Bulgaria - Economic Indicators
Global Outlook: An Uncertain Path
Oct 08, 2019
View the Moody's Analytics Global Forecast. Real global GDP growth is projected to slow to around 2.4% in 2019, after 3% in 2018. The global economic slowdown is entrenched and widespread. Multiple factors are behind the synchronized slowdown, though international politics, particularly trade policy and Brexit, are the key headwinds. It is unknown how the trade war and Brexit will play out in the coming months. Major geopolitical risks also hang...
| GDP | Reference | Last | Previous | Units | Frequency |
|---|---|---|---|---|---|
| Nominal Gross Domestic Product | 2019 Q3 | 28,967 | 29,652 | Mil. BGN, SA | Quarterly |
| Nominal Fixed Investment (gross fixed capital formation) | 2019 Q2 | 5,271 | 5,235 | Mil. BGN, SA | Quarterly |
| Real Fixed Investment (gross fixed capital formation) | 2019 Q2 | 4,582 | 4,551 | Mil. Ch. 2010 BGN, WDASA | Quarterly |
| Investment | 2019 Q2 | 5,679 | 6,023 | Mil. BGN, SA | Quarterly |
| Real Gross Domestic Product | 2019 Q2 | 23,162 | 22,974 | Mil. Ch. 2010 BGN, WDASA | Quarterly |
| Government Consumption | 2017 Q1 | 3,701 | 4,483 | Mil. BGJ | Quarterly |
| Price | Reference | Last | Previous | Units | Frequency |
| Consumer Price Index (CPI) | Oct 2019 | 7,073 | 7,017 | Index 1995=100, NSA | Monthly |
| Producer Price Index (PPI) | Feb 2019 | 117.08 | 115.12 | 2010=100, NSA | Monthly |
| Wholesale Price Index | 2016 | 105.45 | 108.79 | Index 2010 = 100 | Annual |
| Labor | Reference | Last | Previous | Units | Frequency |
| Labor Force Employment | 2019 Q3 | 3,299 | 3,262 | Ths. #, NSA | Quarterly |
| Unemployment Rate | 2019 Q3 | 3.66 | 4.17 | %, NSA | Quarterly |
| Labor Force | 2019 Q3 | 3,424 | 3,404 | Ths. #, NSA | Quarterly |
| Unemployment | 2019 Q3 | 125.4 | 142 | Ths. #, NSA | Quarterly |
| Total Employment Non-Ag | 2019 Q2 | 3,535 | 3,547 | Ths. #, SA | Quarterly |
| Primary Industries Employment | 2019 Q2 | 584.82 | 604.43 | Ths. #, SA | Quarterly |
| Agriculture Employment | 2017 | 202,991 | 221,035 | # | Annual |
| Wage & Salaries | 2016 | 5,587,504,000 | 5,703,468,000 | NCU | Annual |
| Trade | Reference | Last | Previous | Units | Frequency |
| Net Exports | 2019 Q3 | 4,187 | 1,291 | Mil. BGN, NSA | Quarterly |
| Exports of Goods and Services | 2019 Q3 | 21,220 | 17,818 | Mil. BGN, NSA | Quarterly |
| Imports of Goods and Services | 2019 Q3 | 16,925 | 16,407 | Mil. BGN, SA | Quarterly |
| Current Account Balance | Sep 2019 | 1,404 | 2,280 | Mil. BGN, NSA | Monthly |
| Exports of Goods | Sep 2019 | 4,743 | 4,631 | Mil. BGN, NSA | Monthly |
| Balance of Goods | Sep 2019 | 961.31 | 1,962 | Mil. BGN, NSA | Monthly |
| Imports of Goods | Sep 2019 | 4,612 | 4,348 | Mil. BGN, NSA | Monthly |
| Real Net Exports | 2019 Q2 | -630.25 | -1,734 | Mil. Ch. 2010 BGN, NSA | Quarterly |
| Real Imports of Goods and Services | 2019 Q2 | 15,177 | 15,974 | Mil. Ch. 2010 BGN, WDASA | Quarterly |
| Real Exports of Goods and Services | 2019 Q2 | 14,843 | 15,282 | Mil. Ch. 2010 BGN, WDASA | Quarterly |
| Government | Reference | Last | Previous | Units | Frequency |
| Outstanding Public Debt | Oct 2019 | 11,981 | 11,956 | Mil. EUR, NSA | Monthly |
| Outstanding Public Debt - Foreign | Oct 2019 | 9,008 | 9,022 | Mil. EUR, NSA | Monthly |
| Outstanding Public Debt - Domestic | Oct 2019 | 2,973 | 2,934 | Mil. EUR, NSA | Monthly |
