Economy of Bulgaria
| |
Country group |
|
---|---|
Statistics | |
Population | 6,447,710 (2022)[3] |
GDP | |
GDP rank | |
GDP growth |
|
GDP per capita | |
GDP per capita rank | |
GDP by sector |
|
8.5% (2023)[4] | |
Population below poverty line | |
38.4 medium (2022)[10] | |
Labour force | |
Labour force by occupation |
|
Unemployment | |
Average gross salary | BGN 2,013/ €1,029 / $1,110 monthly (January 2024) |
BGN 1,608 / €806 / $870 monthly (January 2024) | |
Main industries | electricity; tourism; construction; non-ferrous metal mining industry; food, beverages, tobacco; machinery and equipment, automotive parts; chemical products, petroleum refinement (fuels); logistics and transportation; IT sector and outsourcing providers for specialized services. |
External | |
Exports | $30.982 billion (2020)[18] |
Export goods | electricity, tourism, clothing, footwear, iron and steel, machinery and equipment (incl. bicycles, ski equipment), fuels, agriculture (grains), tobacco, IT sector, outsourced specialized services |
Main export partners |
|
Imports | $34.041 billion (2020) |
Import goods | machinery and equipment; metals and ores; chemicals and plastics; fuels, minerals, and raw materials |
Main import partners |
|
FDI stock | |
$2.562 billion (2017)[15] | |
Gross external debt | $42.06 billion (2017)[15] |
Public finances | |
Revenues | BGN 47.59 billion (2021)[21] |
Expenses | BGN 52.48 billion (2021)[21] |
Economic aid |
|
$28.38 billion (2017)[15] | |
All values, unless otherwise stated, are in US dollars. |
The economy of Bulgaria functions on the principles of the
The strongest sectors in the economy are
The Bulgarian economy has developed significantly in the last 26 years, despite all difficulties after the disband of Comecon in 1991. In the early 1990s, the country's slow pace of privatization, contradictory government tax and investment policies, and bureaucratic red tape kept the foreign direct investment (FDI) among the lowest in the region. Total FDI from 1991 through 1996 was $831 million.
In December 1996, Bulgaria joined the World Trade Organization. In the years since 1997, Bulgaria begun to attract substantial foreign investment. In 2004 alone, over 2.72 billion euro ($3.47 billion) were invested by foreign companies. In 2005, economists observed a slowdown to about 1.8 billion euro ($2.3 billion) in the FDI, which is attributed mainly to the end of the privatization of the major state owned companies.
After joining the European Union in 2007, Bulgaria registered a peak in foreign investment of about 6 bln euro. Low productivity and competitiveness on the European and world markets alike due to inadequate R&D funding, however, still remain a significant obstacle for foreign investment.[35] Nevertheless, according to the latest Annual report of the Economic Research Institute at the Bulgarian Academy of Sciences, the average salary in Bulgaria is a quarter (1/4) of the average salary in the European Union, and should be two times higher when the labour productivity is calculated in the formula.[36]
During the
History
During the 17th and 18th century Bulgaria had a largely undeveloped industry with agriculture, crafts, and partly trade being the only developed industry sectors.
Bulgaria was one of the more dynamic industrial areas of the Ottoman Empire.[39] Bulgaria experienced an economic boom in export-oriented textiles in the period 1815–65, even while the Ottoman Empire's economy was in decline.[39] Bulgaria had comparatively weak economic growth from the 1870s to World War I.[39][40] The Bulgarian export sector collapsed after Bulgarian independence in 1878.[39] By 1903, industrial output in Bulgaria was far lower than in 1870.[39]
During the 1930s, the Bulgarian economy was described as an economy militarily bound to Germany. In the early 1940s, as Germany began to lose the Second World War, the Bulgarian economy suffered a decline.[41][42][43]
In the interwar period, there was considerable economic modernization in Bulgaria's agricultural sector, setting the conditions for rapid growth after World War II.[40]
Cold War period
During the Socialism era, Bulgarian economy continued to be industrialized, although free market trade substantially decreased, as private market initiatives became state-regulated. Still, the Bulgarian economy made significant overall progress in modernizing
From the end of World War II until the widespread change of regime in
These new policies resulted in impressive initial rates of economic development.[44] Bulgarian economy closely resembled that of the Soviet Union. Soviet-style centralised planning formed by consecutive five-year plan periods had more immediate benefits there compared to the other Eastern European states where it was first applied in the early 1950s.[46] Throughout the postwar period, economic progress was also substantially assisted by a level of internal political stability unseen in other Eastern European countries during the same period. That represented a change on the Bulgarian political scene as political turbulence was common before BCP's ascent to power.[44]
Nonetheless, beginning in the early 1960s, low capital and labour productivity, as well as expensive material inputs, plagued the Bulgarian economy. With disappointing rates of growth came a high degree of economic experimentation. This experimentation took place within the socialist economic framework, although never approaching a market-based economy.[44]
In the late 1980s, continuing poor economic performance intensified economic hardship. By that time, the misdirection and irrationality of BCP economic policies had become quite clear.[44] Bulgaria's economy contracted dramatically after 1987, shortly before Comecon, with which the Bulgarian economy had integrated closely, dissolved in 1991. On 10 November 1989, at the November plenum of BCP, Todor Zhivkov was dismissed from his long-held party leader and head of state positions. The communist regime gave way to democratic elections and government. Unlike the communist parties in most other Eastern European states, the BCP (changing its name to Bulgarian Socialist Party) retained power by winning the first free national elections in June 1990. That was made possible by changes in party leadership, programme, reduction of its power base and other moves which permitted economic re-orientation toward a market system. This difficult transition combined with political vagueness and unpreparedness of the Bulgarian people for social and economic changes led to dramatically worsening economic conditions during the early 1990s.[44]
1990–2000
Economic performance declined dramatically at the beginning of the 1990s after the disbandment of the
First signs of recovery showed in 1994 when
Successful foreign direct investment and successive governments have demonstrated a commitment to economic reforms and responsible fiscal planning that have contributed greatly to the Bulgarian economy, with a historical growth rate average of 6% a year. Corruption in the public administration and a weak judiciary have continued to be long-term problems, with presence of organized crime remaining very high.[47]
Although politicians were giving warranties that the late-2000s recession would not hit Bulgaria, the economy suffered a 5.5% GDP decline in that period. Unemployment rose for at least five-quarters bringing Bulgaria's worst recession since the early 1990s. Still, economic circumstances were not too severe when compared to the rest of Europe. Future prospects are tied to the country's increasingly important integration with the European Union member states.
