FITA helps you find
service providers for:

Market Research


flag Bulgaria Bulgaria: Economic and Political Outline

Economic Indicators | Foreign Trade in Figures | Sources of General Economic Information | Political Outline

Economic Indicators

Bulgaria has experienced a strong growth since 1996. Successive governments have shown a commitment to establish tax and economic reforms, but they have not accomplished to control inflation and the current account deficit. During the last few years, Bulgaria has experienced a growth of more than 6%, attracting a lot of FDI; however, there are still many challenges to be resolved, especially, corruption problems in the public administration, the weakness of the judiciary system, and the increase of organized crime.
Bulgaria was strongly affected by the financial crisis of 2008 and the country went into recession in 2009.  As a member of the European Union, Bulgaria is subject to respect certain economic criteria.  Bulgaria established a series of measures aiming to improve its economy and, most of all, to reduce its public deficit.  These measures taken by the country as well as the perspective of adopting the Euro as its currency in 2013 can predict a positive outcome to the financial and economic crisis.

 
Main Indicators 2009201020112012 (e)2013 (e)
GDP (billions USD) 48.5747.70e54.2757.7260.77
GDP (Constant Prices, Annual % Change) -5.50.22.53.03.7
GDP per Capita (USD) 6,4216,3567,2437,7428,192
General Government Balance (in % of GDP) -0.2-0.90.50.81.0
General Government Gross Debt (in % of GDP) 15.617.4e17.8e20.520.7
Inflation Rate (%) 2.53.0e3.8e2.92.9
Unemployment Rate (% of the Labor Force) 6.910.310.29.58.8
Current Account (billions USD) -4.34-0.470.890.33-0.91
Current Account (in % of GDP) -8.9-1.01.6e-1.5-

Source: IMF - World Economic Outlook Database ; World Bank , Last Available Data

Note: (e) Estimated Data

Main Sectors of Industry

Traditionally an agricultural country, Bulgaria is now considerably industrialized. The country has a skilled and inexpensive workforce. Nearly a third of the population works in the industrial sector. Bulgaria's main mineral resources include bauxite, copper, lead, zinc, coal, lignite (brown coal), iron ore, oil and natural gas.
Industry still depends on heavy manufacturing sectors (metallurgical, chemical, machine building), which were developed during the socialist period. However, the most dynamic sectors are textile, pharmaceutical products, cosmetic products, and now, the mobile telephone industry.

 
Breakdown of Economic Activity By Sector Agriculture Industry Services
Employment By Sector (in % of Total Employment) 7.1 35.2 57.6
Value Added (in % of GDP) 5.4 30.3 64.3
Value Added (Annual % Change) 3.0 3.5 0.9

Source: World Bank - Last Available Data.

 
 
Monetary Indicators 20062007200820092010
Bulgarian Lev (BGN) - Average Annual Exchange Rate For 1 USD 1.561.431.341.411.48

Source: World Bank - Last Available Data.

 
 
Learn more about Market Analysis about Bulgaria on Globaltrade.net, the Directory for International Trade Services.
 

Indicator of Economic Freedom

Score:
64.9/100
Position:
Moderately free
World Rank:
55/179
Regional Rank:
25/42

Distribution of Economic freedom in the world
Source: 2011 Index of Economic freedom, Heritage Foundation

 

Country Risk

See the Country Risk Analysis Provided By Ducroire.

 

Return to top

Foreign Trade in Figures

Since its entry into the European Union, Bulgaria has achieved a considerable growth in its trade (+ 23%), despite its large imbalance of EUR 4.4 billion in deficit. Situated farther south from Romania, Bulgaria is less dependent on other European countries, even though they still represent 50% of the country's exports and imports.

Bulgarian exports go mainly to Italy, Turkey, Belgium, Greece, the United States and France. Bulgaria mainly exports semi-processed goods and unprocessed products. The country's main imports are  food products, fuel, energy and capital goods from Germany, Italy, Russia, Greece, France and Austria. The rise in energy prices has made of Russia the leading supplier of Bulgaria, followed by Germany and Italy.

In 2009 and 2010, foreign trade was indirectly affected by the global economic crisis to the point that Bulgaria's main partner countries, which are in majority European countries, reduced their orders, as it was the case of Greece which was severely affected by the financial crisis and, therefore, strongly reduced its imports from Bulgaria.  If the economic situation of Bulgaria's trade partners improves in 2011, the level of Bulgarian imports will pick up again.