| Gross External Debt | Sep 2019 | 34,199 | 34,097 | Mil. Euros, NSA | Monthly |
| Government Budget Balance | 2019 Q2 | 1,570 | 1,121 | Mil. BGN, NSA | Quarterly |
| Government Expenditures | 2019 Q2 | 10,182 | 9,539 | Mil. BGN, NSA | Quarterly |
| Government Revenues | 2019 Q2 | 11,753 | 10,660 | Mil. BGN, NSA | Quarterly |
| Markets | Reference | Last | Previous | Units | Frequency |
| Stock Market Index | 12 Dec 2019 | 543.5 | 542.96 | Index, NSA | Daily |
| Money Market Rate | Oct 2019 | 5,252 | 3,162 | % in Lev, NSA | Monthly |
| Average Long-term Government Bond | Jul 2019 | 0.32 | 0.41 | % p.a., NSA | Monthly |
| Lending Rate | May 2017 | 0 | 0 | % - End of period | Monthly |
| Treasury Bills (over 31 days) | Jun 2015 | 0.4 | 0.36 | % p.a., NSA | Monthly |
| Real Estate | Reference | Last | Previous | Units | Frequency |
| Residential Building Completions | 2019 Q3 | 740 | 632 | #, NSA | Quarterly |
| Non-residential Building Permits | 2019 Q3 | 1,211 | 1,199 | #, NSA | Quarterly |
| Building Permits | 2019 Q3 | 2,841 | 2,790 | #, NSA | Quarterly |
| Residential Building Permits | 2019 Q3 | 1,630 | 1,591 | #, NSA | Quarterly |
| House Price Index | 2019 Q2 | 130.26 | 129.45 | Index 2015=100, NSA | Quarterly |
| House Price Index for New Homes | 2019 Q2 | 129.02 | 129.23 | Index 2015=100, NSA | Quarterly |
| House Price Index for Existing Homes | 2019 Q2 | 130.96 | 129.6 | Index 2015=100, NSA | Quarterly |
| Dwelling Stocks | 2018 | 3,959,285 | 3,951,806 | # | Annual |
| Consumer | Reference | Last | Previous | Units | Frequency |
| Consumer Confidence | 2019 Q4 | -23.9 | -25 | Balance of opinion, NSA | Quarterly |
| Real Retail Sales | Oct 2019 | 123.49 | 122.19 | Vol. Index 2015=100, NSA | Monthly |
| Retail Sales | Oct 2019 | 131.47 | 128.87 | Index 2015=100, NSA | Monthly |
| Personal Income | 2019 Q3 | 1,715 | 1,546 | BGN, NSA | Quarterly |
| Business | Reference | Last | Previous | Units | Frequency |
| Capacity Utilization | 2019 Q4 | 76.5 | 77.6 | %, SA | Quarterly |
| Business Confidence | Nov 2019 | 30.2 | 32.8 | Balance of opinion, NSA | Monthly |
| Change in Inventories | 2019 Q2 | 407.72 | 787.89 | Mil. BGN, SA | Quarterly |
| Real Change in Inventories | 2019 Q2 | 407.72 | 787.89 | Mil. BGN, SA | Quarterly |
| Industrial Production | Feb 2019 | 117.25 | 116.99 | 2010=100, NSA | Monthly |
| Demographics | Reference | Last | Previous | Units | Frequency |
| Population | 2018 | 7,000,039 | 7,050,034 | # | Annual |
| Net Migration | 2017 | -24,001 | # | Annual |
Factbook
Background
Background:
The Bulgars, a Central Asian Turkic tribe, merged with the local Slavic inhabitants in the late 7th century to form the first Bulgarian state. In succeeding centuries, Bulgaria struggled with the Byzantine Empire to assert its place in the Balkans, but by the end of the 14th century the country was overrun by the Ottoman Turks. Northern Bulgaria attained autonomy in 1878 and all of Bulgaria became independent from the Ottoman Empire in 1908. Having fought on the losing side in both World Wars, Bulgaria fell within the Soviet sphere of influence and became a People's Republic in 1946. Communist domination ended in 1990, when Bulgaria held its first multiparty election since World War II and began the contentious process of moving toward political democracy and a market economy while combating inflation, unemployment, corruption, and crime. The country joined NATO in 2004 and the EU in 2007.
