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Bulgaria


    • Overview:
      The Bulgarian economy continued its painful adjustment in 1994 from the misdirected development undertaken during four decades of Communist rule. Many aspects of a market economy have been put in place and have begun to function, but much of the economy, especially the industrial sector, has yet to re-establish market links lost with the collapse of the other centrally planned Soviet Bloc economies. The prices of many imported industrial inputs, especially energy products, have risen markedly, and falling real wages have not sufficed to restore competitiveness. The government plans more extensive privatization in 1995 to improve the management of enterprises and to encourage foreign investment. Bulgaria resumed payments on its $10 billion in commercial debt in 1993 following the negotiation of a 50% write-off.

    • National product:
      GDP - purchasing power parity - $33.7 billion (1994 est.)

    • National product real growth rate:
      0.2% (1994 est.)

    • National product per capita:
      $3,830 (1994 est.)

    • Inflation rate (consumer prices):
      122% (1994)

    • Unemployment rate:
      16% (1994)

    • Budget:

        revenues:
        $14 billion

        expenditures:
        $17.4 billion, including capital expenditures of $610 million (1993 est.)

    • Exports:
      $3.6 billion (f.o.b., 1993)

        commodities:
        machinery and equipment 30.6%; agricultural products 24%; manufactured consumer goods 22.2%; fuels, minerals, raw materials, and metals 10.5%; other 12.7% (1991)

        partners:
        former CEMA countries 57.7% (FSU 48.6%, Poland 2.1%, Czechoslovakia 0.9%); developed countries 26.3% (Germany 4.8%, Greece 2.2%); less developed countries 15.9% (Libya 2.1%, Iran 0.7%) (1991)

    • Imports:
      $4.3 billion (c.i.f., 1993)

        commodities:
        fuels, minerals, and raw materials 58.7%; machinery and equipment 15.8%; manufactured consumer goods 4.4%; agricultural products 15.2%; other 5.9%

        partners:
        former CEMA countries 51.0% (FSU 43.2%, Poland 3.7%); developed countries 32.8% (Germany 7.0%, Austria 4.7%); less developed countries 16.2% (Iran 2.8%, Libya 2.5%)

    • External debt:
      $12 billion (1994)

    • Industrial production:
      growth rate 4% (1994); accounts for about 37% of GDP (1990)

    • Electricity:

        capacity:
        11,500,000 kW

        production:
        35.9 billion kWh

        consumption per capita:
        3,827 kWh (1993)

    • Industries:
      machine building and metal working, food processing, chemicals, textiles, building materials, ferrous and nonferrous metals

    • Agriculture:
      climate and soil conditions support livestock raising and the growing of various grain crops, oilseeds, vegetables, fruits, and tobacco; more than one-third of the arable land devoted to grain; world's fourth-largest tobacco exporter; surplus food producer

    • Illicit drugs:
      transshipment point for southwest Asian heroin and South American cocaine transiting the Balkan route; limited producer of precursor chemicals

    • Economic aid:

        recipient:
        $700 million in balance of payments support (1994)

    • Currency:
      1 lev (Lv) = 100 stotinki

    • Exchange rates:
      leva (Lv) per US$1 - 67.04 (January 1995), 32.00 (January 1994), 24.56 (January 1993), 17.18 (January 1992), 16.13 (March 1991), 0.7446 (November 1990); note - floating exchange rate since February 1991

    • Fiscal year:
      calendar year






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