Economy Overview
Bulgaria, a former Communist country that entered the EU on 1 January 2007, averaged more than 6% annual growth from 2004 to 2008, driven by significant amounts of foreign direct investment and consumption. Successive governments have demonstrated a commitment to economic reforms and responsible fiscal planning, but the global downturn sharply reduced domestic demand, exports, capital inflows, and industrial production. GDP contracted by approximately 5% in 2009, and stagnated in 2010, despite a significant recovery in exports. The economy is expected to grow modestly in 2011, however. Corruption in the public administration, a weak judiciary, and the presence of organized crime remain significant challenges.
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
2.1% (2010 est.)country comparison to the world: 130
Labor Force
2.499 million (2010 est.)country comparison to the world: 111
Electricity production
4.309 billion kWh (2009)country comparison to the world: 118
Electricity Consumption
28.3 billion kWh (2009)country comparison to the world: 63
Electricity Exports
7.735 billion kWh (2009 est.)
Electricity Imports
5.073 billion kWh (2009 est.)
Unemployment Rate
9.5% (2010 est.)country comparison to the world: 105 7.6% (2009 est.)
Population Below Poverty Line
21.8% (2008)
Household Income or Consumption by Percentage Share
Lowest 10%: 2%
Highest 10%: 35.2% (2007)
Distribution of Family Income Gini Index
45.3 (2007)country comparison to the world: 39 26 (2001)
Budget
Revenues: $16.16 billion
Expenditures: $18.07 billion (2010 est.)
Public Debt
16.2% of GDP (2010 est.)country comparison to the world: 118 14.6% of GDP (2009 est.)
Central Bank Discount Rate
20% (31 December 2010 est.)country comparison to the world: 134 0.55% (31 December 2009 est.) note: Bulgarian National Bank (BNB) has had no independent monetary policy since the introduction of the Currency Board regime in 1997; this is BNB's base interest rate
Commercial Bank Prime Lending Rate
Stock of Narrow Money
$12.48 billion (31 December 2010 est.)country comparison to the world: 69 $13.29 billion (31 December 2009 est.)
Stock of Broad Money
$35.37 billion (31 December 2010 est.)country comparison to the world: 73 $35.07 billion (31 December 2009)
Stock of Domestic Credit
$33.48 billion (31 December 2010 est.)country comparison to the world: 68 $34.88 billion (31 December 2009)
Market Value of Publicly Traded Shares
$7.276 billion (31 December 2010)country comparison to the world: 73 $7.103 billion (31 December 2009)$8.858 billion (31 December 2008)
Reserves of Foreign Exchange and Gold
$17.23 billion (31 December 2010 est.)country comparison to the world: 61 $18.53 billion (31 December 2009 est.)
Debt External
$53.48 billion (30 June 2011 est.)country comparison to the world: 57 $38.17 billion (31 December 2010 est.)
Stock of Direct Foreign Investment at Home
$51.45 billion (31 December 2010 est.)country comparison to the world: 53 $49.28 billion (31 December 2009 est.)
Stock of Direct Foreign Investment Abroad
$957.7 million (31 December 2010 est.)country comparison to the world: 75 $1.194 billion (31 December 2009 est.)
Exchange Rates
leva (BGN) per US dollar -1.5138 (2010)1.404 (2009)1.3171 (2008)1.4366 (2007)1.5576 (2006)