Geography
Location:
Southeastern Europe, bordering the Black Sea, between Romania and Turkey
Geographic coordinates:
43 00 N, 25 00 E
Map references:
Europe
Area:
total: 110,879 sq km
land: 108,489 sq km
water: 2,390 sq km
country comparison to the world: 106
Area - comparative:
almost identical in size to Virginia; slightly larger than Tennessee
Land boundaries:
total: 1,806 km
border countries (5): Greece 472 km, Macedonia 162 km, Romania 605 km, Serbia 344 km, Turkey 223 km
Coastline:
354 km
Maritime claims:
territorial sea: 12 nm
contiguous zone: 24 nm
exclusive economic zone: 200 nm
Climate:
temperate; cold, damp winters; hot, dry summers
Terrain:
mostly mountains with lowlands in north and southeast
Elevation:
mean elevation: 472 m
elevation extremes: lowest point: Black Sea 0 m
highest point: Musala 2,925 m
Natural resources:
bauxite, copper, lead, zinc, coal, timber, arable land
Land use:
agricultural land: 46.9%
arable land 29.9%; permanent crops 1.5%; permanent pasture 15.5%
forest: 36.7%
other: 16.4% (2011 est.)
Irrigated land:
1,020 sq km (2012)
Population - distribution:
a fairly even distribution throughout most of the country, with urban areas attracting larger populations
Natural hazards:
earthquakes; landslides
Environment - current issues:
air pollution from industrial emissions; rivers polluted from raw sewage, heavy metals, detergents; deforestation; forest damage from air pollution and resulting acid rain; soil contamination from heavy metals from metallurgical plants and industrial wastes
Environment - international agreements:
party to: Air Pollution, Air Pollution-Nitrogen Oxides, Air Pollution-Persistent Organic Pollutants, Air Pollution-Sulfur 85, Air Pollution-Sulfur 94, Air Pollution-Volatile Organic Compounds, Antarctic-Environmental Protocol, Antarctic-Marine Living Resources, Antarctic Treaty, Biodiversity, Climate Change, Climate Change-Kyoto Protocol, Desertification, Endangered Species, Environmental Modification, Hazardous Wastes, Law of the Sea, Marine Dumping, Ozone Layer Protection, Ship Pollution, Wetlands
signed, but not ratified: none of the selected agreements
Geography - note:
strategic location near Turkish Straits; controls key land routes from Europe to Middle East and Asia
People & Society
Population:
7,101,510 (July 2017 est.)
country comparison to the world: 103
Nationality:
noun: Bulgarian(s)
adjective: Bulgarian
Ethnic groups:
Bulgarian 76.9%, Turkish 8%, Romani 4.4%, other 0.7% (including Russian, Armenian, and Vlach), other (unknown) 10% (2011 est.)
note: Romani populations are usually underestimated in official statistics and may represent 9–11% of Bulgaria's population
Languages:
Bulgarian (official) 76.8%, Turkish 8.2%, Romani 3.8%, other 0.7%, unspecified 10.5% (2011 est.)
Religions:
Eastern Orthodox 59.4%, Muslim 7.8%, other (including Catholic, Protestant, Armenian Apostolic Orthodox, and Jewish) 1.7%, none 3.7%, unspecified 27.4% (2011 est.)
Age structure:
0-14 years: 14.58% (male 532,924/female 502,277)
15-24 years: 9.58% (male 354,872/female 325,538)
25-54 years: 43.21% (male 1,576,980/female 1,491,489)
55-64 years: 13.35% (male 445,412/female 502,924)
65 years and over: 19.28% (male 554,486/female 814,608) (2017 est.)
population pyramid:
Dependency ratios:
total dependency ratio: 51.7
youth dependency ratio: 21.2
elderly dependency ratio: 30.5
potential support ratio: 3.3 (2015 est.)
