Bulgaria

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Economic and political outline

Economic indicators | Foreign Trade in figures | Sources of general economic information | Political outline

Economic indicators

Bulgaria, 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.
For further information, consult the CIA Worldfact Book.

Main indicators	2006	2007	2008	2009	2010
GDP (billions USD)	31.69	39.61	51.99e	51.35e	51.80e
GDP (constant prices, annual % change)	6.3	6.2	6.0	-2.0	-1.0e
GDP per capita (USD)	4,120	5,186	6,857	6,823	6,933
Inflation rate (%)	7.4	7.6	12.0e	3.7e	1.3e
Unemployment rate (% of the labor force)	-	-	6.3	-	-
Current Account (billions USD)	-5.84	-9.96	-12.71	-6.30	-1.84e
Current Account (in % of GDP)	-18.4	-25.1	-24.4	-12.3	-3.6e

Source: IMF - World Economic Outlook Database ; CIA - The world factbook

Note: (e) Estimated data

Main sectors of industry

Traditionally an agricultural country, Bulgaria is now considerably industrialised. The country has skilled and cheap workforce. 36% of the population work in the industry sector.
Industry still depends on heavy manufacturing sectors (metallurgical, chemical, machine building) developed during the socialist period. But the most dynamic sectors are textile, pharmaceutical, cosmetics, and now mobile telephony. Bulgaria's main mineral resources include bauxite, copper, lead, zinc, coal, brown coal (lignite), iron ore, and oil and natural gas.
For further information, please visit the website of the Chamber of Commerce and Industry of Bulgaria.

Breakdown of economic activity by sector	Agriculture	Industry	Services
Employment by sector (in % of total employment)	8.9	34.2	56.8
Value added (in % of GDP)	6.2	32.3	61.5
Value added (annual % change)	-29.7	14.0	7.5

- last available data.

Monetary indicators	2004	2005	2006	2007	2008
Bulgarian Lev (BGN) - Average annual exchange rate for 1 USD	1.58	1.57	1.56	1.43	1.34

Source: World Bank - World Development Indicators

Indicator of economic freedom

Score:: 64.6/100
Position:: moderately free
World Rank:: 56 out of 179
Regional Rank:: 26 out of 44

Distribution of Economic freedom in the world
Source: 2008 Index of Economic freedom, Heritage Foundation

Country risk

See the country risk analysis provided by Ducroire.

Foreign trade in figures

The exports partners of the country are Italy, Germany, Turkey, Belgium, Greece, US and France. The imports partners of the country are Germany, Italy, Russia, Greece, France and Austria.
Since its entry in Europe, Bulgaria knows a considerable growth of its commercial exchanges (+ 23% to 24,1 billion), which are strongly unbalanced, with a deficit of 4,4 billion euros.

More offset than Romania, Bulgaria is less dependent on the other European countries who absorb, 56,5% of exports of the country and provide 49,6% of the imports. The rise in the price of energy made of Russia the first supplier of Bulgaria, in front of Germany and Italy. France is the sixth business partner of the country. Bulgaria exports are mainly intermediate goods and rough agricultural produce.

The main Imports of the country are Foods, Fuel and Energy and Capital Goods.

Foreign trade indicators	2003	2004	2005	2006	2007
Imports of goods (millions USD)	9,657	13,619	17,204	22,130	28,646
Exports of goods (millions USD)	7,081	9,931	11,754	15,101	18,575
Imports of services (millions USD)	2,447	3,238	3,404	4,100	4,821
Exports of services (millions USD)	2,961	4,029	4,404	5,289	6,336
Imports of goods and services (annual % change)	16.4	14.5	13.1	14.0	9.9
Exports of goods and services (annual % change)	10.7	12.7	8.5	8.7	5.2
Imports of goods and services (in % of GDP)	64.0	68.5	76.4	83.3	85.5
Exports of goods and services (in % of GDP)	53.3	57.0	60.2	64.5	63.4
Trade Balance (millions USD)	-2,576	-3,688	-5,450	-7,028	-10,071
Trade Balance (including service) (millions USD)	-2,062	-2,897	-4,450	-5,839	-8,556
Foreign trade (in % of GDP)	117.3	125.5	136.6	147.9	148.9

