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 bank lending, consumption, and foreign direct investment. 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 5.5% in 2009, and has been slow to recover in the years since. Despite having a favorable investment regime, including low, flat corporate income taxes, significant challenges remain. Corruption in public administration, a weak judiciary, and the presence of organized crime continue to hamper the country's investment climate and economic prospects.
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
1% (2013 est.) country comparison to the world: 147
Labor Force
2.551 million (2013 est.) country comparison to the world: 112
Unemployment Rate
11.6% (2013 est.) country comparison to the world: 120 11.1% (2012 est.)
Population Below Poverty Line
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: $18.81 billion
Expenditures: $20.12 billion (2013 est.)
Public Debt
18.4% of GDP (2013 est.) country comparison to the world: 138 16.3% of GDP (2012 est.) defined by the EU's Maastricht Treaty as consolidated general government gross debt at nominal value, outstanding at the end of the year in the following categories of government liabilities: currency and deposits, securities other than shares excluding financial derivatives, and loans, general government sector comprises the subsectors: central government, state government, local government, and social security funds
Central Bank Discount Rate
$NA (31 December 2012 est.) country comparison to the world: 141 0.22% (31 December 2011 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
$17.55 billion (31 December 2013 est.) country comparison to the world: 65 $15.51 billion (31 December 2012 est.)
Stock of Broad Money
$45.84 billion (31 December 2013 est.) country comparison to the world: 72 $41.53 billion (31 December 2012 est.)
Stock of Domestic Credit
$37.6 billion (31 December 2013 est.) country comparison to the world: 66 $37.12 billion (31 December 2012 est.)
Market Value of Publicly Traded Shares
$6.666 billion (31 December 2012 est.) country comparison to the world: 69 $8.253 billion (31 December 2011) $7.276 billion (31 December 2010 est.)
Reserves of Foreign Exchange and Gold
$20.69 billion (31 December 2013 est.) country comparison to the world: 59 $20.5 billion (31 December 2012 est.)
Debt External
$37.85 billion (31 December 2013 est.) country comparison to the world: 67 $36.52 billion (31 December 2012 est.)
Stock of Direct Foreign Investment at Home
$54.21 billion (31 December 2013 est.) country comparison to the world: 53 $52.21 billion (31 December 2012 est.)
Stock of Direct Foreign Investment Abroad
$1.939 billion (31 December 2013 est.) country comparison to the world: 72 $1.82 billion (31 December 2012 est.)
Exchange Rates
leva (BGN) per US dollar -1.478 (2013 est.) 1.5221 (2012 est.) 1.4774 (2010 est.) 1.404 (2009) 1.3171 (2008)