Median age:
total: 42.7 years
male: 40.9 years
female: 44.7 years (2017 est.)
country comparison to the world: 21
Population growth rate:
-0.61% (2017 est.)
country comparison to the world: 226
Birth rate:
8.7 births/1,000 population (2017 est.)
country comparison to the world: 212
Death rate:
14.5 deaths/1,000 population (2017 est.)
country comparison to the world: 3
Net migration rate:
-0.3 migrant(s)/1,000 population (2017 est.)
country comparison to the world: 114
Population distribution:
a fairly even distribution throughout most of the country, with urban areas attracting larger populations
Urbanization:
urban population: 74.6% of total population (2017)
rate of urbanization: -0.4% annual rate of change (2015-20 est.)
Major urban areas - population:
SOFIA (capital) 1.226 million (2015)
Sex ratio:
at birth: 1.06 male(s)/female
0-14 years: 1.06 male(s)/female
15-24 years: 1.09 male(s)/female
25-54 years: 1.06 male(s)/female
55-64 years: 0.88 male(s)/female
65 years and over: 0.69 male(s)/female
total population: 0.95 male(s)/female (2017 est.)
Mother's mean age at first birth:
26.7 years (2014 est.)
Maternal mortality ratio:
11 deaths/100,000 live births (2015 est.)
country comparison to the world: 146
Infant mortality rate:
total: 8.4 deaths/1,000 live births
male: 9.5 deaths/1,000 live births
female: 7.3 deaths/1,000 live births (2017 est.)
country comparison to the world: 149
Life expectancy at birth:
total population: 74.7 years
male: 71.4 years
female: 78.2 years (2017 est.)
country comparison to the world: 120
Total fertility rate:
1.46 children born/woman (2017 est.)
country comparison to the world: 202
Contraceptive prevalence rate:
69.2%
note: percent of women age 20-49 (2007)
Health expenditures:
8.4% of GDP (2014)
country comparison to the world: 50
Physicians density:
4 physicians/1,000 population (2014)
Hospital bed density:
6.8 beds/1,000 population (2013)
Drinking water source:
improved:
urban: 99.6% of population
rural: 99% of population
total: 99.4% of population
unimproved:
urban: 0.4% of population
rural: 1% of population
total: 0.6% of population (2015 est.)
Sanitation facility access:
improved:
urban: 86.8% of population
rural: 83.7% of population
total: 86% of population
unimproved:
urban: 13.2% of population
rural: 16.3% of population
total: 14% of population (2015 est.)
HIV/AIDS - adult prevalence rate:
<.1% (2016 est.)
HIV/AIDS - people living with HIV/AIDS:
3,500 (2016 est.)
country comparison to the world: 109
HIV/AIDS - deaths:
<200 (2016 est.)
Obesity - adult prevalence rate:
25% (2016)
country comparison to the world: 53
Education expenditures:
4.1% of GDP (2013)
country comparison to the world: 108
Literacy:
definition: age 15 and over can read and write
total population: 98.4%
male: 98.7%
female: 98.1% (2015 est.)
School life expectancy (primary to tertiary education):
total: 15 years
male: 15 years
female: 15 years (2015)
Unemployment, youth ages 15-24:
total: 21.6%
male: 21.2%
female: 22.3% (2015 est.)
country comparison to the world: 60
Government
Country name:
conventional long form: Republic of Bulgaria
conventional short form: Bulgaria
local long form: Republika Bulgaria
local short form: Bulgaria
etymology: named after the Bulgar tribes who settled the lower Balkan region in the 7th century A.D.