Source: World Bank

Main partner countries

Main customers (% of exports)	2007
Turkey	11.4%
Italy	10.3%
Germany	10.3%
Greece	9.1%
Belgium	6.2%
Romania	4.9%
France	4.0%
United Kingdom	2.5%
Russia	2.4%
Spain	2.4%
United States	2.3%
Macedonia	2.1%
Austria	1.9%
Poland	1.6%
Slovenia	1.6%
Singapore	1.5%
Ukraine	1.2%
Netherlands	1.2%
Georgia	1.2%
Hungary	1.1%
See more countries	52.7%

Main suppliers (% of imports)	2007
Russia	12.5%
Germany	12.3%
Italy	8.7%
Ukraine	7.2%
Turkey	6.8%
Greece	6.2%
Romania	4.5%
Austria	4.3%
France	3.4%
Hungary	3.1%
China	2.8%
Netherlands	2.6%
Czech Republic	2.0%
Poland	2.0%
Belgium	1.8%
United Kingdom	1.6%
Chile	1.6%
Spain	1.5%
Switzerland	1.3%
Macedonia	1.3%
See more countries	52.6%

Source: Comtrade

Main products

Main exports (% of exports)	2007
Mineral fuels, mineral oils and products of their...Mineral fuels, mineral oils and products of their distillation; bituminous substances; mineral waxes	12.8%
Copper and articles thereofCopper and articles thereof	9.8%
Nuclear reactors, boilers, machinery and...Nuclear reactors, boilers, machinery and mechanical appliances; parts thereof	7.5%
Iron and steelIron and steel	7.4%
Articles of apparel and clothing accessories, not...Articles of apparel and clothing accessories, not knitted or crocheted	6.2%
Electrical machinery and equipment and parts...Electrical machinery and equipment and parts thereof; sound recorders and reproducers, television image and sound recorders and reproducers, and parts and accessories of such articles	5.5%
Articles of apparel and clothing accessories,...Articles of apparel and clothing accessories, knitted or crocheted	4.5%
Plastics and articles thereofPlastics and articles thereof	2.3%
Articles of iron or steelArticles of iron or steel	1.9%
Aluminium and articles thereofAluminium and articles thereof	1.8%
Zinc and articles thereofZinc and articles thereof	1.8%
Furniture; bedding, mattresses, mattress supports,...Furniture; bedding, mattresses, mattress supports, cushions and similar stuffed furnishings; lamps and lighting fittings, not elsewhere specified or included; illuminated signs, illuminated name-plates and the like; prefabricated buildings	1.7%
Organic chemicalsOrganic chemicals	1.5%
Wood and articles of wood; wood charcoalWood and articles of wood; wood charcoal	1.5%
Ores, slag and ashOres, slag and ash	1.4%
Pharmaceutical productsPharmaceutical products	1.4%
Glass and glasswareGlass and glassware	1.4%
Footwear, gaiters and the like; parts of such...Footwear, gaiters and the like; parts of such articles	1.3%
Inorganic chemicals; organic or inorganic...Inorganic chemicals; organic or inorganic compounds of precious metals, of rare-earth metals, of radioactive elements or of isotopes	1.3%
Optical, photographic, cinematographic, measuring,...Optical, photographic, cinematographic, measuring, checking, precision, medical or surgical instruments and apparatus; parts and accessories thereof	1.3%
Oil seeds and oleaginous fruits; miscellaneous...Oil seeds and oleaginous fruits; miscellaneous grains, seeds and fruit; industrial or medicinal plants; straw and fodder	1.2%
Tobacco and manufactured tobacco substitutesTobacco and manufactured tobacco substitutes	1.0%
Lead and articles thereofLead and articles thereof	1.0%
Meat and edible meat offalMeat and edible meat offal	0.9%
Beverages, spirits and vinegarBeverages, spirits and vinegar	0.8%
Wool, fine or coarse animal hair; horsehair yarn...Wool, fine or coarse animal hair; horsehair yarn and woven fabric	0.8%
CerealsCereals	0.8%
Vehicles other than railway or tramway...Vehicles other than railway or tramway rolling-stock, and parts and accessories thereof	0.7%
Paper and paperboard; articles of paper pulp, of...Paper and paperboard; articles of paper pulp, of paper or of paperboard	0.7%
Rubber and articles thereofRubber and articles thereof	0.7%
Man-made staple fibresMan-made staple fibres	0.7%
FertilizersFertilizers	0.7%
Ships, boats and floating structuresShips, boats and floating structures	0.7%
