Income of Bulgarian households increased 7.8% y/y to BGN 2,927 (EUR 1,497) in the fourth quarter of 2013, while expenditures increased at a faster annual rate of 9% to BGN 2,707, statistics office data showed.
Wages were the main source of household income, accounting for 54% of all earnings. They increased 11.5% y/y to BGN 1,581 per household (BGN 663.4 per person). The share of pension income in total income stood at 25.4%. In addition, the share of social welfare (unemployment benefits, child support and others) in household income was reported at 3.5% in Q4.
Food accounted for 34% of all household expenditures in October-December, down by 0.9pps y/y, as a result of the annual drop in the prices of food products due to the exceptionally good harvest last year. In value terms, food expenses climbed 6.2% y/y to BGN 922. Utilities and home maintenance spending was down 2.8% y/y to BGN 336 due to the state-administered cuts in the price of electricity that took place in March and August.
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