Economy of Bulgaria

Economy of Bulgaria

Capital Fort Sofia
Currency	1 Bulgarian lev (BGN) = 100 Stotinki = 0.511292 euro (EUR)
Fiscal year	Calendar year
Trade organisations	EU, WTO, OSCE and BSEC
Statistics
GDP	$143.1 billion (PPP) (2016 est) $50.45 billion (nominal) (2016 est)
GDP rank	77th (nominal) / 62nd (PPP) (2015)
GDP growth	3% Real (2016, est)
GDP per capita	$20,116 (PPP) (2016 est) $7,091 (nominal) (2016 est)
GDP by sector	agriculture: 5.1% industry: 27.5% services: 67.4% (2016 est.)
Inflation (CPI)	-0.2% (as of Oct 2015)
Population below poverty line	22,0% (2015)
Gini coefficient	35.4 (2014)
Labour force	2.525 million (2016 est.)
Labour force by occupation	agriculture: 6.7% industry: 30.2% services: 63.1% (Q3 2015)
Unemployment	8.9% (2016 est.)
Average gross salary	BGN 11237 (annual, 2016)
Average net salary	BGN 8900/ € 4550/ $ 5000 (annual, 2016)
Main industries	Electricity, gas and water; food, beverages and tobacco; machinery and equipment, base metals, chemical products, refined petroleum, nuclear fuel
Ease-of-doing-business rank	39th (DB 2017 Rank)
External
Exports	$26.1 billion (2016 est.)
Export goods	clothing, footwear, iron and steel, machinery and equipment, fuels
Main export partners	Germany 12.5%  Italy 9.2%  Turkey 8.5%  Romania 8.2%  Greece 6.5%  France 4.2% (2015)
Imports	$28.47 billion (2016 est.)
Import goods	machinery and equipment, metals and ores, chemicals and plastics, fuels, minerals, and raw materials
Main import partners	Germany 12.9%  Russia 12%  Italy 7.6%  Romania 6.8%  Turkey 5.7%  Greece 4.8%  Spain 4.8% (2015)
Gross external debt	$33.8 billion (2016 est.)
Public finances
Public debt	29.3% of GDP (May 2016)
Revenues	BGN 29.43 billion (2014) ($19.62B)
Expenses	BGN 31.87 billion (2014) ($21.25B)
Economic aid	$475 million (2004-06)
Credit rating	BB+ (Domestic) BB+ (Foreign) BBB+ (T&C Assessment) (Standard & Poor's)
Foreign reserves	$22.75 billion (31 December 2015)
Main data source: CIA World Fact Book All values, unless otherwise stated, are in US dollars.

$143.1 billion (PPP) (2016 est)

$20,116 (PPP) (2016 est)

The economy of Bulgaria functions on the principles of the free market, having a large private sector and a smaller public one. Bulgaria is an industrialised upper-middle-income country according to the World Bank. It has experienced rapid economic growth in recent years^[update] reaching estimated gross domestic product of $143.1 billion (PPP, 2016 est.), GDP per capita of $20,116 (PPP, 2016 est.), and an average monthly gross salary of 1,036 leva (530 euro) (March, 2017).

Since 2001, Bulgaria has managed to attract considerable amounts of Foreign Direct Investment (FDI). During the Great Recession, Bulgaria marked a decline in its economy of 5.5% in 2009, but quickly restored positive growth levels to 0.2% in 2010, in contrast to other Balkan countries. However, the growth continued to be weak in the following years, allowing the pre-crisis level of GDP to be reached in 2014.

The currency of the country is the lev (plural leva), pegged to the euro at a rate of 1.95583 leva for 1 euro. The lev is the strongest and most stable currency in Eastern Europe. The strongest sectors are energy, mining, metallurgy, machine building, agriculture and tourism. Primary industrial exports are clothing, iron and steel, machinery and refined fuels. 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.