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
3.5% (2014 est.)
Labor Force
2.981 million
Labor Force by Occupation
Agriculture: 6.7%
Industry: 30.2%
Services: 63.1% (2013)
Unemployment Rate
11.8% (2013 est.)
Population Below Poverty Line
21% (2012 est.)
Household Income or Consumption by Percentage Share
Lowest 10%: 2%
Highest 10%: 35.2% (2007)
Distribution of Family Income Gini Index
26 (2001)
Budget
Revenues: $19.62 billion
Expenditures: $21.25 billion (2014 est.)
Public Debt
25.9% of GDP (2013 est.)
Central Bank Discount Rate
0.02% (31 December 2013)
Commercial Bank Prime Lending Rate
Stock of Narrow Money
$19.05 billion (31 December 2013 est.)
Stock of Broad Money
$47.33 billion (31 December 2013 est.)
Stock of Domestic Credit
$40.21 billion (31 December 2013 est.)
Market Value of Publicly Traded Shares
$6.666 billion (31 December 2012 est.)
Reserves of Foreign Exchange and Gold
$19.78 billion (31 December 2013 est.)
Debt External
$52 billion (31 December 2013 est.)
Stock of Direct Foreign Investment at Home
$50.75 billion (31 December 2013 est.)
Stock of Direct Foreign Investment Abroad
$2.199 billion (31 December 2013 est.)
Exchange Rates
1.4774 (2010 est.)
