Time flew by, and 1927 came to an end.

It was a good year for the people of all European countries, the world economy was booming, and with the disintegration of the Russian Empire, the shadow of Europe no longer existed, and world peace took another step forward.

In 1927, the global economy grew by 5 percentage points, and of course this is averaged out!

This era of great economic prosperity was mainly due to the economic prosperity of Europe and the United States, which had developed well with some parts of Asia, and had nothing to do with backward non-colonies.

Among them, Britain, France, Bulgaria, Germany, and Austria have developed the most rapidly, and then the total world economy has soared.

Combined, these five major economies account for 72 percent of the world's total economy, and it can be said that when these countries prosper economically, the world economy will prosper.

If you count the GDP, the growth rate of this era is absolutely stunning, and the GDP growth rate of London this year is more than 30%.

In fact, it has no practical significance, it is nothing more than the addition of a few real estate projects, and the price of housing has soared a lot, pulling up the total economic volume of London.

Affected by the property boom, the wages of construction workers in Britain skyrocketed by 20% this year, as if the best of times had come.

Affected by the rapid economic growth, even the situation in Southeast Asia has not improved, and the British people have not let Stanley Baldwin come to power, after all, it is difficult to find such an expert in economic development!

Not only in the UK, but also in Europe, the real estate development is very fast, as long as the housing prices in the big cities are rising, the speculative tenant group has been born, and the most superficial operation is being carried out.

Bulgaria is no exception, but the property speculation group has hit a wall this time.

The largest landlord in Bulgaria is the government, and without their cooperation, it would not be possible to achieve ultra-high housing prices?

What's even more tragic is the Bulgarian real estate transaction law, all second-hand houses that are sold again within 10 years are subject to 20% property tax, and 50% property tax is levied on re-transactions within five years.

In other words, if you want to make a short-term investment, and the house price will increase by less than 50% in five years, you will lose money if you want to sell.

It's easy to buy, but it's hard to sell at a high price. Running to a vast and sparsely populated country to overtake the house and holding a large number of real estate, how can it be so easy to find a pick-up man?

There are no restrictions on land for building in Bulgaria, as long as you have the money to buy land, you can develop real estate at will, and the housing market for urban residents has long been saturated.

At present, nearly half of the real estate in Bulgaria's cities is developed by the government, and as long as someone dares to buy it, Ferdinand dares to sell it.

When there is a shortage of housing, the government will continue to develop real estate, and if you want to stock up on houses, as long as you have money, you can play as you like, without any restrictions, not even property tax.

In the face of an unlimited, supply-of-real estate government, any speculator will collapse, and cannot create a shortage in the market, how to raise housing prices?

By the end of 1927, the price of real estate transactions in Sofia had increased by only 30 percent compared to a decade earlier, and less than the increase in a quarter in London.

On the positive news of real estate, the British economy grew at a staggering 12.1% in 1927, the highest in 50 years.

The usury empire next door was even stronger, with economic growth soaring to 13.8 percent in 1927, surpassing its peak in 1914.

At the cost of 1927, Britain's total industrial output fell by 15.3 per cent, less than two-thirds of what it was before the World War.

As a result, steel production fell below 7 million tonnes and coal energy consumption fell by 16 percent.

If it continues, it won't be long before London stinks and ceases to exist, and green mountains and green waters are just around the corner.

Ferdinand can be regarded as making a significant contribution to the cause of environmental protection in the United Kingdom, which is beneficial for the present and for the future.

The situation in France was much better, and in 1927 the total volume of French industry also fell by 3 percentage points, and steel production was stable at 6.8 million tons.

This has something to do with the industrial structure of the two countries, and what French industry can transfer is almost as good as it was in the first two years.

Coupled with the relationship of local resources, the profits of light industries such as food processing and wine have always been very good, and even if the French transfer production capacity, it is impossible to give up these advantageous industries.

The British were incomparable, and most of their raw materials had to be shipped back from the overseas colonies, made into products, and sold back to the colonies.

Not only does it increase the freight, but also the high labor cost of the local area, so there is naturally not much profit.

Therefore, the British capitalists could not hesitate to transfer these industries for greater benefits.