Government type:
parliamentary republic
Capital:
name: Sofia
geographic coordinates: 42 41 N, 23 19 E
time difference: UTC+2 (7 hours ahead of Washington, DC, during Standard Time)
daylight saving time: +1hr, begins last Sunday in March; ends last Sunday in October
Administrative divisions:
28 provinces (oblasti, singular - oblast); Blagoevgrad, Burgas, Dobrich, Gabrovo, Haskovo, Kardzhali, Kyustendil, Lovech, Montana, Pazardzhik, Pernik, Pleven, Plovdiv, Razgrad, Ruse, Shumen, Silistra, Sliven, Smolyan, Sofia, Sofia-Grad (Sofia City), Stara Zagora, Targovishte, Varna, Veliko Tarnovo, Vidin, Vratsa, Yambol
Independence:
3 March 1878 (as an autonomous principality within the Ottoman Empire); 22 September 1908 (complete independence from the Ottoman Empire)
National holiday:
Liberation Day, 3 March (1878)
Constitution:
history: several previous; latest drafted between late 1990 and early 1991, adopted 13 July 1991
amendments: proposed by the National Assembly or by the president of the republic; passage requires three-fourths majority vote of National Assembly members in three ballots; signed by the National Assembly chairperson; note - under special circumstances, a "Grand National Assembly" is elected with the authority to write a new constitution and amend certain articles of the constitution, including those affecting basic civil rights and national sovereignty; passage requires at least two-thirds majority vote in each of several readings; amended several times, last in 2015 (2016)
Legal system:
civil law
International law organization participation:
accepts compulsory ICJ jurisdiction with reservations; accepts ICCt jurisdiction
Citizenship:
citizenship by birth: no
citizenship by descent only: at least one parent must be a citizen of Bulgaria
dual citizenship recognized: yes
residency requirement for naturalization: 5 years
Suffrage:
18 years of age; universal
Executive branch:
chief of state: President Rumen RADEV (since 22 January 2017); Vice President Iliana YOTOVA (since 22 January 2017)
head of government: Prime Minister Boyko BORISSOV (since 4 May 2017); note - BORISSOV served 2 previous terms as prime minister (27 July 2009-13 March 2013 and 7 November 2014-27 January 2017)
cabinet: Council of Ministers nominated by the prime minister, elected by the National Assembly
elections/appointments: president and vice president elected on the same ballot by absolute majority popular vote in 2 rounds if needed for a 5-year term (eligible for a second term); election last held on 6 and 13 November 2016 (next to be held in fall 2021); chairman of the Council of Ministers (prime minister) elected by the National Assembly; deputy prime ministers nominated by the prime minister, elected by the National Assembly
election results: Rumen RADEV elected president in second round; percent of vote - Rumen RADEV (independent, supported by Bulgarian Socialist Party) 59.4%, Tsetska TSACHEVA (GERB) 36.2%, neither 4.5%; Boyko BORISSOV (GERB) elected prime minister; National Assembly vote - 133 to 100
Legislative branch:
description: unicameral National Assembly or Narodno Sabranie (240 seats; members directly elected in multi-seat constituencies by proportional representation vote to serve 4-year terms)
elections: last held on 26 March 2017 (next to be held spring 2021)
election results: percent of vote by party/coalition - GERB 32.7%, BSP 27.2%, United Patriots 9.1%, DPS 9%, Volya 4.2%, other 17.8%; seats by party/coalition - GERB 95, BSP 80, United Patriots 27, DPS 26, Volya 12
Judicial branch:
highest court(s): Supreme Court of Cassation (consists of a chairman and approximately 72 judges organized into penal, civil, and commercial colleges); Supreme Administrative Court (organized in 2 colleges with various panels of 5 judges each); Constitutional Court (consists of 12 justices); note - Constitutional Court resides outside the judiciary
judge selection and term of office: Supreme Court of Cassation and Supreme Administrative judges elected by the Supreme Judicial Council or SJC (consists of 25 members with extensive legal experience) and appointed by the president; judges can serve until mandatory retirement at age 65; Constitutional Court justices elected by the National Assembly and appointed by the president and the SJC; justices appointed for 9-year terms with renewal of 4 justices every 3 years
subordinate courts: appeals courts; regional and district courts; administrative courts; courts martial
Political parties and leaders:
Alternative for Bulgarian Revival or ABV [Konstantin PRODANOV]
Attack (Ataka) [Volen Nikolov SIDEROV]
Bulgarian Agrarian People’s Union [Nikolay NENCHEV]
