Bulgaria: Economy Overview

Bulgaria, a former Communist country that entered the EU on 1 January 2007, averaged more than 6% growth from 2004 to 2008, driven by significant amounts of foreign direct investment.

Economy Overview

Successive governments have demonstrated a commitment to economic reforms and responsible fiscal planning, but the global downturn is reducing exports, capital inflows, and industrial production. GDP in 2009 contracted by approximately 5%. Corruption in the public administration, a weak judiciary, and the presence of organized crime remain significant challenges.

GDP (purchasing power parity):

$90.48 billion (2009 est.)
country comparison to the world: 72
$95.24 billion (2008 est.)
$89.68 billion (2007 est.)
note: data are in 2009 US dollars

GDP (official exchange rate):

$47.1 billion (2009 est.)

GDP - real growth rate:

-5% (2009 est.)
country comparison to the world: 188
6.2% (2008 est.)
6.4% (2007 est.)

GDP - per capita (PPP):

$12,600 (2009 est.)
country comparison to the world: 89
$13,100 (2008 est.)
$12,200 (2007 est.)
note: data are in 2009 US dollars

GDP - composition by sector:

agriculture: 7.5%
industry: 27.6%
services: 64.9% (2009 est.)

Labor force:

3.2 million (2009 est.)
country comparison to the world: 101

Labor force - by occupation:

agriculture: 7.5%
industry: 36.4%
services: 56.1% (2008 est.)

Unemployment rate:

9.1% (2009 est.)
country comparison to the world: 105
6.3% (2008 est.)

Investment (gross fixed):

24.8% of GDP (2009 est.)
country comparison to the world: 45

Budget:

revenues: $17.04 billion
expenditures: $17.4 billion (2009 est.)

Inflation rate (consumer prices):

1.6% (2009 est.)
country comparison to the world: 62
7.2% (2007 est.)

Commercial bank prime lending rate:

11.34% (31 December 2009 est.)
country comparison to the world: 84
10.86% (31 December 2008 est.)

Stock of domestic credit:

$33.19 billion (31 December 2009)
country comparison to the world: 65
$32.04 billion (31 December 2008 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:

-14% (2009 est.)
country comparison to the world: 155

Oil - production:

3,227 bbl/day (2009 est.)
country comparison to the world: 101

Natural gas - production:

218 million cu m (2008)
country comparison to the world: 74

Current account balance:

-$4.348 billion (2009 est.)
country comparison to the world: 167
-$11.96 billion (2008 est.)

Exports:

$16.53 billion (2009 est.)
country comparison to the world: 69
$22.6 billion (2008 est.)

Exports - commodities:

clothing, footwear, iron and steel, machinery and equipment, fuels

Exports - partners:

Germany 11.21%, Greece 9.43%, Italy 9.24%, Romania 8.52%, Turkey 7.33%, Belgium 5.61%, France 4.44% (2009)

Imports:

$22.22 billion (2009 est.)
country comparison to the world: 63
$35.3 billion (2008 est.)

Imports - commodities:

machinery and equipment; metals and ores; chemicals and plastics; fuels, minerals, and raw materials

Imports - partners:

Russia 13.14%, Germany 12.23%, Italy 7.78%, Greece 6.17%, Romania 5.65%, Turkey 5.48%, Ukraine 4.81%,  Austria 4.08% (2009)

Debt - external:

$39.56 billion (31 December 2009 est.)
country comparison to the world: 56
$38.05 billion (31 December 2008 est.)

Stock of direct foreign investment - at home:

$49.28 billion (31 December 2009 est.)
country comparison to the world: 53
$46.34 billion (31 December 2008 est.)

Stock of direct foreign investment - abroad:

$1.194 billion (31 December 2009 est.)
country comparison to the world: 71
$1.45 billion (31 December 2008 est.)

Exchange rates:

Source: CIA - The World Factbook