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| Veliko Tarnovo: A Rising Economic Power in Bulgaria |
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In recent years, Veliko Tarnovo’s economy has made significant strides, ranking as the fastest-growing region outside Sofia, following Plovdiv, Varna, and Burgas. This growth is largely driven by a well-balanced and diverse manufacturing industry, which is evenly distributed between the city and surrounding municipalities.
The region’s GDP per capita is increasing at a faster rate than the national average, reaching 18,000 BGN, placing it among Bulgaria’s top ten economic hubs.
A Thriving Economic Center
The Veliko Tarnovo Economic Hub consists of five municipalities, with Veliko Tarnovo as its core and Zlataritsa, Lyaskovets, Gorna Oryahovitsa, and Polski Trambesh forming its periphery. More than 3,000 people commute daily to work in the city, over half of them from Gorna Oryahovitsa alone. Notably, 20% of the employed workforce in Zlataritsa also works in Veliko Tarnovo, highlighting the city’s strong economic pull.
Income and Infrastructure Challenges
The average annual gross salary in the region stands at 16,100 BGN, with wages and pensions rising at rates close to the national average. However, despite its economic momentum, Veliko Tarnovo still lacks modern infrastructure to support its growth.
Currently, the economies of Veliko Tarnovo, Gorna Oryahovitsa, and Lyaskovets function like an isolated economic island in North Central Bulgaria—similar to the city of Ruse. However, this is about to change.
The Game-Changer: Upcoming Highways
Once the Ruse-Veliko Tarnovo highway is completed and the Hemus highway extends through the city, Veliko Tarnovo will find itself at a key logistical crossroads. The region will become a major transit route for cargo moving from the White Sea ports, through Sofia, and further north toward Ruse, Bucharest, and the Baltic Sea.
This shift mirrors what happened in Plovdiv, Pazardzhik, and Burgas after the completion of the Trakia highway—a surge in economic parks, foreign investment, and rapid development. The same transformation is expected for Veliko Tarnovo, bringing new industrial opportunities and enhanced investor appeal.
A Hub for Business, Innovation, and Education
The expansion of infrastructure will strengthen ties between Veliko Tarnovo and Gabrovo, fostering industrial, cultural, and social collaboration. Additionally, the city is poised for a digital revolution, with high-quality office spaces emerging to support the growing tech sector.
Education plays a crucial role in Veliko Tarnovo’s development. The city is home to nearly 12,000 students, with about 9,200 enrolled at Veliko Tarnovo University "St. Cyril and Methodius" and over 2,000 at the National Military University "Vasil Levski".
Veliko Tarnovo University offers programs in nearly all professional fields and ranks fourth in Bulgaria for Informatics and Computer Science, a ranking that continues to improve. This strong educational foundation fuels research, development, and innovation in the region, helping attract businesses and talent.
According to the Bulgarian Association for Innovation, Business Services, and Technology (AIBEST), Veliko Tarnovo boasts one of the most highly educated workforces in Bulgaria. Census data shows that 27.5% of residents hold a higher education degree, surpassed only by Sofia and Varna. Meanwhile, the share of people with only primary education is among the lowest in the country (21.4%), and the illiteracy rate is just 0.6%.
With its skilled workforce, Veliko Tarnovo has become Bulgaria’s fifth-largest outsourcing hub, after Sofia, Plovdiv, Varna, and Burgas. Most outsourcing companies in the area operate in business services, though the IT sector is steadily growing.
While the shift of technology companies to secondary cities is still in its early stages, easier transport access will accelerate this trend. The two upcoming highways are set to transform Veliko Tarnovo into the economic powerhouse of Northern Bulgaria, unlocking new opportunities for businesses, investors, and residents alike. |
| Tuesday, Mar 25, 2025 |
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| » RENTALS |
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| Shop / Retail |
€ 510 |
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| Location: |
Veliko Tarnovo |
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