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The Economy of Bulgaria

Bulgarian Economy

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Economy - overview: Bulgaria, a former Communist country that entered the EU on 1 January 2007, has experienced strong growth since a major economic downturn in 1996. Successive governments have demonstrated commitment to economic reforms and responsible fiscal planning, but have failed so far to rein in rising inflation and large current account deficits. Bulgaria has averaged more than 6% growth since 2004, attracting significant amounts of foreign direct investment, but corruption in the public administration, a weak judiciary, and the presence of organized crime remain significant challenges.

GDP:

GDP - real growth rate: 6% (2008) 6.2% (2007 est.) 6.3% (2006 est.)

GDP - per capita:

GDP - composition by sector: agriculture: 4.6% industry: 28.7% services: 66.7% (2008 est.)

Population below poverty line:

Household income or consumption by percentage share: lowest 10%: 3% highest 10%: 25.5% (2007)

Distribution of family income - Gini index: 30.7 (2007)

Inflation rate (consumer prices):

Labor force: 2.44 million (2008)

Labor force - by occupation: agriculture: 7.5% industry: 35.5% services: 57% (2007 est.)

Unemployment rate: 6.3% (2008)

Budget: revenues: $20.43 billion expenditures: $18.93 billion (2008)

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

Industrial production growth rate: 3.9% (2008)

Electricity - production: 42.43 billion kWh (2007)

Electricity - production by source:

Electricity - consumption: 28.8 billion kWh (2007 est.)

Electricity - exports: 7.992 billion kWh (2007 est.)

Electricity - imports: 3.243 billion kWh (2007 est.)

Oil - production: 3,520 bbl/day (2007)

Oil - consumption: 142,400 bbl/day (2007)

Oil - exports: 2,480 bbl/day (2007)

Oil - imports: 145,200 bbl/day (2007)

Oil - proved reserves: 15 million bbl (1 January 2008 est.)

Natural gas - production: 0 cu m (2007 est.)

Natural gas - consumption: 3.5 billion cu m (2007 est.)

Natural gas - exports: 0 cu m (2007)

Natural gas - imports: 3.229 billion cu m (2007)

Natural gas - proved reserves: 5.663 billion cu m (1 January 2008 est.)

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

Exports: $22.3 billion f.o.b. (2008)

Exports - commodities: clothing, footwear, iron and steel, machinery and equipment, fuels

Exports - partners: Turkey 11.5%, Germany 10.3%, Italy 10.2%, Greece 9.1%, Belgium 6.2%, Romania 4.9% (2007)

Imports: $35.3 billion f.o.b. (2008)

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

Imports - partners: Russia 12.3%, Germany 12.3%, Italy 8.7%, Ukraine 7.2%, Turkey 6.9%, Greece 6.2%, Romania 4.5%, Austria 4.3% (2007)

Debt - external: $54.01 billion (30 November 2008)

Economic aid - recipient:

Currency:

Currency code:

Exchange rates: leva (BGN) per US dollar - 1.3171 (2008 est.), 1.4366 (2007), 1.5576 (2006), 1.5741 (2005), 1.5751 (2004)

Fiscal year: