About Bulgaria and Key Financial Statistics

About Bulgaria and Key Financial Statistics

Overview of Economy:

Bulgaria, a former Communist country that entered the EU on 1 January 2007, averaged more than 6% annual growth from 2004 to 2008, driven by significant amounts of bank lending, consumption, and foreign direct investment. Successive governments have demonstrated a commitment to economic reforms and responsible fiscal planning, but the global downturn sharply reduced domestic demand, exports, capital inflows, and industrial production. GDP contracted by 5.5% in 2009, and has been slow to recover in the years since. Despite having a favorable investment regime, including low, flat corporate income taxes, significant challenges remain. Corruption in public administration, a weak judiciary, and the presence of organized crime continue to hamper the country's investment climate and economic prospects.

Gross Domestic Product (In USD):

$129.1 billion (2014 est.)

$126.9 billion (2013 est.)

$125.6 billion (2012 est.)

Composition of Gross Domestic Product:

% Agricuture: 5.3

% Industry: 27.2

% Services: 67.6

Composition of Labor Force by Occupation:

% Agriculture: 6.7

% Industry: 30.2

% Services: 63.1

Per Capita Income:

$17,900 (2014 est.)

$17,600 (2013 est.)

$17,400 (2012 est.)

Exports:

$27.91 billion (2014 est.)

$28.2 billion (2013 est.)

Key Export Commodities:

clothing, footwear, iron and steel, machinery and equipment, fuels

Export Partners:

Germany 12.3%, Italy 9.1%, Turkey 8.9%, Romania 8.1%, Greece 6.8%, France 4.4%, Belgium 4.2% (2014)

Imports:

$31.6 billion (2014 est.)

$32.03 billion (2013 est.)

Key Import Commodities:

machinery and equipment; metals and ores; chemicals and plastics; fuels, minerals, and raw materials

Import Partners:

Russia 14.5%, Germany 12.4%, Italy 7.2%, Romania 6.9%, Turkey 5.6%, Greece 5.2%, Spain 5% (2014)

Inflation Rate (Consumer Price Index):

-1.6% (2014 est.)

0.4% (2013 est.)

Exchange Rate to USD:

leva (BGN) per US dollar -

1.4742 (2014 est.)

1.4742 (2013 est.)

1.52 (2012 est.)

1.4053 (2011 est.)

1.4774 (2010 est.)

Unemployment Rate:

11.2% (2014 est.)

11.3% (2013 est.)

S&P Rating:

Standard & Poor's Ratings:

• • AAA: The best quality borrowers, reliable and stable

  • AA: Quality borrowers, a bit higher risk than AAA

  • A: Economic situation can affect finance

  • BBB: Medium class borrowers, which are satisfactory at the moment

  • BB: More prone to changes in the economy

  • B: Financial situation varies noticeably

  • CCC: An obligor rated currently vulnerable, and is dependent upon favorable business, financial, and economic conditions to meet its financial commitments.

Ref 2012-2014: CIA World Factbook, Wikipedia, PWC, EY, Standard & Poors ratings