Bulgarian Socialist Party or BSP [Korneliya NINOVA]
Bulgaria of the Citizens or DBG [Meglena KUNEVA]
Citizens for the European Development of Bulgaria or GERB [Boyko BORISSOV]
Democrats for a Strong Bulgaria or DSB [Atanas ATANOSOV]
Democrats for Responsibility, Solidarity, and Tolerance or DOST [Lyutvi MESTAN]
IMRO - Bulgarian National Movement or IMRO-BNM [Krasimir KARAKACHANOV]
Movement for Rights and Freedoms or DPS [Mustafa KARADAYA]
National Front for the Salvation of Bulgaria or NFSB [Valeri SIMEONOV]
New Republic (alliance of DSB and other center-right parties) [Radan KANEV]
Reformist Bloc or RB (a four-party alliance including DBG and SDS)
United Patriots (alliance of IMRO-BNM, NFSB, and Attack)
Union of Democratic Forces or SDS [Bozhidar LUKARSKI]
Yes! Bulgaria [Hristo IVANOV]
Volya [Veselin MARESHKI]
Political pressure groups and leaders:
Confederation of Independent Trade Unions of Bulgaria or CITUB [Plamen DIMITROV]
Podkrepa Labor Confederation [Dimitar MANOLOV]
other: numerous regional, ethnic, and national interest groups with various agendas
International organization participation:
Australia Group, BIS, BSEC, CD, CE, CEI, CERN, EAPC, EBRD, ECB, EIB, EU, FAO, G- 9, IAEA, IBRD, ICAO, ICC (national committees), ICCt, ICRM, IDA, IFC, IFRCS, IHO (pending member), ILO, IMF, IMO, IMSO, Interpol, IOC, IOM, IPU, ISO, ITU, ITUC (NGOs), MIGA, NATO, NSG, OAS (observer), OIF, OPCW, OSCE, PCA, SELEC, UN, UNCTAD, UNESCO, UNHCR, UNIDO, UNMIL, UNWTO, UPU, WCO, WFTU (NGOs), WHO, WIPO, WMO, WTO, ZC
Diplomatic representation in the US:
chief of mission: Ambassador Tihomir Anguelov STOYTCHEV (since 27 June 2016)
chancery: 1621 22nd Street NW, Washington, DC 20008
telephone: [1] (202) 387-0174
FAX: [1] (202) 234-7973
consulate(s) general: Chicago, Los Angeles, New York
Diplomatic representation from the US:
chief of mission: Ambassador Eric Seth RUBIN (since 24 February 2016)
embassy: 16 Kozyak Street, Sofia 1408
mailing address: American Embassy Sofia, US Department of State, 5740 Sofia Place, Washington, DC 20521-5740
telephone: [359] (2) 937-5100
FAX: [359] (2) 937-5320
Flag description:
three equal horizontal bands of white (top), green, and red; the pan-Slavic white-blue-red colors were modified by substituting a green band (representing freedom) for the blue
note: the national emblem, formerly on the hoist side of the white stripe, has been removed
National symbol(s):
lion; national colors: white, green, red
National anthem:
name: "Mila Rodino" (Dear Homeland)
lyrics/music: Tsvetan Tsvetkov RADOSLAVOV
note: adopted 1964; composed in 1885 by a student en route to fight in the Serbo-Bulgarian War
Economy
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 (2017 est.)
GDP - real growth rate:
3.6% (2017 est.)
3.4% (2016 est.)
3.6% (2015 est.)
country comparison to the world: 87
GDP - per capita (PPP):
$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
GDP - composition, by end use:
household consumption: 61.7%
government consumption: 15.6%
investment in fixed capital: 19%
investment in inventories: 0.5%
exports of goods and services: 65.5%
imports of goods and services: -62.3% (2017 est.)
GDP - composition, by sector of origin:
agriculture: 4.3%
industry: 28%
services: 67.7% (2017 est.)
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
Labor force:
2.581 million
note: number of employed persons (2017 est.)
country comparison to the world: 116
Labor force - by occupation:
agriculture: 6.8%
industry: 26.6%
services: 66.6% (2016 est.)
Unemployment rate:
6.6% (2017 est.)
7.7% (2016 est.)
country comparison to the world: 92
Population below poverty line:
22% (2015 est.)
Household income or consumption by percentage share:
lowest 10%: 2.2%
highest 10%: 28.4% (2015 est.)
Distribution of family income - Gini index:
37 (2015 est.)
35.4 (2014 est.)
country comparison to the world: 85
Budget:
revenues: $19.53 billion
expenditures: $20.31 billion (2017 est.)
Taxes and other revenues:
34.9% of GDP (2017 est.)
country comparison to the world: 56
Budget surplus (+) or deficit (-):
-1.4% of GDP (2017 est.)
country comparison to the world: 67
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: 166
Fiscal year:
calendar year
Inflation rate (consumer prices):
1.1% (2017 est.)
-1.3% (2016 est.)
country comparison to the world: 46
Central bank discount rate:
0% (31 December 2017 est.)
0.01% (31 December 2015 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
country comparison to the world: 152
Commercial bank prime lending rate:
5.8% (31 December 2017 est.)
6.41% (31 December 2016 est.)
country comparison to the world: 129
Stock of narrow money:
$26.71 billion (31 December 2017 est.)
