i
r
u
t
c
a
f
u
n
a
M

144

113

382/360

112

n
o
i
t
c
u
r
t
s
n
o
C

s
e
c
i
v
r
e
S

e
r
u
t
c
u
r
t
s
a
r
f
n
I

108

107

118

89

90

79

79

97

97

E
M
S

405

307

308

480/477

144

107

106

117

402

472/475

140

103

106

118

397

472/NA

141

107

103

115

394

467/NA

139

105

103

114

390

482/480

144

108

107

117

404

482/480

144

108

106

118

404

480/477

144

107

106

117

402

376/349

483/NA

481/NA

112

144

144

88

108

107

77

107

107

95

118

117

302

405

403

2
2
0
2
S
U

800

668

668

778

780

795

784

762

796

778

615

800

798

All firms (excluding those who said don’t know/refused/not 
applicable responses to all three international trade obstacles) 
p. 10 (bottom)

11382/NA

790

454/NA

139

100

101

109

378

All firms (excluding don't know/refused responses), p. 11 (top)

9339/NA

All firms facing trade disruptions (excluding don't 
know/refused responses), p. 11 (bottom)
All firms who have invested in the last financial year (excluding 
don’t know/refused responses), p. 14
All firms who used external finance (excluding don’t know/ 
refused responses), p. 15 (top)
All firms who used external finance (excluding don't know and 
refused) p. 15 (bottom)

All firms who used external finance in the last financial year 
(excluding don’t know/refused responses) , p. 16

9265/NA

10051/8675

4107/4059

4155/4100

680

707

665

275

280

323/NA

320/NA

115

114

383/323

113

168/133

169/134

57

58

57

68

68

90

36

36

36

67

65

79

27

27

27

72

72

97

48

48

45

260

258

308

137

137

133

3988/3964

270

165/132

All firms (excluding don't know/refused responses), p. 17

11504/11518

715

482/465

144

108

107

117

405

All firms (excluding don’t know/refused responses), p. 18 (top)

11911/11849

790

478/473

144

106

105

117

400

All firms (excluding don't know/refused responses), p. 18 
(bottom)

11909/NA

All firms (excluding don’t know/refused responses), p. 19 (top)

11172/11384

All firms (excluding don’t know/refused responses), p. 19 
(bottom)

11964/NA

784

759

794

481/NA

448/457

143

134

107

107

99

96

118

113

404

373

483/NA

144

108

107

118

405

All firms (excluding don’t know/refused responses), p. 20 (top)

11685/NA

763

474/NA

141

104

106

117

399

All firms (excluding don’t know/refused responses), p. 20 
(bottom)

All firms who have invested in the last financial year (excluding 
don’t know/refused responses),  p. 21 (bottom)*

11712/NA

783

472/NA

144

101

107

115

395

9752/9617

677

376/356

113

86

78

95

302

All firms (excluding don't know/refused responses) p. 22 (top)

11696/11616

785

460/470

142

101

100

111

383

All firms (excluding don't know/refused/did not exist in 2019 
responses) p. 22 (bottom)

11662/11718

783

457/471

132

101

105

113

389

Document Name | Date | Version xx | Public : Internal Use Only | Confidential 
Document Name | Date | Version xx | Public : Internal Use Only | Confidential 

24

e
g
r
a
L

78

75

74

78

75

78

77

78

78

78

74

78

78

76

63

62

75

31

32

31

77

78

77

75

78

75

77

74

77

68

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© European Investment Bank, 02/2023

PDF:

ISBN 978-92-861-5438-6

Bulgaria

Overview

Economics Departmenteconomics@eib.orgwww.eib.org/economicsInformation Desk+352 4379-22000info@eib.orgEuropean Investment Bank98-100, boulevard Konrad AdenauerL-2950 Luxembourg+352 4379-1www.eib.orgEIB INVESTMENT SURVEY