The growth of the software sector in Bulgaria continues to outpace the pace of the economy, BalkanEngineer.com has learned from the 2024 annual report of the Bulgarian Association of Software Companies (BASCOM). In 2023, revenues in the sector grew by 16.5%, with 451 new companies and 2,675 new jobs created.
According to BASCOM Barometer data, in 2023 the software sector added BGN 1.23 billion to the Gross Domestic Product (GDP), bringing the sector's total revenue to BGN 8.7 billion. Forecasts for 2024 show a growth of 12.4%.
The software industry in Bulgaria continues to be a major exporter, with almost 1/3 of services exports in the area of software products and services. Investors from 34 different countries, including the US, the UK and Germany, are present in the Bulgarian software sector and R&D centres of international companies play an important role in its development.
The forecast for 2024 is that the sector will continue to increase its share of GDP, which is expected to reach 4.9%. The sector currently employs around 60 000 people, generating significant tax revenues for the budget. Total tax revenues from the software sector are expected to exceed BGN 2.7 billion in 2024.
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