 
Foreign Trade Indicators 20062007200820092010
Imports of Goods (million USD) 23,27029,96136,90823,53925,341
Exports of Goods (million USD) 15,06418,51822,36216,31820,620
Imports of Services (million USD) 4,0854,9005,9145,0184,043
Exports of Services (million USD) 5,2506,5127,8716,8226,421
Imports of Goods and Services (Annual % Change) 47.79.64.2-21.51.0
Exports of Goods and Services (Annual % Change) 50.76.12.4-10.311.2
Imports of Goods and Services (in % of GDP) 78.879.278.755.962.5
Exports of Goods and Services (in % of GDP) 61.259.558.248.059.6
Trade Balance (million USD) -7,028-10,572-12,624-5,775-3,217
Trade Balance (Including Service) (million USD) -5,844-8,945-10,590-3,922-780
Foreign Trade (in % of GDP) 140.0138.6136.9103.9122.1

Source: WTO - World Trade Organization ; World Bank , Last Available Data

 

Main Partner Countries

Main Customers
(% of Exports)
2010
Germany 10.6%
Italy 9.7%
Romania 9.2%
Turkey 8.5%
Greece 7.9%
See More Countries 54.0%
Main Suppliers
(% of Imports)
2010
Russia 16.1%
Germany 11.7%
Italy 7.4%
Romania 7.0%
Greece 6.0%
See More Countries 51.9%

Source: Comtrade, Last Available Data

 

Main Products

Main Exports
(% of Exports)
2010
Petroleum oils and oils obtained from bituminous...Petroleum oils and oils obtained from bituminous minerals (excl. crude); preparations containing >= 70% by weight of petroleum oils or of oils obtained from bituminous minerals, these oils being the basic constituents of the preparations, n.e.s.; waste oils containing mainly petroleum or bituminous minerals 10.9%
Copper, refined, and copper alloys, unwrought ...Copper, refined, and copper alloys, unwrought (excl. copper alloys of heading 7405) 6.6%
Medicaments consisting of mixed or unmixed...Medicaments consisting of mixed or unmixed products for therapeutic or prophylactic uses, put up in measured doses "incl. those in the form of transdermal administration" or in forms or packings for retail sale (excl. goods of heading 3002, 3005 or 3006) 2.4%
Wheat and meslinWheat and meslin 2.2%
Electrical energyElectrical energy 2.2%
See More Products 75.8%
Main Imports
(% of Imports)
2010
Petroleum oils and oils obtained from bituminous...Petroleum oils and oils obtained from bituminous minerals, crude 12.1%
Petroleum oils and oils obtained from bituminous...Petroleum oils and oils obtained from bituminous minerals (excl. crude); preparations containing >= 70% by weight of petroleum oils or of oils obtained from bituminous minerals, these oils being the basic constituents of the preparations, n.e.s.; waste oils containing mainly petroleum or bituminous minerals 4.3%
Copper ores and concentratesCopper ores and concentrates 4.1%
Petroleum gas and other gaseous hydrocarbonsPetroleum gas and other gaseous hydrocarbons 3.9%
Medicaments consisting of mixed or unmixed...Medicaments consisting of mixed or unmixed products for therapeutic or prophylactic uses, put up in measured doses "incl. those in the form of transdermal administration" or in forms or packings for retail sale (excl. goods of heading 3002, 3005 or 3006) 3.1%
See More Products 72.4%

Source: Comtrade, Last Available Data

 
See More Products
More imports (Intracen Data)
More exports (Intracen Data)
 

Return to top

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

Return to top

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) – GERB
Next Election Dates
Presidential: October 2011
 

Indicator of Freedom of the Press

World Rank:
71/178
Evolution:
3 places down compared to 2009

Source: Worldwide Press Freedom Index 2010, Reporters Without Borders

 

Indicator of Political Freedom

Ranking:
Free
Political Freedom:
2/7
Civil Liberties:
2/7

Map of freedom 2010
Source: Freedom House

 

Return to top

Any Comments About This Content? Report It to Us.

 

© Export Entreprises SA, All Rights Reserved.
Last Updates: January 2012