When it comes to the average salary in Bulgaria, it varies depending on the education level, industry, job position, location, and level of experience.
According to recent hiring statistics for Bulgaria, the average salary ranges from 840 BGN (USD 473) to 14,700 BGN (USD 8,292) per month.
It’s important to note that the actual maximum or minimum salary in Bulgaria may differ from these figures.
Bulgaria, located in Southeast Europe, has a population of approximately 7 million people. Bulgaria’s economy is considered to be an upper-middle-income economy, with a gross domestic product (GDP) of $64.3 billion in 2021. The country’s economy is driven by industries such as energy, mining, and manufacturing.
The National Statistical Institute of Bulgaria provides annual publications that present information regarding the demographic processes and economic, social, and cultural development of the country. These publications include data on the average monthly wages and salaries of the population in different statistical regions and districts of Bulgaria.
Average Salary in Bulgaria
The average salary in Bulgaria is influenced by the 3 most important factors, education level, industry, and location.
3 Key Factors Affecting Average Salary
The key factors affecting average salary in Bulgaria include:
Education level is a significant factor in determining the average salary in Bulgaria. Individuals with higher education levels tend to earn higher salaries than those without. Additionally, the industry in which an individual works can also impact their salary.
For example, individuals working in the IT industry tend to earn higher salaries than those working in the retail industry.
Location is also a significant factor in determining the average salary in Bulgaria. Salaries tend to be higher in urban areas such as Sofia, the capital city, while salaries in rural areas tend to be lower.
Comparing Bulgaria with Other Countries
Compared to other countries in the European Union, Bulgaria has a lower average salary. According to data from Eurostat, the average monthly salary in Bulgaria in 2021 was €710, which is significantly lower than the EU average of €2,320.
However, it is important to note that the cost of living in Bulgaria is also significantly lower than in many other EU countries. This means that individuals earning the average salary in Bulgaria may have a higher standard of living than those earning a similar salary in other countries.
Overall, while the average salary in Bulgaria may be lower than in other countries, it is important to consider the cost of living and other factors when comparing salaries across different countries.
Recommended reading: 6 Advantages of hiring in Bulgaria
Industries with Highest Salaries
Professionals in Bulgaria earn varying salaries depending on their industry. Some industries have higher pay scales than others. The following sub-sections discuss the industries with the highest salaries in Bulgaria.
IT and Technology Industry
The IT and technology industry is one of the highest paying industries in Bulgaria. In this industry, professionals earn an average salary of 60,000 BGN per year. This is due to the high demand for skilled professionals in this industry. Employers are willing to offer higher salaries to attract and retain the best talent.
Some of the highest paying jobs in the IT and technology industry include software engineers, data scientists, and IT project managers. These professionals earn an average salary of 80,000 BGN, 70,000 BGN, and 65,000 BGN per year, respectively.
Moreover, the IT and technology industry offers excellent opportunities for career growth and development. Professionals in this industry have the opportunity to work on innovative projects and cutting-edge technologies.
Finance and Accounting Industry
The finance and accounting industry is another high paying industry in Bulgaria. Professionals in this industry earn an average salary of 50,000 BGN per year. This is due to the high demand for finance and accounting professionals in Bulgaria.
Some of the highest paying jobs in the finance and accounting industry include financial analysts, accountants, and auditors. These professionals earn an average salary of 60,000 BGN, 55,000 BGN, and 50,000 BGN per year, respectively.
Moreover, the finance and accounting industry offers excellent opportunities for career growth and development. Professionals in this industry have the opportunity to work in various sectors, including banking, insurance, and accounting firms.
Industries with Lowest Salaries
While some industries in Bulgaria offer competitive salaries, there are others that pay significantly less.
Here are two industries with some of the lowest salaries:
The hospitality industry in Bulgaria typically offers lower salaries than other industries. According to Salary Explorer, the average monthly salary for a waiter or waitress is around 1,500 BGN per month. This is significantly lower than the country’s average monthly salary of 3,300 BGN. Hotel receptionists also earn lower salaries, with an average monthly salary of around 1,800 BGN.
It’s worth noting that salaries in the hospitality industry can vary depending on the location and type of establishment. For example, servers in high-end restaurants may earn more in tips than those working in smaller cafes.
The retail industry in Bulgaria is another industry that typically offers lower salaries. According to Salary Expert, the average salary for a retail salesperson is around 1,100 BGN per month. This is lower than the country’s average monthly salary of 3,300 BGN.
However, there are some retail positions that offer higher salaries. For example, store managers and merchandisers can earn salaries closer to the national average. Additionally, some international retail chains may offer higher salaries to attract skilled workers.
Based on the research conducted, the average salary in Bulgaria in 2023 is around 3,370 BGN (USD 1,900) per month. However, this amount may differ depending on factors such as location, sector, employee benefits, and education and experience.
It is important to note that the minimum and maximum salary range in Bulgaria is quite wide, ranging from 840 BGN (USD 473) to 14,700 BGN (USD 8,292) per month. The highest paying industries and occupations in Bulgaria include “Education,” “Healthcare and social work,” and “Financial and insurance activities.”
The National Statistical Institute presents to users of statistical information the annual publication – Statistical Reference Book 2022 in Bulgarian. The Statistical Reference Book presents topical information on the demographic processes as well as the economic, social and cultural development of the Republic of Bulgaria for the 2017 – 2021 period.
Despite the wide salary range, Bulgaria offers a relatively low cost of living compared to other European countries. According to Numbeo, the cost of living in Bulgaria is 49.38% lower than in the United States. This makes it an attractive destination for expats and digital nomads looking to live in Europe without breaking the bank.
Overall, while the average salary in Bulgaria may not be as high as in other European countries, it is important to consider the lower cost of living and the potential for growth and development in various industries.