The French capitalists are different, the raw materials are locally produced, and it is better to produce them locally than to ship them out and then ship them back.

Industrial transfer is like a floodgate, once opened, it can no longer be closed.

In order to pursue profits, it is more in the interests of the capitalists to build factories in the raw material production areas or areas where human resources are cheap.

It can be said that the hollowing out of the future industry of Britain and France has become a foregone conclusion. And it will also be inherited to European countries, and the labor-intensive industries of the future will say goodbye to Europe.

This is also the reason why Ferdinand continues to expand, not controlling the origin of some raw materials, in the future economic development will face a very embarrassing problem, the cost of product production will lose competitiveness.

"Your Majesty, this is our 1927 domestic economic development report, followed by the economic development of all countries in the world." Konstantin said

In terms of fiscal revenue, the total government revenue of Bulgaria in 1927 was 17.812 billion leva (about 712 million pounds), second only to the 940 million pounds of the British Empire, far exceeding the 72.8 billion francs of the French (about 262 million pounds after the devaluation).

(Note: After the World War, due to inflation, the currencies of various countries depreciated, because the production of gold increased, the proportion pegged to gold did not change, but the purchasing power decreased)

It can be said that the so-called three major European countries, the French have completely fallen behind, and there is still a qualitative gap.

This is still based on Ferdinand's butterfly effect, the French did not lose so much in World War I, and there were more colonies in Cuba, and part of the control of the Panama Canal.

The historical data is much more miserable than it is now, with no status as a great power, but no economic strength to match it.

In terms of economic strength, the current British Empire is a little stronger than the United States at the same time in history, and Bulgaria is weaker than the United States.

If it weren't for the war in Southeast Asia, the British would have been able to increase their revenues by tens of millions of pounds.

If we calculate the part of the fiscal revenue intercepted by the British states, this figure is much larger.

After all, it is the combination of the historical British Empire, plus most of the American economy, and economically, no country in the world can compare with them.

This was followed by Austria-Hungary with £165 million, the Germans with £123 million, and the Japanese with £83.48 million.

Under normal circumstances, Germany's fiscal revenue is not only this, but as an industrial entity, the foundry is not taxed.

Fiscal revenues are not equal to the total economy, but in terms of fiscal revenues, the gap between Bulgaria and the British Empire is already very small, and it seems that it is close to surpassing the British.

In fact, the two countries' economies are still far apart, with the British Empire still the world's largest country, accounting for 42.4% of the global economy and a total GDP of about £22.3 billion.

(including colonies)

It is followed by Bulgaria, which accounts for 15.78% of the world economy and has a total GDP of about 8.3 billion pounds.

The Germans are in third place, with an economy of 7.9% and a GDP of around £4.2 billion.

The French are the fourth-ranked people, with an economy of about 7.7% of the world's total economy and a total GDP of about 4.1 billion pounds.

Austria-Hungary, which ranks fifth, accounts for about 5.3% of the global economy and has a total GDP of about 2.73 billion pounds.

……

These data are all used to fool the people, in fact, the so-called economic aggregate and national GDP cannot explain the problem.

For example, Germany's economy and GDP are very high, so is Germany prosperous in this era?

In the same way, now that France's economic aggregate is so close to Germany, even if it surpasses Germany, it will be a question of the coming year, will France's war potential be greater than Germany's?

Obviously, there are serious bubbles in the domestic economy of Britain and France, but it does not mean that they are not strong, the domestic economic data may be false, but the colonies that produce raw materials cannot be faked, which is also part of the comprehensive national strength.

In terms of economic aggregate alone, Bulgaria is now at most on par with the British mainland, but the national strength of the British mainland is definitely not comparable to Bulgaria.

After all, in terms of total industrial volume, Bulgaria far surpasses the British mainland. The gap between the two countries' total industrial output is also continuing to narrow.

In 1927, the total industrial output of the world accounted for the following proportions of the world's total industrial output:

United Kingdom: 27.6%

Bulgaria: 24.2%

Germany: 15.6%

Italy: 8.7%

France: 6.9%

Austria-Hungary 5.1%

Federated Kingdom of the Great Lakes: 2.8%

Japan: 2.1%

……

The wings of a butterfly can always cause great changes, and in terms of data, Bulgaria's economic strength is still far from catching up with the British, and there is still a little chance in terms of total industrial volume.

