Bulgaria Economy Profile 2009

Economy - overview

Bulgaria, a former Communist country that entered the EU on 1 January 2007, has experienced strong growth since a major economic downturn in 1996. Successive governments have demonstrated a commitment to economic reforms and responsible fiscal planning, but have failed so far to rein in rising inflation and large current account deficits. Bulgaria has averaged more than 6% growth since 2004, attracting significant amounts of foreign direct investment, but corruption in the public administration, a weak judiciary, and the presence of organized crime remain significant challenges.

GDP (purchasing power parity)

$93.75 billion (2008 est.)
$88.45 billion (2007 est.)
$83.28 billion (2006 est.)
note: data are in 2008 US dollars

GDP (official exchange rate)

$51.99 billion (2008)

GDP - real growth rate

6% (2008 est.)
6.2% (2007 est.)
6.3% (2006 est.)

GDP - per capita (PPP)

$12,900 (2008 est.)
$12,100 (2007 est.)
$11,300 (2006 est.)
note: data are in 2008 US dollars

GDP - composition by sector

agriculture: 7.3%
industry: 30.5%
services: 62.2% (2008 est.)

Population below poverty line

14.1% (2003 est.)

Labor force

2.67 million (2008 est.)

Labor force - by occupation

agriculture: 7.5%
industry: 35.5%
services: 57% (2007 est.)

Unemployment rate

6.3% (2008)
7.7% (2007 est.)

Household income or consumption by percentage share

lowest 10%: 3%
highest 10%: 25.5% (2007)

Distribution of family income - Gini index

30.7 (2007)
26.4 (2001)

Investment (gross fixed)

33.4% of GDP (2008 est.)

Budget

revenues: $22.24 billion
expenditures: $20.74 billion (2008 est.)

Public debt

15.2% of GDP (2008 est.)
41.9% of GDP (2004 est.)

Inflation rate (consumer prices)

12.3% (2008)
9.8% (2007 est.)

Central bank discount rate

5.77% (31 December 2008)
4.58% (31 December 2007)

Commercial bank prime lending rate

NA% (31 December 2008)
10% (31 December 2007)

Stock of money

$14.29 billion (31 December 2008)
$15.58 billion (31 December 2007)

Stock of quasi money

$19.67 billion (31 December 2008)
$17.03 billion (31 December 2007)

Stock of domestic credit

$32.04 billion (31 December 2008)
$25.18 billion (31 December 2007)

Industries

electricity, gas, water; food, beverages, tobacco; machinery and equipment, base metals, chemical products, coke, refined petroleum, nuclear fuel

Industrial production growth rate

1.5% (2008 est.)

Electricity - production

42.43 billion kWh (2007)

Electricity - production by source

fossil fuel: 47.8%
hydro: 8.1%
nuclear: 44.1%
other: 0% (2001)

Electricity - consumption

28.8 billion kWh (2007 est.)

Electricity - exports

7.992 billion kWh (2007 est.)

Electricity - imports

3.243 billion kWh (2007 est.)

Oil - production

3,520 bbl/day (2007)

Oil - consumption

142,400 bbl/day (2007)

Oil - imports

145,200 bbl/day (2007)

Oil - exports

2,480 bbl/day (2007)

Oil - proved reserves

15 million bbl (1 January 2008 est.)

Natural gas - production

0 cu m (2007 est.)

Natural gas - consumption

3.5 billion cu m (2007 est.)

Natural gas - exports

0 cu m (2007)

Natural gas - imports

3.229 billion cu m (2007)

Natural gas - proved reserves

5.663 billion cu m (1 January 2008 est.)

Current Account Balance

$-12.07 billion (2008 est.)
$-8.716 billion (2007 est.)

Agriculture - products

vegetables, fruits, tobacco, wine, wheat, barley, sunflowers, sugar beets; livestock

Exports

$22.51 billion (2008 est.)
$18.58 billion (2007 est.)

Exports - commodities

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

Exports - partners

Greece 9.9%, Germany 9.2%, Turkey 8.9%, Italy 8.5%, Romania 7.2%, Belgium 5.9%, France 4.1% (2008)

Imports

$34.88 billion (2008 est.)
$28.65 billion (2007 est.)

Imports - commodities

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

Imports - partners

Russia 14.6%, Germany 11.8%, Italy 7.9%, Ukraine 7.3%, Romania 5.6%, Turkey 5.5%, Greece 5.4%, Austria 4.1% (2008)

Reserves of foreign exchange and gold

$17.93 billion (31 December 2008 est.)
$17.54 billion (31 December 2007 est.)

Debt - external

$51.12 billion (31 December 2008 est.)
$42.62 billion (31 December 2007)

Stock of direct foreign investment - at home

$42.91 billion (31 December 2008 est.)
$33.91 billion (31 December 2007 est.)

Stock of direct foreign investment - abroad

$1.292 billion (31 December 2008 est.)
$559 million (31 December 2007 est.)

Market value of publicly traded shares

$8.858 billion (31 December 2008)
$21.79 billion (31 December 2007)
$10.32 billion (31 December 2006)

Economic aid - recipient

$742 million (2005-06 est.)

Currency (code)

lev (BGN)

Currency (code)

BGN

Exchange rates

leva (BGN) per US dollar - 1.3171 (2008 est.), 1.4366 (2007), 1.5576 (2006), 1.5741 (2005), 1.5751 (2004)

Fiscal year

calendar year