Preparations of cereals, flour, starch or milk;...Preparations of cereals, flour, starch or milk; pastrycooks' products	0.6%
Ceramic productsCeramic products	0.6%
Dairy produce; birds' eggs; natural honey; edible...Dairy produce; birds' eggs; natural honey; edible products of animal origin, not elsewhere specified or included	0.6%
Essential oils and resinoids; perfumery, cosmetic...Essential oils and resinoids; perfumery, cosmetic or toilet preparations	0.6%
Preparations of vegetables, fruit, nuts or other...Preparations of vegetables, fruit, nuts or other parts of plants	0.5%
Railway or tramway locomotives, rolling-stock and...Railway or tramway locomotives, rolling-stock and parts thereof; railway or tramway track fixtures and fittings and parts thereof; mechanical (including electro-mechanical) traffic signalling equipment of all kinds	0.5%
Salt; sulphur; earths and stone; plastering...Salt; sulphur; earths and stone; plastering materials, lime and cement	0.5%
Toys, games and sports requisites; parts and...Toys, games and sports requisites; parts and accessories thereof	0.4%
Photographic or cinematographic goodsPhotographic or cinematographic goods	0.4%
Other made-up textile articles; sets; worn...Other made-up textile articles; sets; worn clothing and worn textile articles; rags	0.4%
Knitted or crocheted fabricsKnitted or crocheted fabrics	0.4%
Man-made filamentsMan-made filaments	0.3%
Natural or cultured pearls, precious or...Natural or cultured pearls, precious or semi-precious stones, precious metals, metals clad with precious metal, and articles thereof; imitation jewellery; coin	0.3%
Edible fruit and nuts; peel of citrus fruits or...Edible fruit and nuts; peel of citrus fruits or melons	0.3%
Residues and waste from the food industries;...Residues and waste from the food industries; prepared animal fodder	0.3%
Edible vegetables and certain roots and tubersEdible vegetables and certain roots and tubers	0.3%
Sugars and sugar confectionerySugars and sugar confectionery	0.3%
Articles of leather; saddlery and harness; travel...Articles of leather; saddlery and harness; travel goods, handbags and similar containers; articles of animal gut (other than silkworm gut)	0.3%
Animal or vegetable fats and oils and their...Animal or vegetable fats and oils and their cleavage products; prepared edible fats; animal or vegetable waxes	0.3%
Miscellaneous articles of base metalMiscellaneous articles of base metal	0.3%
CottonCotton	0.2%
Articles of stone, plaster, cement, asbestos, mica...Articles of stone, plaster, cement, asbestos, mica or similar materials	0.2%
Tools, implements, cutlery, spoons and forks, of...Tools, implements, cutlery, spoons and forks, of base metal; parts thereof of base metal	0.2%
Live animalsLive animals	0.2%
Miscellaneous edible preparationsMiscellaneous edible preparations	0.2%
Pulp of wood or of other fibrous cellulosic...Pulp of wood or of other fibrous cellulosic material; recovered (waste and scrap) paper or paperboard	0.2%
Soap, organic surface-active agents, washing...Soap, organic surface-active agents, washing preparations, lubricating preparations, artificial waxes, prepared waxes, polishing or scouring preparations, candles and similar articles, modelling pastes, 'dental waxes' and dental preparations with a basis of plaster	0.2%
Raw hides and skins (other than furskins) and...Raw hides and skins (other than furskins) and leather	0.1%
Coffee, tea, maté and spicesCoffee, tea, maté and spices	0.1%
Albuminoidal substances; modified starches; glues;...Albuminoidal substances; modified starches; glues; enzymes	0.1%
Cocoa and cocoa preparationsCocoa and cocoa preparations	0.1%
Tanning or dyeing extracts; tannins and their...Tanning or dyeing extracts; tannins and their derivatives; dyes, pigments and other colouring matter; paints and varnishes; putty and other mastics; inks	0.1%
Miscellaneous chemical productsMiscellaneous chemical products	0.1%
Printed books, newspapers, pictures and other...Printed books, newspapers, pictures and other products of the printing industry; manuscripts, typescripts and plans	0.1%
See more products	56.2%

