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Bulgaria Economy Profile 2013

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Economy - overviewBulgaria, 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, stagnated in 2010, despite a significant recovery in exports, grew 1.7% in 2011, and 1% in 2012. 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.
GDP (purchasing power parity)$105.5 billion (2012 est.)
$104.7 billion (2011 est.)
$102.8 billion (2010 est.)
note: data are in 2012 US dollars
GDP (official exchange rate)$51.02 billion (2012 est.)
GDP - real growth rate0.8% (2012 est.)
1.8% (2011 est.)
0.4% (2010 est.)
GDP - per capita (PPP)$14,500 (2012 est.)
$14,300 (2011 est.)
$13,700 (2010 est.)
note: data are in 2012 US dollars
Gross national saving22.6% of GDP (2012 est.)
22.9% of GDP (2011 est.)
21.2% of GDP (2010 est.)
GDP - composition, by end usehousehold consumption: 72.1%
government consumption: 7.8%
investment in fixed capital: 21.4%
investment in inventories: 2.4%
exports of goods and services: 66.6%
imports of goods and services: -70.3%
(2012 est.)
GDP - composition by sectoragriculture: 6.4%
industry: 30.4%
services: 63.2% (2012 est.)
Population below poverty line21.8% (2008)
Labor force2.585 million (2012 est.)
Labor force - by occupationagriculture: 7.1%
industry: 35.2%
services: 57.7% (2009)
Unemployment rate11.1% (2012 est.)
9.6% (2011 est.)
Unemployment, youth ages 15-24total: 26.6%
male: 27.6%
female: 25.2% (2011)
Household income or consumption by percentage sharelowest 10%: 2%
highest 10%: 35.2% (2007)
Distribution of family income - Gini index45.3 (2007)
26 (2001)
Investment (gross fixed)21.4% of GDP (2012 est.)
Budgetrevenues: $17.71 billion
expenditures: $17.97 billion (2012 est.)
Taxes and other revenues34.7% of GDP (2012 est.)
Budget surplus (+) or deficit (-)-0.5% of GDP (2012 est.)
Public debt16.2% of GDP (2012 est.)
16.3% of GDP (2011 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
Inflation rate (consumer prices)3% (2012 est.)
4.2% (2011 est.)
Central bank discount rate0.03% (31 December 2012 est.)
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 rate9.72% (31 December 2012 est.)
10.63% (31 December 2011 est.)
Stock of narrow money$15.51 billion (31 December 2012 est.)
$13.91 billion (31 December 2011 est.)
Stock of broad money$37.68 billion (31 December 2011 est.)
$34.46 billion (31 December 2010 est.)
Stock of domestic credit$37.14 billion (31 December 2012 est.)
$35.54 billion (31 December 2011 est.)
Market value of publicly traded shares$8.253 billion (31 December 2011)
$7.276 billion (31 December 2010)
$7.103 billion (31 December 2009)
Agriculture - productsvegetables, fruits, tobacco, wine, wheat, barley, sunflowers, sugar beets; livestock
Industrieselectricity, gas, water; food, beverages, tobacco; machinery and equipment, base metals, chemical products, coke, refined petroleum, nuclear fuel
Industrial production growth rate1.2% (2012 est.)
Current Account Balance$542.8 million (2012 est.)
$502.2 million (2011 est.)
Exports$26.82 billion (2012 est.)
$28.12 billion (2011 est.)
Exports - commoditiesclothing, footwear, iron and steel, machinery and equipment, fuels
Exports - partnersGermany 10.4%, Turkey 9.1%, Italy 8.7%, Romania 8.2%, Greece 7.3%, France 4% (2012)
Imports$31.5 billion (2012 est.)
$30.86 billion (2011 est.)
Imports - commoditiesmachinery and equipment; metals and ores; chemicals and plastics; fuels, minerals, and raw materials
Imports - partnersRussia 20.9%, Germany 11.3%, Italy 6.7%, Romania 6.6%, Greece 6.1%, Turkey 4.6%, Spain 4.5% (2012)
Reserves of foreign exchange and gold$20.5 billion (31 December 2012 est.)
$17.27 billion (31 December 2011 est.)
Debt - external$50.54 billion (31 December 2012 est.)
$47.32 billion (31 December 2011 est.)
Stock of direct foreign investment - at home$52.99 billion (31 December 2012 est.)
$51.19 billion (31 December 2011 est.)
Stock of direct foreign investment - abroad$1.923 billion (31 December 2012 est.)
$1.823 billion (31 December 2011 est.)
Exchange ratesleva (BGN) per US dollar -
1.5221 (2012 est.)
1.4065 (2011 est.)
1.4774 (2010 est.)
1.404 (2009)
1.3171 (2008)
Fiscal yearcalendar year

Source: CIA World Factbook
Unless otherwise noted, information in this page is accurate as of February 21, 2013