Reforms of the 1990s and early 2000s
Members of the government promised to move forward on cash and mass
Rebound from the February 1997 crisis
In April 1997, the
- privatization and, where appropriate, liquidation of state-owned enterprises (SOEs);
- liberalization of agricultural policies, including creating conditions for the development of a land market;
- reform of the country's social insurance programs; and
- reforms to strengthen contract enforcement and fight crime and corruption.
Despite reforms, weak control over privatization led many successful state enterprises to bankruptcy. The SDS government also failed to stop the growing negative account balance, which has since then continued to increase, reaching a negative of $12.65 billion in 2008.
The economy really took off between 2003 and 2008 and growth figures quickly shot up, fluctuating between figures as high as 6.6% (2004) and 5.0% (2003). Even in the last pre-crisis year, 2008, the Bulgarian economy was growing rapidly at 6.0%, despite significantly slowing down in the last quarter.[49]
Part of the European Union
On 1 January 2007 Bulgaria entered the
Financial crisis of 2007–2008
The country suffered a difficult start to 2009, after gas supplies were cut in the Russia-Ukraine gas dispute. Industrial output suffered, as well as public services, exposing Bulgaria's overdependence on Russian raw materials. The
During 2009, the grim forecasts for the effects of the Great Recession on the Bulgarian economy largely materialized. Although suffering less than the worst-hit countries, Bulgaria recorded its worst economic results since the 1997 meltdown. GDP shrank by around 5% and unemployment jumped. Consumer spending and foreign investment dropped dramatically and depressed growth in 2010 to 0.3%. Unemployment remains consistently high at around 10%.
New government and fiscal discipline
The government of
Bulgaria was expected to join the Eurozone in 2013 but after the rise of some instability in the zone Bulgaria is withholding its positions towards the Euro, combining positive and realistic attitudes.[59][60] The 2012 Transatlantic Trends poll found that 72 percent of Bulgarians did not approve of the economic policy pursued by the government of the (then) ruling center-right GERB party and Prime Minister Boyko Borisov.[61] In 2024 Bulgaria is making final preparations to adopt the Euro and depending on the inflation rate during the year, the country has a chance of joining the Eurozone in 2025.[62]
Economic statistics
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Data
Data
The following table shows the main economic indicators in 1980–2018.[63]
Year | GDP (in Bil. US$ PPP) |
GDP per capita (in US$ PPP) |
GDP
(in Bil. US$ nominal) |
GDP growth (real) |
Inflation rate (in Percent) |
Unemployment (in Percent) |
Budget balance (in % of GDP) |
Government debt (in % of GDP) |
---|---|---|---|---|---|---|---|---|
1980 | 39.6 | 4,497 | 37.8 | 5.87% | n/a | n/a | n/a | n/a |
1981 | 45.7 | 5,168 | 40.7 | 5.3% | 0% | n/a | n/a | n/a |
1982 | 50.5 | 5,701 | 42.5 | 4.2% | 2.8% | n/a | n/a | n/a |
1983 | 54.1 | 6,087 | 43.6 | 3.0% | 2.8% | n/a | n/a | n/a |
1984 | 58.6 | 6,585 | 46.4 | 4.6% | 2.8% | n/a | n/a | n/a |
1985 | 61.5 | 6,911 | 39.7 | 1.8% | 2.8% | n/a | n/a | n/a |
1986 | 66.1 | 7,426 | 35.1 | 5.3% | 2.7% | n/a | n/a | n/a |
1987 | 70.9 | 7,978 | 40.7 | 4.7% | 2.7% | n/a | n/a | n/a |
1988 | 75.2 | 8,480 | 66.5 | 2.4% | 2.5% | n/a | n/a | n/a |
1989 | 77.7 | 8,807 | 67.8 | 0.5% | 6.4% | 0.0% | n/a | n/a |
1990 | 73.3 | 8,358 | 29.9 | 9.1% | 23.9% | 2.9% | n/a | n/a |
1991 | 67.6 | 7,777 | 2.9 | 10.8% | 335.5% | 6.8% | n/a | n/a |
1992 | 63.3 | 7,360 | 11.9 | 8.4% | 82.0% | 13.2% | n/a | n/a |
1993 | 57.3 | 6,736 | 6.4 | 11.6% | 72.8% | 15.8% | n/a | n/a |
1994 | 56.4 | 6,707 | 11.3 | 3.7% | 96.0% | 14.1% | n/a | n/a |
1995 | 56.6 | 6,511 | 19.0 | 1.6% | 62.1% | 11.4% | n/a | n/a |
1996 | 53.0 | 6,448 | 12.3 | 8.0% | 123.0% | 11.0% | n/a | n/a |
1997 | 53.1 | 6,502 | 11.3 | 1.6% | 1,061.2% | 14.0% | n/a | n/a |
1998 | 56.3 | 6,943 | 15.0 | 4.9% | 18.7% | 12.4% | 1.2% | 76.5% |
1999 | 56.8 | 7,042 | 13.6 | 0.5% | 2.6% | 13.8% | 0.2% | 79.4% |
2000 | 61.0 | 7,483 | 13.2 | 5.0% | 10.3% | 18.1% | 0.6% | 73.9% |
2001 | 64.7 | 8,195 | 14.2 | 3.8% | 7.4% | 17.5% | 0.6% | 67.6% |
2002 | 69.6 | 8,870 | 16.4 | 5.9% | 5.8% | 17.4% | 0.6% | 53.8% |
2003 | 74.5 | 9,555 | 21.1 | 5.2% | 2.3% | 13.9% | 0.0% | 45.8% |
2004 | 81.5 | 10,498 | 26.2 | 6.4% | 6.1% | 12.2% | 1.6% | 38.1% |
2005 | 90.0 | 11,660 | 29.9 | 7.1% | 6.0% | 10.2% | 2.2% | 28.7% |
2006 | 99.1 | 12,904 | 34.4 | 6.9% | 7.4% | 9.0% | 3.2% | 22.8% |
2007 | 109.2 | 14,297 | 44.4 | 7.3% | 7.6% | 6.9% | 3.1% | 17.6% |
2008 | 118.1 | 15,521 | 54.5 | 6.0% | 12.0% | 5.7% | 2.7% | 14.7% |
2009 | 114.7 | 15,164 | 52.0 | 3.6% | 2.5% | 6.9% | 0.9% | 14.6% |
2010 | 117.6 | 15,666 | 50.7 | 1.3% | 3.0% | 10.3% | 3.8% | 14.1% |
2011 | 122.3 | 16,694 | 57.7 | 1.9% | 3.4% | 11.4% | 1.8% | 14.4% |
2012 | 124.7 | 17,120 | 54.3 | 0.0% | 2.4% | 12.4% | 0.4% | 16.7% |
2013 | 127.5 | 17,600 | 55.8 | 0.5% | 0.4% | 13.0% | 1.8% | 17.2% |
2014 | 132.3 | 18,373 | 57.1 | 1.8% | -1.6% | 11.5% | 3.7% | 26.4% |
2015 | 138.4 | 19,344 | 50.8 | 3.5% | -1.1% | 9.2% | 2.8% | 25.6% |
2016 | 145.5 | 20,474 | 54.0 | 3.9% | -1.3% | 7.7% | 1.6% | 27.4% |
2017 | 153.8 | 21,817 | 59.3 | 3.8% | 1.2% | 6.3% | 0.8% | 23.3% |
2018 | 162.3 | 23,155 | 66.4 | 3.2% | 2.6% | 5.2% | 0.1% | 20.5% |
Industrial production | ||
---|---|---|
Kozloduy Nuclear Power Plant - the largest Power Plant in South-eastern Europe | ||
Main industries | Metallurgical industry, electricity, electronics, machinery and equipment, shipbuilding, petrochemicals, cement and construction, textiles, food and beverages, mining, tourism | |
Industrial growth rate | 5.5% (2007) | |
Labor force | 33.6% of total labor force | |
GDP of sector | 31.3% of total GDP | |
Household income or consumption by percentage share:
- lowest 10%: 2.9%
- highest 10%: 25.4% (25.4)
Distribution of family income -
Industrial production growth rate: 11.3% (Third Quarter)
Electricity:
- production: 45.7 TWh(2006)
- consumption: 37.4 TWh (2006)
- exports: 7.8 TWh (2006)
- imports: 0 TWh (2006)
Electricity - production by source:
- fossil fuel: 47.8%
- hydro: 8.1%
- nuclear: 44.1%
- other: 0% (2001)
Oil:
- production: 3,000 bbl/day (2005 est.)
- consumption: 131,400 bbl/day (2005 est.)
- exports: 51,000 (2005 est.)
- imports: 138,800 (2004 est.)
- proved reserves: 15 million bbl (1 January 2006)
Natural gas:
- production: 407,000 cu m (2005 est.)
- consumption: 5.179 billion cu m (2005 est.)
- exports: 0 cu m (2005 est.)
- imports: 5.8 billion cu m (2005)
- proved reserves: 5.703 billion cu m (1 January 2006 est.)
Agriculture - products:
Current account balance: $ -5.01 billion (2006 est.)
Reserves of foreign exchange & gold: $11.78 billion (2006 est.)
Exchange rates:
Year | 2000 | 2001 | 2002 | 2003 | 2004 | 2005 | 2006 | 2007 |
---|---|---|---|---|---|---|---|---|
Rate | 2.12 | 2.18 | 2.08 | 1.73 | 1.58 | 1.57 | 1.56 | 1.43 |
Sectors
In 2022, the sector with the highest number of companies registered in Bulgaria is Services with 200,853 companies followed by Retail Trade with 173,189 companies.[64]
Industry and construction
Much of Bulgaria's communist-era industry was heavy industry, although biochemicals and computers were significant products beginning in the 1980s. Because Bulgarian industry was configured to Soviet markets, the end of the Soviet Union and the Warsaw Pact caused a severe crisis in the 1990s. After showing its first growth since the communist era in 2000, Bulgaria's industrial sector has grown slowly but steadily in the early 2000s. The performance of individual manufacturing industries has been uneven, however. Food processing and tobacco processing suffered from the loss of Soviet markets and have not maintained standards high enough to compete in Western Europe. Textile processing generally has declined since the mid-1990s, although clothing exports have grown steadily since 2000.[65]
Oil refining survived the shocks of the 1990s because of a continuing export market and the purchase of the Burgas refinery by the Russian oil giant LUKoil. The chemical industry has remained in good overall condition but is subject to fluctuating natural gas prices. Growth in ferrous metallurgy, which is dominated by the Kremikovtsi Metals Combine, has been delayed by a complex privatization process and by obsolete capital equipment. Non-ferrous metallurgy has prospered because the Pirdop copper smelting plant was bought by Union Minière of Belgium and because export markets have been favourable.[65]
The end of the Warsaw Pact alliance and the loss of Third World markets were grave blows to the defence industry. In the early 2000s, the industry's plan for survival has included upgrading products to satisfy Western markets and doing cooperative manufacturing with Russian companies. The electronics industry, which also was configured in the 1980s to serve Soviet markets, has not been able to compete with Western computer manufacturers. The industry now relies on contract agreements with European firms and attracting foreign investment. The automotive industry has ceased the manufacture of cars, trucks, and buses. Manufacture of forklifts, a speciality in the communist era, also has stopped. In the early 2000s, shipbuilding has prospered at the major Varna and Ruse yards because of foreign ownership (Ruse) and privatization (Varna).[66]
Only in recent years electronics and electric equipment production has regained higher levels. The largest centres include
Many factories producing transportation equipment currently[update] still do not operate at full capacity. Plants produce trains (
Construction output fell dramatically in the 1990s as industrial and housing construction declined, but a recovery began in the early 2000s. The sector, now dominated by private firms, has resumed the foreign building programs that led to prosperity in the communist era. The Glavbolgarstroy firm has major building projects in Kazakhstan, Russia, and Ukraine as well as domestic contracts.[68]
One of the biggest Romanian investments in Bulgaria is in the construction/retail industry, namely the Budmax brand of construction supply stores (owned by Arabesque).[69]
Energy
Bulgaria relies on imported oil and natural gas (most of which comes from Russia), together with domestic generation of electricity from coal-powered and hydro plants, and the Kozloduy nuclear plant. Bulgaria imports 97% of its natural gas from Russia.[70] The economy remains energy-intensive because conservation practices have developed slowly. The country is a major regional electricity producer. Bulgaria produced 38.07 billion kWh of electricity in 2006[71] (in comparison,
The Kozloduy nuclear plant, which in 2005 supplied more than 40 percent of Bulgaria's electric power, will play a diminishing role because two of its remaining four reactors (two were closed in 2002) must be closed by 2007 to comply with European Union (EU) standards. Kozloduy, which exported 14 percent of its output in 2006, was expected to cease all exportation in 2007. Construction of the long-delayed Belene nuclear plant resumed in 2006 although the project was canceled in 2012.[74] Despite that there were attempts to restart the project.[75][76] Belene, planned in the 1980s but then rejected, was revived by the safety controversy at Kozloduy.[68]
Oil exploration is ongoing offshore in the Black Sea (the Shabla block) and on the Romanian border, but Bulgaria's chief oil income is likely to come as a transfer point on east–west and north–south transit lines. Burgas is Bulgaria's main oil port on the Black Sea. Bulgaria's largest oil refinery, Neftochim, was purchased by Russian oil giant LUKoil in 1999 and underwent modernization in 2005. Bulgaria's only significant coal resource is low-quality lignite, mainly from the state-owned Maritsa-Iztok and Bobov Dol complexes and used in local thermoelectric power stations.[68]
Thermal power stations (TPPs) provide a significant amount of energy, with most of the capacity concentrated in the Maritsa Iztok Complex. The largest TPPs include:
- "Maritsa Iztok 2" - 1,450 MW
- "Varna" - 1,260 MW
- "Maritsa Iztok 3" - 870 MW
- "Bobov Dol" - 630 MW
- "Ruse Iztok" - 600 MW
- "Maritsa Iztok 1/ TETS Galabovo" - 650 MW
A$1.4 bln. project for the construction of an additional 670 MW block for the 500 MW Maritza Iztok 1 Thermal Power Station[77] was completed on 3 June 2011.
Bulgaria ranks as a minor oil producer (97th in the world) with a total production of 3,520 bbl/day.[78] Prospectors discovered Bulgaria's first
Recent years[update] have seen a steady increase in electricity production from renewable energy sources such as wind and solar power.[81] Wind energy has large-scale prospects, with up to 3,400 MW of installed capacity potential.[82] As of 2009[update] Bulgaria operates more than 70 wind turbines with a total capacity of 112.6 MW, and plans to increase their number nearly threefold to reach a total capacity of 300 MW in 2010.[83]
From 2010 to 2017, the import of waste for
Services and tourism
Although the contribution of services to gross domestic product (GDP) has more than doubled in the post-communist era, a substantial share of that growth has been in government services, and the qualitative level of services varies greatly. The Bulgarian banking system, which was weak in the first post-communist years, was fully reformed in the late 1990s, including stronger oversight from the National Bank of Bulgaria and gradual privatisation. In 2003 the banking system was fully privatised, and substantial consolidation began making the system more efficient in 2004. Several smaller banks grew substantially between 2004 and 2006. These processes increased public confidence in the banks. Although the system still requires consolidation, loan activity to individuals and businesses increased in the early 2000s. The insurance industry has grown rapidly since a market reform in 1997, with the help of foreign firms. An example is the Bulgarian Insurance Group (BIG), a pension-fund and insurance management company owned by the Dutch-Israeli TBI Holding Company and the European Bank for Reconstruction and Development (EBRD). The introduction of health and pension insurance plans has expanded the private insurance industry. A series of reform laws in the early 2000s enabled the Bulgarian Stock Exchange to begin regular operation. As of 2005, stock market activity was limited by lack of transparency, although the growth rate increased beginning in 2004.[88]
After a decline in the 1990s, in the 21st century the tourism industry has grown rapidly. In 2016 some 10 million foreigners visited Bulgaria, up from 4 million in 2004 and 2.3 million in 2000. This trend is based on a number of attractive destinations, low costs, and restoration of facilities. Most of the industry had been privatised by 2004. Infrastructure items such as recreation facilities and booking services require improvement. Development of Bulgaria's retail sales sector was slow until the early 2000s, when a large number of Western-style outlets began to appear, and Sofia developed as a retail center. By 2006, several major European retail chains had opened stores, and others planned to enter the Bulgarian market.[89]
Bulgaria has attracted considerable investment from foreigners buying property either for their own use or for investment. In 2006, more than 29% of property deals were signed by foreigners, more than half of whom were British citizens.[90] Various companies, such as Bulgarian Dreams, actively marketed Bulgarian properties to buyers overseas.
In 2007 Bulgaria was visited by 5,200,000 tourists, ranking 39th in the world.[91] Tourists from Greece, Romania and Germany account for 40% of visitors.[92] Significant numbers of British (+300,000), Russian (+200,000), Serbian (+150,000), Polish (+130,000) and Danish (+100,000) tourists also visit Bulgaria. Most of them are attracted by the varying and beautiful landscapes, well-preserved historical and cultural heritage, and the tranquility of rural and mountain areas.
In Easter of 2018 it was reported that around 90% of tourists in Varna, one of Bulgaria's largest tourism locations, came from Romania.[93]
Main destinations include the capital
Agriculture, forestry, and fishing
In the communist era, Bulgaria's agriculture was heavily centralized, integrated with agriculture-related industries, and state-run. In the postcommunist era, the process of restoring agricultural land to private owners has been in a form that ensures productivity has been slow. Bank investment and insecurity in the land market contributed to slow development in the 1990s. By 2004 some 98 percent of the workforce and output of Bulgaria's agricultural sector was private, including a number of large private cooperative enterprises. A significant amount of food also is produced for direct consumption by non-farmers on small plots, which are an important support for parts of the population. In 2000 and 2003, droughts limited agricultural production, and floods had the same effect in 2005. Bulgaria's main field crops are wheat, corn, and barley. The main industrial crops are sugar beets, sunflowers, and tobacco. Tomatoes, cucumbers, and peppers are the most important vegetable exports. Production of apples and grapes, Bulgaria's largest fruit products, has decreased since the communist era, but the export of wine has increased significantly. The most important types of livestock are cattle, sheep, poultry, pigs, and buffaloes, and the main dairy products are yogurt, cow and sheep cheese.
In 2004 an estimated one-third of Bulgaria's land mass was covered by forests, of which about 40 percent was conifers. Between 1980 and 2000, the forested area increased by 4.6 percent. In 2002 a total of 4,800 tons of timber was harvested, 44 percent of which was fuel wood and 20 percent, pulpwood. Although nominal state timber standards are very strict, in 2004 an estimated 45 percent of Bulgaria's timber harvest was logged illegally because of corruption in the forest service. Some 7.5 percent of forests are protected from all uses, and 65 percent are designated for ecological and commercial use. In 2005 about 70 percent of the total forest resource was rated economically viable.[96]
Since Bulgaria stopped high-seas fishing in 1995, the country has imported increasing amounts of fish. The fish farming industry (particularly sturgeon) has expanded in the early 2000s, and some environmental improvements in the Black Sea and the Danube River, the principal sources of fish, may increase the take in future years. However, the catch from those sources has decreased sharply in recent decades, yielding only a few species of fish for domestic markets in 2004. Between 1999 and 2001, Bulgaria's total fish harvest, wild and cultivated, dropped from 18,600 tons to 8,100 tons, but in 2003 the harvest had recovered to 16,500 tons.[65]
Production of the most important crops (according to the
Mining and minerals
Bulgaria's mining industry has declined in the post-communist era. Many deposits have remained underdeveloped because of a lack of modern equipment and low funding. Mining has contributed less than 2 percent of GDP and engaged less than 3 percent of the workforce in the early 2000s. Bulgaria has the following estimated deposits of metallic minerals: 207 million tons of iron ore, 127 million tons of manganese ore, 936 million tons of copper ore, 238 million tons of chromium ore, and 150 million tons of gold ore. Several of Bulgaria's minerals are extracted commercially; 80 percent of mining is done by open-pit excavation. Iron extraction at Kremikovtsi and elsewhere is not sufficient to support the domestic steel industry, but copper, lead, and zinc deposits fully supply the nonferrous metallurgy industries. A British firm has exploratory gold mines at Dikanyite and Gornoseltsi, and a domestic copper and gold mine operates at Chelopech. About 50 nonmetallic minerals are present in significant amounts. Substantial amounts of uranium are present in the Rhodope Mountains, but no extraction has occurred in the last 10 years.[65]
Despite the poor performance of the mining sector, productivity has increased in recent years. Mining remains one of the most important sources of export earnings and is still a significant contributor to economic growth. The mining industry is worth $760 mln,
The "Elatsite" copper mine and reprocessing facility, built during
Ferrous metallurgy has major importance. Much of the production of steel and pig iron takes place in Kremikovtsi and Stomana steel in Pernik, with a third metallurgical base in Debelt. In production of steel and steel products per capita the country heads the Balkans. As of 2009[update] the fate of Kremikovtsi steel factories has come under debate because of serious pollution in the capital, Sofia.
The largest refineries for
Infrastructure
Bulgaria's national road network has a total length of 40,231 kilometers (24,998 mi),[113] of which 39,587 kilometers (24,598 mi) are paved.[114] The motorways in Bulgaria, such as Trakia, Hemus, Struma and Maritsa, are being improved and elongated to a total length of 760 km (470 mi) as of November 2015. Railroads are a major mode of freight transportation, although highways carry a progressively larger share of freight.[114] Bulgaria also has 6,238 kilometers (3,876 mi) of railway track[114] and plans to construct a high-speed railway by 2017, at a cost of €3 bln.[115][116] Sofia and Plovdiv are major air travel hubs, while Varna and Burgas are the principal maritime trade ports.[114]
Bulgaria has an extensive, but antiquated telecommunications network which requires substantial modernization.
Science and technology
In 2010, Bulgaria spent 0.25% of its GDP on scientific research,[122] which represents one of the lowest scientific budgets in Europe.[123]
Chronic underinvestment in the sector since 1990 forced many scientific professionals to leave the country.
The Bulgarian Academy of Sciences (BAS) is the leading scientific institution in the country and employs most of Bulgaria's researchers in its numerous branches. The principal areas of research and development are energy, nanotechnology, archaeology and medicine.[122] With
From June 2017, Bulgaria will have its first
satellite platform. BulgariaSat-1 is the first in the history of the country geostationary communications satellite at the Bulgarian orbital position and it is designed to provide Direct-to-Home (DTH)[136] television service and data communications services to the Balkans and other European regions. In this way, Bulgaria will be among other European countries with their satellites, namely Belarus, France, Greece, Italy, Luxembourg, Norway, Russia, Spain, Sweden, Turkey and the United Kingdom.[137]Due to its large-scale computing technology exports to
Labour
In 2005 the labour force was estimated at 3.3 million; in 2004, 11 percent worked in agriculture, 33 percent in industry, and 56 percent in services. The unemployment rate has been in double digits throughout the post-communist era, reaching a high point of 19 percent in 2000. Since then, the rate has decreased substantially with the creation of new jobs in private and state enterprises. In 2005 the official figure was 11.5 percent, compared with 16.9 percent at the end of 2002. However, in 2003 an estimated 500,000 Bulgarians were unemployed but not officially counted because they were not seeking work. In January 2005, the government raised the minimum wage by 25 percent, to US$90 per month. The largest labour unions are Podkrepa (Support) and the Confederation of Independent Trade Unions in Bulgaria. They represent labour in the National Council for Tripartite Partnership, in which they join government and business representatives to discuss issues of labour, social security, and living standards. The unions were an important political force in the fall of the Zhivkov regime.[89] In late autumn of 2016 reported an unemployment rate of 7%. In 2016, the government increased the minimum wage to 215 euros per month. At the end of 2016 the average monthly salary is about 480 euros a month, but there are differences in the regions of the country. The average monthly gross salary has reached the value of 1,036 leva (530 euro) in March 2017.[140] According to the latest Annual report of the Institute of Economic Studies at the Bulgarian Academy of Sciences, the average salary in Bulgaria is only a quarter (1/4) of the average salary in the EU, and should be two times higher when the labour productivity is calculated in the formula.[36]
Currency and inflation
Bulgaria's unit of currency is the lev (pl., leva). In October 2006, the U.S. dollar was worth 1.57 leva. In 1999 the value of the lev was pegged to that of the German Deutschmark, which was replaced by the euro in 2001. Following Bulgaria's admission to the EU, the lev is scheduled to be replaced by the euro.[141]
In 2003 Bulgaria's inflation rate was estimated at between 2.3 and 3 percent. The rate was 6 percent in 2004 and 5 percent in 2005.[96] In 2015 and 2016 it was recorded minimum level of deflation.
Taxation, state budget and debt
As of 1 January 2008 the
For 2005 Bulgaria's estimated state revenues totaled US$11.2 billion, and its estimated state expenditures, including capital expenditures, were US$10.9 billion, yielding a surplus of US$300 million. In 2004 revenues totaled US$10.1 billion and expenditures US$9.7 billion, for a surplus of US$400 million.[96]
After the political changes, in 1991, Bulgaria had a US$11.25 billion state debt, which represented 180% of the GDP. The state debt peaked in 1994, when it reached US$14.4 billion. During 1998-2008 Bulgaria maintained policy of
Foreign economic relations
In the 1990s, Bulgaria moved gradually away from dependence on markets in the former Soviet sphere, increasing its exports to the European Union (EU). In 1999 Bulgaria joined the Central European Free-Trade Agreement (CEFTA), with whose members (Croatia, the Czech Republic, Hungary, Poland, Romania, Slovakia, and Slovenia; Macedonia was added in 2006) it has established important trade relations. The admission of all but Croatia and Romania to the EU in 2004 reduced the significance of CEFTA trade, however. In 2004 some 54 percent of Bulgaria's import trade and 58 percent of its export trade was with EU member countries. Bulgaria has bilateral free-trade agreements with Albania, Croatia, Estonia, Israel, Latvia, Lithuania, Macedonia, Moldova, and Turkey.[89]
In the early 2000s, hydrocarbon fuels remained an important import, although beginning in the late 1990s those commodities' share of total imports decreased significantly, from 29 percent in 1996 to 13 percent in 2004. During that period, the diversification of imported products improved as the volume of machinery and equipment, consumer products, and automobiles increased. A large percentage of imports is accounted for by raw materials such as cloth, metal ore, and petroleum, which are processed and re-exported. The most important imports in 2005 were machinery and equipment, metals and ores, chemicals and plastics, fuels, and minerals. The major sources of imports, in order of volume, were Germany, Russia, Italy, Turkey, and Greece. In 2005 Bulgaria's largest export markets, in order of volume, were Italy, Germany, Turkey, Greece, and Belgium. The most important export commodities were clothing, footwear, iron and steel, machinery and equipment, and fuels. In 2005 Bulgaria's exports totaled US$11.7 billion and its imports totaled US$15.9 billion, incurring a trade deficit of US$4.2 billion. The trade deficit is especially severe with Russia, where markets for Bulgarian goods have shrunk drastically in the early 2000s.[144]