Main imports (% of imports)	2007
Nuclear reactors, boilers, machinery and...Nuclear reactors, boilers, machinery and mechanical appliances; parts thereof	11.5%
Vehicles other than railway or tramway...Vehicles other than railway or tramway rolling-stock, and parts and accessories thereof	8.7%
Electrical machinery and equipment and parts...Electrical machinery and equipment and parts thereof; sound recorders and reproducers, television image and sound recorders and reproducers, and parts and accessories of such articles	7.9%
Mineral fuels, mineral oils and products of their...Mineral fuels, mineral oils and products of their distillation; bituminous substances; mineral waxes	5.1%
Ores, slag and ashOres, slag and ash	5.1%
Iron and steelIron and steel	4.9%
Plastics and articles thereofPlastics and articles thereof	3.7%
Articles of iron or steelArticles of iron or steel	2.2%
Pharmaceutical productsPharmaceutical products	2.1%
Aluminium and articles thereofAluminium and articles thereof	1.7%
Copper and articles thereofCopper and articles thereof	1.5%
Paper and paperboard; articles of paper pulp, of...Paper and paperboard; articles of paper pulp, of paper or of paperboard	1.5%
Optical, photographic, cinematographic, measuring,...Optical, photographic, cinematographic, measuring, checking, precision, medical or surgical instruments and apparatus; parts and accessories thereof	1.1%
Furniture; bedding, mattresses, mattress supports,...Furniture; bedding, mattresses, mattress supports, cushions and similar stuffed furnishings; lamps and lighting fittings, not elsewhere specified or included; illuminated signs, illuminated name-plates and the like; prefabricated buildings	1.1%
Articles of apparel and clothing accessories,...Articles of apparel and clothing accessories, knitted or crocheted	1.1%
CottonCotton	1.0%
Rubber and articles thereofRubber and articles thereof	1.0%
Wood and articles of wood; wood charcoalWood and articles of wood; wood charcoal	0.9%
Wool, fine or coarse animal hair; horsehair yarn...Wool, fine or coarse animal hair; horsehair yarn and woven fabric	0.9%
Miscellaneous chemical productsMiscellaneous chemical products	0.8%
Meat and edible meat offalMeat and edible meat offal	0.8%
Articles of apparel and clothing accessories, not...Articles of apparel and clothing accessories, not knitted or crocheted	0.8%
Man-made staple fibresMan-made staple fibres	0.8%
Knitted or crocheted fabricsKnitted or crocheted fabrics	0.8%
Tanning or dyeing extracts; tannins and their...Tanning or dyeing extracts; tannins and their derivatives; dyes, pigments and other colouring matter; paints and varnishes; putty and other mastics; inks	0.7%
Essential oils and resinoids; perfumery, cosmetic...Essential oils and resinoids; perfumery, cosmetic or toilet preparations	0.7%
Ceramic productsCeramic products	0.7%
Man-made filamentsMan-made filaments	0.6%
Organic chemicalsOrganic chemicals	0.6%
Articles of stone, plaster, cement, asbestos, mica...Articles of stone, plaster, cement, asbestos, mica or similar materials	0.5%
Glass and glasswareGlass and glassware	0.5%
Miscellaneous articles of base metalMiscellaneous articles of base metal	0.5%
Footwear, gaiters and the like; parts of such...Footwear, gaiters and the like; parts of such articles	0.5%
Beverages, spirits and vinegarBeverages, spirits and vinegar	0.4%
Raw hides and skins (other than furskins) and...Raw hides and skins (other than furskins) and leather	0.4%
Soap, organic surface-active agents, washing...Soap, organic surface-active agents, washing preparations, lubricating preparations, artificial waxes, prepared waxes, polishing or scouring preparations, candles and similar articles, modelling pastes, 'dental waxes' and dental preparations with a basis of plaster	0.4%
Miscellaneous edible preparationsMiscellaneous edible preparations	0.4%
Tobacco and manufactured tobacco substitutesTobacco and manufactured tobacco substitutes	0.4%
