Bulgaria

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Economics

Economy - overview

Bulgaria, 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 foreign direct investment and consumption. 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 approximately 5% in 2009, and stagnated in 2010, despite a significant recovery in exports. The economy is expected to grow modestly in 2011, however. Corruption in the public administration, a weak judiciary, and the presence of organized crime remain significant challenges.

GDP (purchasing power parity)

$96.78 billion (2010 est.)

country comparison to the world: 72

$96.63 billion (2009 est.)

$102.2 billion (2008 est.)

note: data are in 2010 US dollars

 

GDP (official exchange rate):

 

$47.7 billion (2010 est.)

 

GDP - real growth rate:

 

0.2% (2010 est.)

country comparison to the world: 184

-5.5% (2009 est.)

6.2% (2008 est.)

 

GDP - per capita (PPP):

$13,500 (2010 est.)

country comparison to the world: 89

$13,400 (2009 est.)

$14,100 (2008 est.)

note: data are in 2010 US dollars

 

GDP - composition by sector:

 

agriculture: 5.3%

industry: 30.1%

services: 64.6% (2010 est.)

 

Labor force:

 

2.499 million (2010 est.)

country comparison to the world: 111

 

Labor force - by occupation:

 

agriculture: 7.1%

industry: 35.2%

services: 57.7% (2009)

 

Unemployment rate:

 

9.5% (2010 est.)

country comparison to the world: 106

7.6% (2009 est.)

 

Population below poverty line:

21.8% (2008)

 

Household income or consumption by percentage share:

 

lowest 10%: 2%

highest 10%: 35.2% (2007)

 

Distribution of family income - Gini index:

 

45.3 (2007)

country comparison to the world: 39

26 (2001)

 

Investment (gross fixed):

 

23.5% of GDP (2010 est.)

country comparison to the world: 72

 

Budget:

revenues: $16.16 billion

expenditures: $18.07 billion (2010 est.)

 

Taxes and other revenues:

 

33.9% of GDP (2010 est.)

country comparison to the world: 73

 

Budget surplus (+) or deficit (-):

-4% of GDP (2010 est.)

country comparison to the world: 122

 

Public debt:

 

16.2% of GDP (2010 est.)

country comparison to the world: 118

14.6% of GDP (2009 est.)

 

Inflation rate (consumer prices):

 

2.4% (2010 est.)

country comparison to the world: 81

2.8% (2009 est.)

 

Central bank discount rate:

 

20% (31 December 2010 est.)

country comparison to the world: 134

0.55% (31 December 2009 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 rate:

 

11.144% (31 December 2010 est.)

country comparison to the world: 92

11.335% (31 December 2009 est.)

 

Stock of narrow money:

 

$12.48 billion (31 December 2010 est.)

country comparison to the world: 69

$13.29 billion (31 December 2009 est.)

 

Stock of broad money:

 

$35.37 billion (31 December 2010 est.)

country comparison to the world: 73

$35.07 billion (31 December 2009)

 

Stock of domestic credit:

 

$33.48 billion (31 December 2010 est.)

country comparison to the world: 68

$34.88 billion (31 December 2009)

 

Market value of publicly traded shares:

 

$7.276 billion (31 December 2010)

country comparison to the world: 73

$7.103 billion (31 December 2009)

$8.858 billion (31 December 2008)

 

Agriculture - products:

 

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

 

Industries:

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

 

Industrial production growth rate:

 

2.1% (2010 est.)

country comparison to the world: 130

 

Electricity - production:

 

4.309 billion kWh (2009)

country comparison to the world: 118

 

Electricity - consumption:

28.3 billion kWh (2009)

country comparison to the world: 63

 

Electricity - exports:

 

7.735 billion kWh (2009 est.)

 

Electricity - imports:

 

5.073 billion kWh (2009 est.)

 

Oil - production:

 

2,925 bbl/day (2010 est.)

country comparison to the world: 100

 

Oil - consumption:

 

91,000 bbl/day (2010 est.)

country comparison to the world: 81

 

Oil - exports:

 

75,840 bbl/day (2009 est.)

country comparison to the world: 71

 

Oil - imports:

 

201,400 bbl/day (2009 est.)

country comparison to the world: 48

 

Oil - proved reserves:

 

15 million bbl (1 January 2011 est.)

country comparison to the world: 86

 

Natural gas - production:

 

54 million cu m (2010)

country comparison to the world: 82

 

Natural gas - consumption:

 

2.62 billion cu m (2010)

country comparison to the world: 78

 

Natural gas - exports:

 

0 cu m (2010)

country comparison to the world: 68

 

Natural gas - imports:

 

2.48 billion cu m (2010)

country comparison to the world: 42

 

Natural gas - proved reserves:

 

5.663 billion cu m (1 January 2011 est.)

country comparison to the world: 89

 

Current account balance:

 

-$578.9 million (2010 est.)

country comparison to the world: 116

-$4.267 billion (2009 est.)

 

Exports:

 

$20.64 billion (2010 est.)

country comparison to the world: 70

$16.41 billion (2009 est.)

 

Exports - commodities:

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

 

Exports - partners:

Germany 10.9%, Italy 9.9%, Romania 9.5%, Greece 8.1%, Turkey 7.9%, France 4.1% (2010)

 

Imports:

 

$23.86 billion (2010 est.)

country comparison to the world: 66

$22.2 billion (2009 est.)

 

Imports - commodities:

 

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

 

Imports - partners:

 

Russia 16.3%, Germany 11.8%, Italy 7.5%, Romania 7.1%, Greece 6%, Turkey 5.2%, Ukraine 4.2% (2010)

 

Reserves of foreign exchange and gold:

 

$17.23 billion (31 December 2010 est.)

country comparison to the world: 61

$18.53 billion (31 December 2009 est.)

 

Debt - external:

 

$38.17 billion (30 November 2010 est.)

country comparison to the world: 59

$40.58 billion (31 December 2009)

 

Stock of direct foreign investment - at home:

 

$51.45 billion (31 December 2010 est.)

country comparison to the world: 53

$49.28 billion (31 December 2009 est.)

 

Stock of direct foreign investment - abroad:

 

$957.7 million (31 December 2010 est.)

country comparison to the world: 75

$1.194 billion (31 December 2009 est.)

 

Exchange rates:

 

leva (BGN) per US dollar -

1.5138 (2010)

1.404 (2009)

1.3171 (2008)

1.4366 (2007)

1.5576 (2006)