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Economy Overview

Bulgaria, a former communist country striving to enter the European Union, has experienced macroeconomic stability and strong growth since a major economic downturn in 1996 led to the fall of the then socialist government. As a result, the government became committed to economic reform and responsible fiscal planning. Minerals, including coal, copper, and zinc play an important role in industry. In 1997, macroeconomic stability was reinforced by the imposition of a fixed exchange rate of the lev against the German D-mark and the negotiation of an IMF standby agreement. Low inflation and steady progress on structural reforms improved the business environment; Bulgaria has averaged 4% growth since 2000 and has begun to attract significant amounts of foreign direct investment. Corruption in the public administration, a weak judiciary, and the presence of organized crime remain the largest challenges for Bulgaria.

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

5.2% (2004 est.)

Labor Force

3.398 million (2004 est.)

Electricity production

43.07 billion kWh (2002)

Electricity Consumption

32.71 billion kWh (2002)

Electricity Exports

8.3 billion kWh (2002)

Electricity Imports

960 million kWh (2002)

Unemployment Rate

12.7% (2004 est.)

Population Below Poverty Line

13.4% (2002 est.)

Household Income or Consumption by Percentage Share

Lowest 10%: 4.5%

Highest 10%: 22.8% (1997)

Distribution of Family Income Gini Index

26.4 (2001)

Budget

Revenues: $9.67 billion

Expenditures: $9.619 billion, including capital expenditures of NA (2004 est.)

Public Debt

41.9% of GDP (2004 est.)

Commercial Bank Prime Lending Rate

Stock of Narrow Money

Stock of Broad Money

Stock of Domestic Credit

Market Value of Publicly Traded Shares

Reserves of Foreign Exchange and Gold

$7.526 billion (2004 est.)

Debt External

$16.1 billion (November 2004 est.)

Stock of Direct Foreign Investment at Home

Stock of Direct Foreign Investment Abroad

Exchange Rates

Exchange rates: leva per US dollar - 1.5751 (2004), 1.7327 (2003), 2.077 (2002), 2.1847 (2001), 2.1233 (2000)

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

Year	2023 2022 2021 2020 2019 2018 2017 2016 2015 2014 2013 2012 2011 2010 2009 2008 2007 2006 2005 2004 2003 2002 2001 2000

Fiscal Year

calendar year

GDP Purchasing Power Parity

$61.63 billion (2004 est.)

GDP Real Growth Rate

5.3% (2004 est.)

GDP Per Capital

Purchasing power parity - $8,200 (2004 est.)

Gross National Saving

GDP Composition by end Use

GDP Composition by Sector of Origin

Agriculture
11.5%
Industry
30.1%
Services
58.4% (2004 est.)

Inflation Rate Consumer Prices

6.1% (2004 est.)

Current Account Balance

$682.9 million (2004 est.)

Exports

$9.134 billion f.o.b. (2004 est.)

Exports Partners

Italy
13.1%
Germany
11.6%
Turkey
9.3%
Belgium
6.1%
Greece
5.6%
US
5.3%
France
4.9%

Exports Commodities

Clothing, footwear, iron and steel, machinery and equipment, fuels

Imports

$12.23 billion f.o.b. (2004 est.)

Imports Partners

Germany
15.1%
Italy
10.2%
Russia
7.9%
Greece
7.5%
Turkey
6.9%
France
4.4%

Imports Commodities

Machinery and equipment; metals and ores; chemicals and plastics; fuels, minerals, and raw materials

Bulgaria