In the first half of 2006, Bulgaria had a current account deficit of US$2.3 billion, a substantial increase over the deficit for the same period of 2005, which was some US$1.4 billion. Its trade deficit was US$2.78 billion, foreign direct investment totaled US$1.8 billion, and the financial account balance was US$2.29 billion. In mid-2006 the overall balance of payments was US$883 million, compared with US$755 million for the same period of 2005.[145]
Bulgaria's large foreign debt has been an economic burden throughout the postcommunist era. At the end of 2005, Bulgaria reported an external debt of US$15.2 billion, an increase in value but a decrease as a percentage of gross domestic product (GDP) compared with 2002 and previous years. As a percentage of GDP, the external debt remained constant between 2004 and 2005.[145]
Beginning in the late 1990s, investment from the West and from Russia has contributed significantly to recovery from the economic crisis of 1996–97, but the rate of investment has remained lower than that in other countries of Eastern Europe. In 2003 the largest national sources of foreign direct investment, in order of volume, were Austria, Greece, Germany, Italy, and the Netherlands. In 1997 the Belgian Solve company bought the Deny Soda Combine, and in 1999 LUKoil of Russia bought the Neftochim Oil Refinery at Burgas. Union Minière, a Belgian mining company, bought the large Pirdop copper-smelting plant, giving an important boost to Bulgarian nonferrous metallurgy. A number of foreign companies have invested in the chemical fertilizer and food-processing industries in the early 2000s, China invested in the Bulgarian electronics industry. Some cooperative agreements have been made for manufacture of vehicle components. Daimler-Chrysler of Germany has a contract to update Bulgaria's military transport vehicles between 2003 and 2015. The French Eurocopter company has a bilateral protocol involving a variety of machinery, computer software, and other industrial products. In 2004 Bulgarian oil reserves attracted interest from Melrose Resources of Edinburgh. Russia's natural gas giant, Gazprom, has pledged investment in Bulgaria's natural gas infrastructure in exchange for increased purchase of its product. A three-company Israeli consortium agreed in 2004 to work with the domestic Overgas company (which is half-owned by Gazprom) on a major natural-gas distribution network in Bulgaria. In 2005 three European consortia submitted bids for construction of the Belene nuclear power plant. One such investor is the Italian ENEL energy consortium, which also owns the Maritsa–Iztok–3 thermal power plant. In 2006 Russia's Gazprom company bid against several European energy companies for ownership of newly privatized regional heating utilities, and the Austrian Petromaxx Energy Group invested US$120 million in a new oil refinery at Silistra.[145]
In December 1996, Bulgaria joined the World Trade Organization. In the early 1990s Bulgaria's slow pace of privatization, contradictory government tax and investment policies, and bureaucratic red tape kept foreign investment among the lowest in the region. Total direct foreign investment from 1991 through 1996 was $831 million. In the years since 1997, however, Bulgaria has begun to attract substantial foreign investment. In 2004 alone over 2.72 billion Euro (3.47 billion US dollars) were invested by foreign companies. In 2005 economists observed a slowdown to about 1.8 billion euros (2.3 billion US dollars) in FDI which is attributed mainly to the end of the privatization of the major state owned companies. After joining the EU in 2007 Bulgaria registered a peak in foreign investment of about 6 billion euros.
Miscellaneous data
Bulgarian households with Internet access at home[146]
The data on ICT usage in households and by individuals are based on an annual sample survey which is part of the European Community Statistical Programme. The methodology and the statistical tools are completely harmonized to Eurostat requirements and Regulation No.808/2004 of the European Parliament and the council. The aim of the survey is to collect and disseminate reliable and comparable information on the use of Information and Communication Technologies in households at European level and covers the following subjects:
- access to and use of ICT systems by individuals and/or in households;
- use of internet for different purposes by individuals and/or in households;
- ICT security;
- ICT competence;
- e-Commerce;
- barriers to use of ICT and the internet;
- perceived effects of ICT usage on individuals and/or in households.
2014 | 2015 | 2016 | 2017 | 2018 | 2019 | |
Total | 56,7% | 59,1% | 63,5% | 67,3% | 72,1% | 75,1% |
By statistical region | ||||||
Severozapaden | 44,9% | 44,9% | 58,6% | 57,8 | 65,2% | 70,8% |
Severen tsentralen | 58,5% | 58,2% | 61,5% | 67,8 | 68,5% | 73,2% |
Severoiztochen | 56,2% | 56,5% | 67,3% | 68,7 | 73,9% | 74,0% |
Yugoiztochen | 52,3% | 58,6% | 60,9% | 62,1 | 70,0% | 74,7% |
Yugozapaden | 63,7% | 67,8% | 64,9% | 70,5 | 75,3% | 77,8% |
Yuzhen tsentralen | 54,8% | 56,6 | 64,9% | 70,4 | 73,7% | 75,3% |
By type of connection | ||||||
Narrowband connection | 1,9% | 1,9% | 4,1% | 2,3 | 2,6% | 1,5% |
Dial-up or ISDN | 0,3% | 0,4% | 0,5% | 0,7 | 0,4% | 0,5% |
Mobile narrowband connection (WAP, GPRS) | 1,6% | 1,7% | 3,6% | 1,8 | 2,3% | 1,3% |
Broadband connection | 56,5% | 58,8% | 62,8% | 66,9 | 71,5% | 74,9% |
Fixed broadband connections, e.g. DSL, ADSL, VDSL, cable, optical fibre, satellite, public WiFi connections | 54,0% | 55,5% | 56,7% | 58,7 | 57,9% | 57,8% |
Mobile broadband connections (via mobile phone network, at least 3G, e.g. 2G+/GPRS, using (SIM) card or USB key, mobile phone or smart phone as modem) | 14,0% | 22,9% | 33,1% | 46,4 | 58,8% | 64,0% |
See also
- List of Bulgarian provinces by GDP
- Bulgarian National Bank
- Bulgarian Stock Exchange
- Economy of Europe
- Starting a Business in Bulgaria
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This article incorporates public domain material Bulgaria country profile (October 2006) from websites or documents of the Library of Congress Federal Research Division.