Bulgaria Economy: from the All Country Info reference guide to country facts

Bulgaria Economy

Bulgaria Economy: A summary of information about Bulgaria Economy, from government research data as well as independent research and other sources.

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Bulgaria: Economy

Economy - overview
In April 1997, the current ruling Union of
Democratic Forces (UDF) government won pre-term parliamentary
elections and introduced an IMF currency board system which succeeded
in stabilizing the economy. The triple digit inflation of 1996 and
1997 has given way to an official consumer price increase of 6.2% in
1999. Following declines in GDP in both 1996 and 1997, the economy
grew an officially estimated 3.5% in 1998 and 2.5% in 1999. In
September 1998, the IMF approved a three-year Extended Fund Facility,
which provides credits worth approximately $900 million, designed to
support Bulgaria's reform efforts. In 1999, an unfavorable
international environment - primarily caused by the Kosovo conflict -
and structural reforms slowed economic growth, but forecasters are
predicting accelerated growth over the next several years. The
government's structural reform program includes: (a) privatization
and, where appropriate, liquidation of state-owned enterprises (SOEs);
(b) liberalization of agricultural policies, including creating
conditions for the development of a land market; (c) reform of the
country's social insurance programs; and (d) reforms to strengthen
contract enforcement and fight crime and corruption.
GDP
purchasing power parity - $34.9 billion (1999 est.)
GDP - real growth rate
2.5% (1999 est.)
GDP - per capita
purchasing power parity - $4,300 (1999 est.)
GDP - composition by sector
agriculture: 21%
industry: 29%
services: 50% (1999 est.)
Population below poverty line
NA%
Household income or consumption by percentage share
lowest 10%: 3.3%
highest 10%: 24.7% (1992)
Inflation rate (consumer prices)
6.2% (1999 est.)
Labor force
3.82 million (1998 est.)
Labor force - by occupation
agriculture 26%, industry 31%, services
43% (1998 est.)
Unemployment rate
15% (1999 est.)
Budget
revenues: $4.69 billion
expenditures: $5.06 billion, including capital expenditures of $NA
(1999 est.)
Industries
machine building and metal working, food processing,
chemicals, construction materials, ferrous and nonferrous metals,
nuclear fuel
Industrial production growth rate
-3% (1999 est.)
Electricity - production
38.423 billion kWh (1998)
Electricity - production by source
fossil fuel: 52.34%
hydro: 7.35%
nuclear: 40.31%
other: 0% (1998)
Electricity - consumption
35.493 billion kWh (1998)
Electricity - exports
2 billion kWh (1998)
Electricity - imports
1.76 billion kWh (1998)
Agriculture - products
vegetables, fruits, tobacco, livestock, wine,
wheat, barley, sunflowers, sugar beets
Exports
$3.8 billion (f.o.b., 1999 est.)
Exports - commodities
machinery and equipment; metals, minerals, and
fuels; chemicals and plastics; food, tobacco, clothing (1998)
Exports - partners
Italy 13%, Germany 10%, Greece 9%, Turkey 8%,
Russia (1998)
Imports
$5.3 billion (f.o.b., 1999 est.)
Imports - commodities
fuels, minerals, and raw materials; machinery
and equipment; metals and ores; chemicals and plastics; food, textiles
(1998)
Imports - partners
Russia 20%, Germany 14%, Italy 8%, Greece 6%, US
4% (1998)
Debt - external
$10 billion (1999 est.)
Economic aid - recipient
$NA
Currency
1 lev (Lv) = 100 stotinki
Exchange rates
leva (Lv) per US$1 - 1.9295 (January 2000), 1.8364
(1999), 1,760.36 (1998), 1,681.88 (1997), 177.89 (1996), 67.17 (1995)
note: on 5 July 1999 the lev was re-denominated; the post-5 July 1999
lev is equal to 1,000 of the pre-5 July 1999 leva
Fiscal year
calendar year
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