In fact, at this point, explosive growth is no longer realistic, and industrial growth must also have a market, right?

Bulgaria has come to the present, and the markets in Eastern Europe and Southern Europe have almost been occupied. Even Austria-Hungary, an industrial powerhouse, was actually reduced to the Bulgarian market, and its total industrial volume was supported by light industry, such as grain processing industry, mining industry, etc.

If the industry does not count the mining industry, but only the manufacturing industry, this figure may be more revealing.

Ferdinand would not have done such statistics, lest he attract the attention of the British.

Now that the British were wary of the rise of Bulgaria, there was no need to stimulate their sensitive nerves, lest they exacerbate the political antagonism between the two countries.

Even when it comes to external propaganda, Bulgaria has always only published the total economic output, and other data are counted separately and have not been released to the outside world, so it is enough for the top level of the government to know.

In the eyes of the British, the British Empire was still a well-deserved world hegemon.

Economically, the second, third, fourth, fifth and sixth powers are not as good as them, and even Bulgaria, which ranks second, has only 37% of their total economy!

Not even half of it, and the threat of peace talks?

and when the economic aggregate of the United States and Germany surpassed the British Empire, it was a completely different feeling!

It's just that the London government wanted to suppress Germany at the beginning, so the data is confused, and the German economy surpasses that of the United Kingdom, which only surpasses the British mainland, not the British Commonwealth.

Before the outbreak of the World War, the manufacturing industry of the Americans was the largest in the world, but it does not mean that the total economic volume of the United States also surpassed the British Commonwealth.

The British Empire's large colonies still occupy a very important part of the total economy, but in the end, it has a population of 500 million or 600 million and more than 30 million square kilometers of land, so how can the total economic volume be less?

The total economic volume before World War I was calculated in US dollars at that time: 14 billion in the United States, 12 billion in Germany, and 11 billion in the United Kingdom.

It's just that this part of the colony's total economy, when converted into war potential, this proportion is very low.

Otherwise, the British Empire, which was the largest in comprehensive national strength at that time, would not have lost to the Germans in explosive power again, and still needed the help of the Americans.

Compared to the economic disadvantage, Ferdinand was satisfied in terms of population, and by the end of 1927, the population of Bulgaria was close to 60 million, in fact 59,658,600.

The difference of hundreds of thousands is negligible, on the one hand, the Bulgarian population has a high rate of out-of-population and on the other hand, there are many immigrants from European countries.

Of course, it was mainly Russian refugees, and over time, these people who came before also became Bulgarian citizens, and basically hundreds of thousands of people were naturalized every year.

This is also the reason why the government has relaxed some of the naturalization restrictions, as long as you are a skilled worker, you can speak Bulgarian, and you have no moral criminal record, you can directly naturalize your whole family.

Because of the relationship between the big railway plan and the big highway plan, skilled workers have become popular. These two have low technical content, as long as you love to learn for three or five years, you will be a master.

For this situation, Ferdinand is also happy to see it, people who can take the initiative to learn are high-quality labor!

Bulgaria has passed the initial stage of industrialization and no longer needs to rely on the exploitation of foreign labor for primitive capital accumulation.

At present, there are more than 6 million foreigners in Bulgaria who have not obtained citizenship, and more than 70 percent of them are Russians, followed by foreigners from all over the world.

With the end of the Russian Civil War, there will definitely be some people who choose to return to their home countries, and in order to retain the labor force, it is very necessary to relax nationality controls now.

With these population bases, Ferdinand was relieved that after the collapse of the Russian Empire, Bulgaria was already the second most populous country in Europe.

In addition, it is still in the stage of a younger population, and although Germany has an advantage in terms of population compared to Germany, which is aging, it is comparable in terms of the number of labor forces.

If all these outsiders can be fused, within ten years, the population of Bulgaria will exceed 80 million, and in Ferdinand's lifetime, the population will definitely easily exceed 100 million, and the Bulgarian Empire will become worthy of its name!

……