Economy Overview
Bulgaria, a former communist country struggling to enter the European market economy, suffered a major economic downturn in 1996 and 1997, with triple digit inflation and GDP contraction of 10.6% and 6.9%. The current government - which took office in May 1997 after pre-term parliamentary elections - stabilized the economy and promoted growth by implementing a currency board, practicing sound financial policies, invigorating privatization, and pursuing structural reforms. Additionally, strong assistance from international financial institutions - most notably the IMF which approved a three-year Extended Fund Facility worth approximately $900 million in September 1998 - played a critical role in turning the economy around. After several years of tumult, Bulgaria's economy has stabilized. Its better-than-expected economic performance in 1999 - despite the impact of the Kosovo conflict, the 1998 Russian financial crisis, and structural reforms - and strong growth in 2000 portends solid growth over the next few years; this assumes continued fiscal restraint, additional structural reforms, aid from abroad, and prosperous times in the EU economy.
Agriculture Products
vegetables, fruits, tobacco, livestock, wine, wheat, barley, sunflowers, sugar beets
Industries
electricity, gas and water; food, beverages and tobacco; machinery and equipment, base metals, chemical products, coke, refined petroleum, nuclear fuel
Industrial Production Growth Rate
10.8% (2000 est.)
Labor Force
3.83 million (2000 est.)
Electricity production
36.217 billion kWh (1999)
Electricity production by source
Fossil fuel: 51.52%
Hydro: 8.35%
Nuclear: 40.12%
Other: 0.01% (1999)
Electricity Consumption
33.182 billion kWh (1999)
Electricity Exports
2.2 billion kWh (1999)
Electricity Imports
1.7 billion kWh (1999)
Unemployment Rate
17.7% (2000 est.)
Population Below Poverty Line
35% (2000 est.)
Household Income or Consumption by Percentage Share
Lowest 10%: 3.4%
Highest 10%: 22.5% (1995)
Budget
Revenues: $4.85 billion
Expenditures: $4.92 billion, including capital expenditures of $NA (2000 est.)
Commercial Bank Prime Lending Rate
Market Value of Publicly Traded Shares
Reserves of Foreign Exchange and Gold
Debt External
$10.4 billion (2000 est.)
Stock of Direct Foreign Investment at Home
Stock of Direct Foreign Investment Abroad
Exchange Rates
Note: on 5 July 1999, the lev was redenominated; the post-5 July 1999 lev is equal to 1,000 of the pre-5 July 1999 lev
