Bulgaria: Economy#
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 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.
Economic Facts#
GDP (purchasing power parity) | $143.1 billion (2016 est.) $138.9 billion (2015 est.) $134.9 billion (2014 est.) note: data are in 2016 dollars |
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GDP (official exchange rate) | $50.45 billion (2015 est.) |
GDP - real growth rate | 3% (2016 est.) 3% (2015 est.) 1.5% (2014 est.) |
GDP - per capita (PPP) | $20,100 (2016 est.) $19,400 (2015 est.) $18,700 (2014 est.) note: data are in 2016 dollars |
Gross national saving | 22.8% of GDP (2016 est.) 22.7% of GDP (2015 est.) 22.3% of GDP (2014 est.) |
GDP - composition, by end use | household consumption: 60.8% government consumption: 15.9% investment in fixed capital: 20.4% investment in inventories: 0.1% exports of goods and services: 69.1% imports of goods and services: -66.3% (2016 est.) |
GDP - composition, by sector of origin | agriculture: 5.1% industry: 27.5% services: 67.5% (2016 est.) |
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 | 2.8% (2016 est.) |
Labor force | 2.525 million note: number of employed persons (2016 est.) |
Labor force - by occupation | agriculture: 7% industry: 30.1% services: 62.9% (2014) |
Unemployment rate | 8.9% (2016 est.) 10.1% (2015 est.) |
Population below poverty line | 21.8% (2014 est.) |
Household income or consumption by percentage share | lowest 10%: 2% highest 10%: 35.2% (2007) |
Distribution of family income - Gini index | 35.4 (2013) 31.2 (2005) |
Budget | revenues: $18.44 billion expenditures: $19.18 billion (2016 est.) |
Taxes and other revenues | 36.6% of GDP (2016 est.) |
Budget surplus (+) or deficit (-) | -1.5% of GDP (2016 est.) |
Public debt | 26.7% of GDP (2016 est.) 26.7% of GDP (2015 est.) note: 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 f |
Fiscal year | calendar year |
Inflation rate (consumer prices) | -0.7% (2016 est.) -0.1% (2015 est.) |
Central bank discount rate | 0.01% (31 December 2015) 0.03% (31 December 2014) 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 | 6.6% (31 December 2016 est.) 7.48% (31 December 2015 est.) |
Stock of narrow money | $20.38 billion (31 December 2016 est.) $20.09 billion (31 December 2015 est.) |
Stock of broad money | $41.19 billion (31 December 2016 est.) $41.28 billion (31 December 2015 est.) |
Stock of domestic credit | $28.96 billion (31 December 2016 est.) $29.83 billion (31 December 2015 est.) |
Market value of publicly traded shares | $4.797 billion (31 December 2015 est.) $5.45 billion (31 December 2014 est.) $6.666 billion (31 December 2012 est.) |
Current account balance | $400 million (2016 est.) $676 million (2015 est.) |
Exports | $26.1 billion (2016 est.) $24.62 billion (2015 est.) |
Exports - commodities | clothing, footwear, iron and steel, machinery and equipment, fuels |
Exports - partners | Germany 12.5%, Italy 9.2%, Turkey 8.5%, Romania 8.2%, Greece 6.5%, France 4.2% (2015) |
Imports | $28.47 billion (2016 est.) $26.74 billion (2015 est.) |
Imports - commodities | machinery and equipment; metals and ores; chemicals and plastics; fuels, minerals, and raw materials |
Imports - partners | Germany 12.9%, Russia 12%, Italy 7.6%, Romania 6.8%, Turkey 5.7%, Greece 4.8%, Spain 4.8% (2015) |
Reserves of foreign exchange and gold | $25.12 billion (31 December 2016 est.) $22.09 billion (31 December 2015 est.) |
Debt - external | $42.42 billion (31 December 2016 est.) $42.5 billion (31 December 2015 est.) |
Stock of direct foreign investment - at home | $46.39 billion (31 December 2016 est.) $44.29 billion (31 December 2015 est.) |
Stock of direct foreign investment - abroad | $4.79 billion (31 December 2016 est.) $4.49 billion (31 December 2015 est.) |
Exchange rates | leva (BGN) per US dollar - 1.802 (2016 est.) 1.7644 (2015 est.) 1.7644 (2014 est.) 1.4742 (2013 est.) 1.52 (2012 est.) |