$22 billion (31 December 2016 est.)
country comparison to the world: 65
Stock of broad money:
$50.98 billion (31 December 2017 est.)
$42.84 billion (31 December 2016 est.)
country comparison to the world: 66
Stock of domestic credit:
$31.6 billion (31 December 2017 est.)
$27.56 billion (31 December 2016 est.)
country comparison to the world: 80
Market value of publicly traded shares:
$5.205 billion (31 December 2017 est.)
$4.797 billion (31 December 2016 est.)
$5.45 billion (31 December 2015 est.)
country comparison to the world: 85
Current account balance:
$1.371 billion (2017 est.)
$2.201 billion (2016 est.)
country comparison to the world: 35
Exports:
$28.05 billion (2017 est.)
$24.96 billion (2016 est.)
country comparison to the world: 65
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
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
Debt - external:
$39.51 billion (31 December 2017 est.)
$37.99 billion (31 December 2016 est.)
country comparison to the world: 72
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
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
Exchange rates:
leva (BGN) per US dollar -
1.73 (2017 est.)
1.77 (2016 est.)
1.77 (2015 est.)
1.76 (2014 est.)
1.47 (2013 est.)
Energy
Electricity access:
electrification - total population: 100% (2016)
Electricity - production:
46.15 billion kWh (2015 est.)
country comparison to the world: 57
Electricity - consumption:
31.79 billion kWh (2015 est.)
country comparison to the world: 60
Electricity - exports:
14.83 billion kWh (2015 est.)
country comparison to the world: 14
Electricity - imports:
4.25 billion kWh (2015 est.)
country comparison to the world: 45
Electricity - installed generating capacity:
10.91 million kW (2015 est.)
country comparison to the world: 58
Electricity - from fossil fuels:
36.3% of total installed capacity (2016 est.)
country comparison to the world: 172
Electricity - from nuclear fuels:
17.3% of total installed capacity (2016 est.)
country comparison to the world: 11
Electricity - from hydroelectric plants:
30% of total installed capacity (2016 est.)
country comparison to the world: 72
Electricity - from other renewable sources:
16.4% of total installed capacity (2016 est.)
country comparison to the world: 42
Crude oil - production:
1,000 bbl/day (2016 est.)
country comparison to the world: 92
Crude oil - exports:
0 bbl/day (2014 est.)
country comparison to the world: 101
Crude oil - imports:
122,800 bbl/day (2014 est.)
country comparison to the world: 39
Crude oil - proved reserves:
15 million bbl (1 January 2017 est.)
country comparison to the world: 87
Refined petroleum products - production:
132,000 bbl/day (2014 est.)
country comparison to the world: 63
Refined petroleum products - consumption:
89,000 bbl/day (2015 est.)
country comparison to the world: 86
Refined petroleum products - exports:
83,450 bbl/day (2014 est.)
country comparison to the world: 45
Refined petroleum products - imports:
44,600 bbl/day (2014 est.)
country comparison to the world: 88
Natural gas - production:
94 million cu m (2016 est.)
country comparison to the world: 83
Natural gas - consumption:
3.209 billion cu m (2015 est.)
country comparison to the world: 76
Natural gas - exports:
0 cu m (2016 est.)
country comparison to the world: 76
Natural gas - imports:
3.093 billion cu m (2016 est.)
country comparison to the world: 44
Natural gas - proved reserves:
5.663 billion cu m (1 January 2017 est.)
country comparison to the world: 93
Carbon dioxide emissions from consumption of energy:
49.92 million Mt (2016 est.)
country comparison to the world: 60
Communications
Telephones - fixed lines:
total subscriptions: 1,478,975
subscriptions per 100 inhabitants: 21 (July 2016 est.)
country comparison to the world: 66
Telephones - mobile cellular:
total: 8,973,869
subscriptions per 100 inhabitants: 126 (July 2016 est.)
