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Bulgaria Economy 2018

SOURCE: 2018 CIA WORLD FACTBOOK AND OTHER SOURCES











Bulgaria Economy 2018
SOURCE: 2018 CIA WORLD FACTBOOK AND OTHER SOURCES


Page last updated on February 28, 2018

Economy - overview:
Bulgaria, a former communist country that entered the EU in 2007, has an open economy that historically has demonstrated strong growth, but its per-capita income remains the lowest among EU members and its reliance on energy imports and foreign demand for its exports makes its growth sensitive to external market conditions.The government undertook significant structural economic reforms in the 1990s to move the economy from a centralized, planned economy to a more liberal, market-driven economy. These reforms included privatization of state-owned enterprises, liberalization of trade, and strengthening of the tax system - changes that initially caused some economic hardships but later helped to attract investment, spur growth, and make gradual improvements to living conditions. From 2000 through 2008, Bulgaria maintained robust, average annual real GDP growth in excess of 6%, which was followed by a deep recession in 2009 as the financial crisis caused domestic demand, exports, capital inflows and industrial production to contract, prompting the government to rein in spending. Real GDP growth remained slow - less than 2% annually - until 2015, when demand from EU countries for Bulgarian exports, plus an inflow of EU development funds, boosted growth to more than 3%. In recent years, strong domestic demand combined with low international energy prices have contributed to Bulgaria’s economic growth approaching 4% and have also helped to ease inflation which turned positive in 2017. Bulgaria’s prudent public financial management contributed to a balanced budget in 2016 and a near-balanced budget for 2017.Bulgaria is heavily reliant on energy imports from Russia, a potential vulnerability, and is a participant in EU-backed efforts to diversify regional natural gas supplies. In late 2016, the Bulgarian Government provided funding to Bulgaria’s National Electric Company to cover the $695 million compensation owed to Russian nuclear equipment manufacturer Atomstroyexport for the cancellation of the Belene Nuclear Power Plant project, which the Bulgarian Government terminated in 2012. The natural gas market, however, continues to be dominated by state-owned Bulgargaz, which is almost entirely supplied by Russia. Infrastructure projects such as the Inter-Connector Greece-Bulgaria and Inter-Connector Bulgaria-Serbia, which would enable Bulgaria to have access to non-Russian gas, have either stalled or made limited progress. In 2016, the Bulgarian Government established the State eGovernment Agency. This new agency is responsible for the implementation of projects related to electronic governance as well as coordination of national policies in this area with the EU requirements and practices, as well as to strengthen cybersecurity.Despite a favorable investment regime, including low, flat corporate income taxes, significant challenges remain. Corruption in public administration, a weak judiciary, low productivity, and the presence of organized crime continue to hamper the country's investment climate and economic prospects.

GDP (purchasing power parity):
$152.4 billion (2017 est.) $147.1 billion (2016 est.) $142.2 billion (2015 est.)
note: data are in 2017 dollars
country comparison to the world: 77

GDP (official exchange rate):
$55.95 billion (2016 est.)
[see also: GDP (official exchange rate) country ranks ]

GDP - real growth rate:
3.6% (2017 est.) 3.4% (2016 est.) 3.6% (2015 est.)
country comparison to the world: 86
[see also: GDP - real growth rate country ranks ]

GDP - per capita:
$21,600 (2017 est.) $20,700 (2016 est.) $19,900 (2015 est.)
note: data are in 2017 dollars
country comparison to the world: 85

Gross national saving:
22.5% of GDP (2017 est.) 24.5% of GDP (2016 est.) 21.1% of GDP (2015 est.)
country comparison to the world: 70
[see also: Gross national saving country ranks ]

GDP - composition, by end use:
household consumption: 61.7%
[see also: GDP - composition, by end use - household consumption country ranks ]
government consumption: 15.6%
[see also: GDP - composition, by end use - government consumption country ranks ]
investment in fixed capital: 19%
[see also: GDP - composition, by end use - investment in fixed capital country ranks ]
investment in inventories: 0.5%
[see also: GDP - composition, by end use - investment in inventories country ranks ]
exports of goods and services: 65.5%
[see also: GDP - composition, by end use - exports of goods and services country ranks ]
imports of goods and services: -62.3% (2017 est.)
[see also: GDP - composition, by end use - imports of goods and services country ranks ]

GDP - composition, by sector of origin:
agriculture: 4.3%
[see also: GDP - composition, by sector of origin - agriculture country ranks ]
industry: 28%
[see also: GDP - composition, by sector of origin - industry country ranks ]
services: 67.7% (2017 est.)
[see also: GDP - composition, by sector of origin - services country ranks ]

Agriculture - products:
vegetables, fruits, tobacco, wine, wheat, barley, sunflowers, sugar beets; livestock

Industries:
electricity, gas, water; food, beverages, tobacco; machinery and equipment, automotive parts, base metals, chemical products, coke, refined petroleum, nuclear fuel; outsourcing centers

Industrial production growth rate:
4.2% (2017 est.)
country comparison to the world: 63
[see also: Industrial production growth rate country ranks ]

Labor force:
2.581 million
note: number of employed persons (2017 est.)
country comparison to the world: 116
[see also: Labor force country ranks ]

Labor force - by occupation:
agriculture: 6.8%
[see also: Labor force - by occupation - agriculture country ranks ]
industry: 26.6%
[see also: Labor force - by occupation - industry country ranks ]
services: 66.6% (2015 est.)
[see also: Labor force - by occupation - services country ranks ]

