Economy Overview
Bulgaria, a former communist country that entered the EU on 1 January 2007, 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 - the currency is now fixed against the euro - and the negotiation of an IMF standby agreement. Low inflation and steady progress on structural reforms improved the business environment; Bulgaria has averaged 5.1% 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, wine, wheat, barley, sunflowers, sugar beets; livestock
Industries
electricity, gas, water; food, beverages, tobacco; machinery and equipment, base metals, chemical products, coke, refined petroleum, nuclear fuel
Industrial Production Growth Rate
11.3% (Third Quarter)
Labor Force
3.416 million (2006 est.)
Electricity production
45.7 billion kWh (2006)
Electricity Consumption
37.4 billion kWh (2006)
Electricity Exports
7.8 billion kWh (2006)
Electricity Imports
0 kWh (2006)
Unemployment Rate
9.6% (2006 est.)
Population Below Poverty Line
14.1% (2003 est.)
Household Income or Consumption by Percentage Share
Lowest 10%: 2.9%
Highest 10%: 25.4% (2005)
Distribution of Family Income Gini Index
31.6 (2005)
Budget
Revenues: $12.86 billion
Expenditures: $11.73 billion (2006 est.)
Public Debt
26.2% of GDP (2006 est.)
Commercial Bank Prime Lending Rate
Market Value of Publicly Traded Shares
$10.32 billion (2006)
Reserves of Foreign Exchange and Gold
$11.78 billion (2006 est.)
Debt External
$26.63 billion (2006 est.)
Stock of Direct Foreign Investment at Home
$20.86 billion (2006 est.)
Stock of Direct Foreign Investment Abroad
$345.8 million (2006 est.)
Exchange Rates
leva per US dollar - 1.5576 (2006), 1.5741 (2005), 1.5751 (2004), 1.7327 (2003), 2.077 (2002)