country comparison to the world: 90
Telephone system:
general assessment: inherited an extensive but antiquated telecommunications network from the Soviet era; quality has improved with a modern digital trunk line now connecting switching centers in most of the regions; remaining areas are connected by digital microwave radio relay
domestic: the Bulgaria Telecommunications Company's fixed-line monopoly terminated in 2005 in an effort to upgrade fixed-line services; mobile-cellular teledensity, fostered by multiple service providers, is over 125 telephones per 100 persons
international: country code - 359; submarine cable provides connectivity to Ukraine and Russia; a combination submarine cable and land fiber-optic system provides connectivity to Italy, Albania, and Macedonia; satellite earth stations - 3 (1 Intersputnik in the Atlantic Ocean region, 2 Intelsat in the Atlantic and Indian Ocean regions) (2016)
Broadcast media:
4 national terrestrial TV stations with 1 state-owned and 3 privately owned; a vast array of TV stations are available from cable and satellite TV providers; state-owned national radio broadcasts over 3 networks; large number of private radio stations broadcasting, especially in urban areas (2010)
Internet country code:
.bg
Internet users:
total: 4,274,328
percent of population: 59.8% (July 2016 est.)
country comparison to the world: 86
Transportation
National air transport system:
number of registered air carriers: 8
inventory of registered aircraft operated by air carriers: 44
annual passenger traffic on registered air carriers: 1,118,689
annual freight traffic on registered air carriers: 1,583,340 mt-km (2015)
Civil aircraft registration country code prefix:
LZ (2016)
Airports:
68 (2013)
country comparison to the world: 73
Airports - with paved runways:
total: 57
over 3,047 m: 2
2,438 to 3,047 m: 17
1,524 to 2,437 m: 12
under 914 m: 26 (2017)
Airports - with unpaved runways:
total: 11
914 to 1,523 m: 2
under 914 m: 9 (2013)
Heliports:
1 (2013)
Pipelines:
gas 2,765 km; oil 346 km; refined products 378 km (2017)
Railways:
total: 5,114 km
standard gauge: 4,989 km 1.435-m gauge (2,880 km electrified)
narrow gauge: 125 km 0.760-m gauge (2014)
country comparison to the world: 37
Roadways:
total: 19,512 km
paved: 19,235 km (includes 458 km of expressways)
unpaved: 277 km
note: does not include Category IV local roads (2011)
country comparison to the world: 111
Waterways:
470 km (2009)
country comparison to the world: 83
Merchant marine:
total: 80
by type: bulk carrier 2, general cargo 18, oil tanker 8, other 52 (2017)
country comparison to the world: 97
Ports and terminals:
major seaport(s): Burgas, Varna (Black Sea)
Military & Security
Military expenditures:
1.44% of GDP (2016)
1.32% of GDP (2015)
1.47% of GDP (2014)
1.61% of GDP (2013)
1.5% of GDP (2012)
country comparison to the world: 78
Military branches:
Bulgarian Armed Forces: Land Forces (aka Army), Naval Forces, Bulgarian Air Forces (Voennovazdyshni Sily, VVS) (2017)
Military service age and obligation:
18-27 years of age for voluntary military service; conscription ended in January 2008; service obligation 6-9 months (2012)
Transnational Issues
Disputes - international:
none
Refugees and internally displaced persons:
refugees (country of origin): 15,027 (Syria) (2016)
stateless persons: 67 (2016)
note: 42,366 estimated refugee and migrant arrivals (January 2015 - May 2018); Bulgaria is predominantly a transit country and hosts approximately 1,030 migrants and asylum seekers as of March 2018; 2,562 migrant arrivals in 2017
Trafficking in persons:
current situation: Bulgaria is a source and, to a lesser extent, a transit and destination country for men, women, and children subjected to sex trafficking and forced labor; Bulgaria is one of the main sources of human trafficking in the EU; women and children are increasingly sex trafficked domestically, as well as in Europe, Russia, the Middle East, and the US; adults and children become forced laborers in agriculture, construction, and the service sector in Europe, Israel, and Zambia; Romanian girls are also subjected to sex trafficking in Bulgaria
tier rating: Tier 2 Watch List – Bulgaria does not fully comply with the minimum standards for the elimination of trafficking; however, it is making significant efforts to do so; in 2014, authorities prosecuted and convicted fewer traffickers and issued suspended sentences for the majority of those convicted; victim protection efforts declined and were minimal relative to the number of victims identified; funding for the state’s two NGO-operated shelters was significantly cut, forcing them to close; specialized services for child and adult male victims were non-existent; the government took action to combat trafficking-related complicity among public officials and police officers (2015)
Illicit drugs:
major European transshipment point for Southwest Asian heroin and, to a lesser degree, South American cocaine for the European market; limited producer of precursor chemicals; vulnerable to money laundering because of corruption, organized crime; some money laundering of drug-related proceeds through financial institutions