Toys, games and sports requisites; parts and...Toys, games and sports requisites; parts and accessories thereof	0.3%
Preparations of vegetables, fruit, nuts or other...Preparations of vegetables, fruit, nuts or other parts of plants	0.3%
Animal or vegetable fats and oils and their...Animal or vegetable fats and oils and their cleavage products; prepared edible fats; animal or vegetable waxes	0.3%
Edible fruit and nuts; peel of citrus fruits or...Edible fruit and nuts; peel of citrus fruits or melons	0.3%
Residues and waste from the food industries;...Residues and waste from the food industries; prepared animal fodder	0.3%
CerealsCereals	0.3%
Sugars and sugar confectionerySugars and sugar confectionery	0.3%
Tools, implements, cutlery, spoons and forks, of...Tools, implements, cutlery, spoons and forks, of base metal; parts thereof of base metal	0.3%
Salt; sulphur; earths and stone; plastering...Salt; sulphur; earths and stone; plastering materials, lime and cement	0.3%
Dairy produce; birds' eggs; natural honey; edible...Dairy produce; birds' eggs; natural honey; edible products of animal origin, not elsewhere specified or included	0.3%
Miscellaneous manufactured articlesMiscellaneous manufactured articles	0.3%
Railway or tramway locomotives, rolling-stock and...Railway or tramway locomotives, rolling-stock and parts thereof; railway or tramway track fixtures and fittings and parts thereof; mechanical (including electro-mechanical) traffic signalling equipment of all kinds	0.3%
Edible vegetables and certain roots and tubersEdible vegetables and certain roots and tubers	0.3%
Aircraft, spacecraft, and parts thereofAircraft, spacecraft, and parts thereof	0.3%
Special woven fabrics; tufted textile fabrics;...Special woven fabrics; tufted textile fabrics; lace; tapestries; trimmings; embroidery	0.3%
Preparations of cereals, flour, starch or milk;...Preparations of cereals, flour, starch or milk; pastrycooks' products	0.3%
Cocoa and cocoa preparationsCocoa and cocoa preparations	0.3%
Ships, boats and floating structuresShips, boats and floating structures	0.2%
Inorganic chemicals; organic or inorganic...Inorganic chemicals; organic or inorganic compounds of precious metals, of rare-earth metals, of radioactive elements or of isotopes	0.2%
Impregnated, coated, covered or laminated textile...Impregnated, coated, covered or laminated textile fabrics; textile articles of a kind suitable for industrial use	0.2%
Coffee, tea, maté and spicesCoffee, tea, maté and spices	0.2%
FertilizersFertilizers	0.2%
Albuminoidal substances; modified starches; glues;...Albuminoidal substances; modified starches; glues; enzymes	0.2%
Oil seeds and oleaginous fruits; miscellaneous...Oil seeds and oleaginous fruits; miscellaneous grains, seeds and fruit; industrial or medicinal plants; straw and fodder	0.2%
Printed books, newspapers, pictures and other...Printed books, newspapers, pictures and other products of the printing industry; manuscripts, typescripts and plans	0.2%
Lead and articles thereofLead and articles thereof	0.2%
Wadding, felt and nonwovens; special yarns; twine,...Wadding, felt and nonwovens; special yarns; twine, cordage, ropes and cables and articles thereof	0.2%
Live animalsLive animals	0.1%
Articles of leather; saddlery and harness; travel...Articles of leather; saddlery and harness; travel goods, handbags and similar containers; articles of animal gut (other than silkworm gut)	0.1%
Other made-up textile articles; sets; worn...Other made-up textile articles; sets; worn clothing and worn textile articles; rags	0.1%
Nickel and articles thereofNickel and articles thereof	0.1%
Photographic or cinematographic goodsPhotographic or cinematographic goods	0.1%
Other vegetable textile fibres; paper yarn and...Other vegetable textile fibres; paper yarn and woven fabrics of paper yarn	0.1%
See more products	61.7%

