Page 77 - SE Outlook Regions 2022

However, recently, wind farms and solar power plants have been rapidly
built throughout Bosnia. Bosnia has surplus electricity, but mainly due to
low industrial consumption in the country rather than due to high
production.

3.2.5 Construction

According to the Agency for Statistics, in the first nine months of 2021
the number of completed dwellings was 1,866, a year-on-year increase
of 10.5%. The number of uncompleted dwellings at the end of the third
quarter of 2021 was 4,563, up 4.4% y/y.

The most profitable company in Bosnia is the public company
Autoceste FBiH Mostar, which deals with financing the construction of
traffic infrastructure in Bosnia. Bosnia has a very outdated road
transport infrastructure, but the construction of new road is progressing
very poorly — at about 100 kilometres a year.

3.2.6 Major Sectors

The key business sectors in Bosnia are energy, manufacturing and
tourism.

Tourism has significantly weakened due to the coronavirus pandemic,
though there was a revival in 2021 as international travel resumed.
During the winter 2020-21 season, skiers have been seeking out those
resorts near Sarajevo that don’t come under the jurisdiction of the
Sarajevo Canton government, and therefore do not require skiers to
show COVID certificates.

Bosnia is a producer of timber with 53% of the country is covered in
forests, and there is an associated furniture manufacturing industry.
According to Bosnia’s Foreign Investment Promotion Agency, growing
stock of forests is estimated at about 340mn cubic metres. The wood
processing sector accounts for around 11% of Bosnia’s exports.

3.3 Real economy - Bulgaria

3.3.1 Retail

Retail trade in Bulgaria was affected by the coronavirus pandemic
during the lockdowns imposed by the authorities in 2020 and the first
months of 2021. However, as private consumption remained stable

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