Bulgaria Economy - 2023

GEOGRAPHICAL NAMES 

Economic overview

upper-middle-income EU economy; improving living standards and very robust economic growth; coal-based infrastructure; legacy structural vulnerabilities and widespread corruption; increasing Russian economic relations, particularly through energy trade

Real GDP (purchasing power parity)

$167.804 billion (2021 est.)

$155.902 billion (2020 est.)

$162.328 billion (2019 est.)

note: data are in 2017 dollars

Real GDP growth rate

7.63% (2021 est.)

-3.96% (2020 est.)

4.04% (2019 est.)

Real GDP per capita

$24,400 (2021 est.)

$22,500 (2020 est.)

$23,300 (2019 est.)

note: data are in 2017 dollars

GDP (official exchange rate)

$68.49 billion (2019 est.)

Inflation rate (consumer prices)

3.3% (2021 est.)

1.67% (2020 est.)

3.1% (2019 est.)

Credit ratings

Fitch rating: BBB (2017)

Moody's rating: Baa1 (2020)

Standard & Poors rating: BBB (2019)

note: The year refers to the year in which the current credit rating was first obtained.

GDP - composition, by sector of origin

agriculture: 4.3% (2017 est.)

industry: 28% (2017 est.)

services: 67.4% (2017 est.)

GDP - composition, by end use

household consumption: 61.6% (2017 est.)

government consumption: 16% (2017 est.)

investment in fixed capital: 19.2% (2017 est.)

investment in inventories: 1.7% (2017 est.)

exports of goods and services: 66.3% (2017 est.)

imports of goods and services: -64.8% (2017 est.)

Agricultural products

wheat, maize, sunflower seed, milk, barley, rapeseed, potatoes, grapes, tomatoes, watermelons

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

1.72% (2021 est.)

Labor force

3.291 million (2021 est.)

note: number of employed persons

Labor force - by occupation

agriculture: 6.8%

industry: 26.6%

services: 66.6% (2016 est.)

Unemployment rate

5.42% (2021 est.)

5.12% (2020 est.)

4.23% (2019 est.)

Youth unemployment rate (ages 15-24)

total: 14.2%

male: 14.3%

female: 14% (2021 est.)

Population below poverty line

23.8% (2019 est.)

Gini Index coefficient - distribution of family income

40.3 (2019 est.)

Average household expenditures

on food: 19.3% of household expenditures (2018 est.)

on alcohol and tobacco: 5% of household expenditures (2018 est.)

Household income or consumption by percentage share

lowest 10%: 1.9%

highest 10%: 31.2% (2017)

Budget

revenues: $24.487 billion (2020 est.)

expenditures: $26.544 billion (2020 est.)

Budget surplus (+) or deficit (-)

1.8% (of GDP) (2017 est.)

Public debt

32.24% of GDP (2020 est.)

26.92% of GDP (2019 est.)

28.69% of GDP (2018 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

Taxes and other revenues

20.27% (of GDP) (2020 est.)

Fiscal year

calendar year

Current account balance

-$373.66 million (2021 est.)

-$31.19 million (2020 est.)

$1.264 billion (2019 est.)

Exports

$51.505 billion (2021 est.)

$39.541 billion (2020 est.)

$44.041 billion (2019 est.)

note: Data are in current year dollars and do not include illicit exports or re-exports.

Exports - partners

Germany 16%, Romania 8%, Italy 7%, Turkey 7%, Greece 6% (2019)

Exports - commodities

copper, wheat, electricity, refined petroleum, packaged medicines (2021)

note: Bulgarian amphetamine production remains a significant illicit trade export

Imports

$50.059 billion (2021 est.) note: data are in current year dollars

$38.197 billion (2020 est.) note: data are in current year dollars

$41.843 billion (2019 est.) note: data are in current year dollars

Imports - partners

Germany 11%, Russia 9%, Italy 7%, Romania 7%, Turkey 7% (2019)

Imports - commodities

crude petroleum, copper, cars, packaged medicines, refined petroleum (2019)

Reserves of foreign exchange and gold

$39.188 billion (31 December 2021 est.)

$37.86 billion (31 December 2020 est.)

$27.902 billion (31 December 2019 est.)

Debt - external

$39.059 billion (2019 est.)

$41.139 billion (2018 est.)

Exchange rates

leva (BGN) per US dollar -

1.654 (2021 est.)

1.716 (2020 est.)

1.747 (2019 est.)

1.657 (2018 est.)

1.735 (2017 est.)

NOTE: The information regarding Bulgaria on this page is re-published from the 2023 World Fact Book of the United States Central Intelligence Agency and other sources. No claims are made regarding the accuracy of Bulgaria 2023 information contained here. All suggestions for corrections of any errors about Bulgaria 2023 should be addressed to the CIA or the source cited on each page.