Unemployment rate:
6.6% (2017 est.) 7.7% (2016 est.)
country comparison to the world: 92
[see also: Unemployment rate country ranks ]

Population below poverty line:
22% (2015 est.)
[see also: Population below poverty line country ranks ]

Household income or consumption by percentage share:
lowest 10%: 2.2%
[see also: Household income or consumption by percentage share - lowest 10% country ranks ]
highest 10%: 28.4% (2015)

Distribution of family income - Gini index:
37 (2015) 35.4 (2014)
country comparison to the world: 78
[see also: Distribution of family income - Gini index country ranks ]

Budget:
revenues: $19.53 billion
[see also: Budget - revenues country ranks ]
expenditures: $20.31 billion (2017 est.)
[see also: Budget - expenditures country ranks ]

Taxes and other revenues:
34.9% of GDP (2017 est.)
country comparison to the world: 56
[see also: Taxes and other revenues country ranks ]

Budget surplus (+) or deficit (-):
-1.4% of GDP (2017 est.)
country comparison to the world: 65
[see also: Budget surplus (+) or deficit (-) country ranks ]

Public debt:
28.6% of GDP (2017 est.) 29.5% of GDP (2016 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 financial derivatives, and loans; general government sector comprises the subsectors: central government, state government, local government, and social security funds
country comparison to the world: 165
[see also: Public debt country ranks ]

Fiscal year:
calendar year

Inflation rate (consumer prices):
1.1% (2017 est.) -1.3% (2016 est.)
country comparison to the world: 45
[see also: Inflation rate (consumer prices) country ranks ]

Central bank discount rate:
0% (31 December 2016) 0.01% (31 December 2015)
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
country comparison to the world: 150
[see also: Central bank discount rate country ranks ]

Commercial bank prime lending rate:
5.8% (31 December 2017 est.) 6.41% (31 December 2016 est.)
country comparison to the world: 129
[see also: Commercial bank prime lending rate country ranks ]

Stock of narrow money:
$26.71 billion (31 December 2017 est.) $22 billion (31 December 2016 est.)
country comparison to the world: 65
[see also: Stock of narrow money country ranks ]

Stock of broad money:
$50.98 billion (31 December 2017 est.) $42.84 billion (31 December 2016 est.)
country comparison to the world: 66
[see also: Stock of broad money country ranks ]

Stock of domestic credit:
$31.6 billion (31 December 2017 est.) $27.56 billion (31 December 2016 est.)
country comparison to the world: 80
[see also: Stock of domestic credit country ranks ]

Market value of publicly traded shares:
$5.205 billion (31 December 2016 est.) $4.797 billion (31 December 2015 est.) $5.45 billion (31 December 2014 est.)
country comparison to the world: 85
[see also: Market value of publicly traded shares country ranks ]

Current account balance:
$1.371 billion (2017 est.) $2.201 billion (2016 est.)
country comparison to the world: 35
[see also: Current account balance country ranks ]

Exports:
$28.05 billion (2017 est.) $24.96 billion (2016 est.)
country comparison to the world: 65
[see also: Exports country ranks ]

Exports - commodities:
clothing, footwear, iron and steel, machinery and equipment, fuels, agriculture, tobacco, IT components

Exports - partners:
Germany 13.7%, Italy 9.3%, Romania 8.8%, Turkey 7.9%, Greece 7%, France 4.5% (2016)

Imports:
$30.78 billion (2017 est.) $27 billion (2016 est.)
country comparison to the world: 62
[see also: Imports country ranks ]

Imports - commodities:
machinery and equipment; metals and ores; chemicals and plastics; fuels, minerals, and raw materials

Imports - partners:
Germany 13.1%, Russia 8.9%, Italy 7.9%, Romania 7%, Turkey 6.2%, Greece 4.8%, Poland 4.1% (2016)

Reserves of foreign exchange and gold:
$27.52 billion (31 December 2017 est.) $25.19 billion (31 December 2016 est.)
country comparison to the world: 52
[see also: Reserves of foreign exchange and gold country ranks ]

Debt - external:
$39.51 billion (31 December 2017 est.) $37.99 billion (31 December 2016 est.)
country comparison to the world: 72
[see also: Debt - external country ranks ]

Stock of direct foreign investment - at home:
$47.16 billion (31 December 2017 est.) $45.26 billion (31 December 2016 est.)
country comparison to the world: 59
[see also: Stock of direct foreign investment - at home country ranks ]

Stock of direct foreign investment - abroad:
$5.338 billion (31 December 2017 est.) $4.988 billion (31 December 2016 est.)
country comparison to the world: 70
[see also: Stock of direct foreign investment - abroad country ranks ]

Exchange rates:
leva (BGN) per US dollar - 1.729 (2017 est.) 1.768 (2016 est.) 1.768 (2015 est.) 1.7644 (2014 est.) 1.4742 (2013 est.)


NOTE: 1) The information regarding Bulgaria on this page is re-published from the 2018 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Bulgaria Economy 2018 information contained here. All suggestions for corrections of any errors about Bulgaria Economy 2018 should be addressed to the CIA.
2) The rank that you see is the CIA reported rank, which may habe the following issues:
  a) The assign increasing rank number, alphabetically for countries with the same value of the ranked item, whereas we assign them the same rank.
  b) The CIA sometimes assignes counterintuitive ranks. For example, it assigns unemployment rates in increasing order, whereas we rank them in decreasing order






This page was last modified 28-Feb-18
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