Source: Comtrade

See more products: More imports (Intracen Data)
More exports (Intracen Data)

Sources of general economic information

Ministries: Ministry of Economy
Ministry of Finance
Statistical Office: National Statistical Institute
Central Bank: Bulgarian National Bank
Stock Exchange: Bulgarian Stock Exchange
Search Engines: Servers
Dir
Gyuvetch.bg
Search.bg
Economic portals: Bulgaria business portal

Political outline

Executive Power: President is the chief of the state and is directly elected for a 5-year term. President is the commander-in-chief of the armed forces. President nominates the Prime Minister who is elected by the National Assembly. Prime Minister as Chairman of the Council of Ministers holds the executive powers and is also the head of the government. Prime Minister nominates the Council of Ministers.The Council of Ministers is the principal organ of the executive branch. The Council of Ministers must resign if the National Assembly passes a vote of no confidence in the Council or the Prime Minister.
Legislative Power: Bulgaria has a unicameral parliament. The members of the parliament (called National Assembly) are elected for 4-year-terms by popular vote. A political party or coalition must garner a minimum of 4% of the vote in order to enter the National Assembly. Parliament is responsible for enactment of laws, approval of the budget, scheduling of presidential elections, selection and dismissal of the prime minister and other ministers, declaration of war, deployment of troops outside of Bulgaria, and ratification of international treaties and agreements. Bulgarian citizens enjoy considerable political rights.
Main political parties: Bulgaria has a multi-party system, where no single party generally has a chance of gaining power alone. Thus political parties work with each other to form coalition governments. However, the major political parties in the country are:
- BSP (Bulgarian Socialist Party)- socialist, draws its support from rural areas, earlier Bulgarian Communist Party;
- MRF (Movement for Rights and Freedoms)- centrist, liberal , formed mainly from the Turkish ethnic minority;
- SNM (National Movement Simeon II)- liberal, centred around the former king Simeon Saxe-Coburg;
- UtdDF (United Democratic Forces)- an alliance of anti-communist parties;
- ATAKA (Attack Coalition) - a group of nationalist parties, opposes ethnic minorities, advocates stronger ties with Russia.
Current political leaders: President: Georgi PURVANOV (since January 2002) – BSP
Prime Minister: Boyko Borisov (since July 2009)
Next election dates: Presidential: October 2011

Indicator of freedom of the press

World Rank:: 59/173
Evolution:: 8 places down compared to 2007

Source: Worldwide Press Freedom Index 2007, Reporters Without Borders

Indicator of political freedom

Ranking:: Free
Political freedom:: 2/7
Civil liberties:: 2/7

Map of freedom 2007
Source: Freedom House

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