By the end of 1925, Bulgaria's Ten-Year Plan was more than halfway complete. Many projects that had required heavy upfront investment had now reached harvest time.
As of now, Bulgaria's total industrial output had increased by 63 percent compared to 1921, with an average annual industrial growth rate of 13 percent—the fastest in the world.
By contrast, the British Empire—Ferdinand's greatest rival in his mind—had seen negative industrial growth in recent years. Not only had its total industrial output failed to grow since 1921, it had instead fallen by nearly thirteen percentage points.
Ferdinand was not surprised by this. In the same period of history, British industry had likewise been in decline. Before the economic crisis erupted in 1929, the British Empire's total industrial output accounted for only 9 percent of the world's total, one-third lower than in 1913.
If not for the three North American countries helping prop up the figures, the British Empire's industrial output would already have been too miserable to look at. Bulgaria's domestic industrial output had already surpassed that of the British homeland.
The manufacturing workforce had fallen by a quarter compared with the previous year. If Germany had not descended into chaos, that decline would likely have been even greater.
No matter how much it had declined, the British Empire remained the world's number one industrial power, accounting for 30.6 percent of global industrial output. Bulgaria, following close behind, accounted for only 18.3 percent, and the gap between the two remained enormous.
In comparison, the industrial growth rates of Germany and Italy were highly impressive, both exceeding 10 percent annually—though the growth was limited to light industry.
Italy's total industrial output had now surpassed its previous peak. Compared to its high point in 1914, it had risen by nearly 18 percent.
Germany had also