Economy - overview:
Bulgaria, a former communist country soon to enter the European
Union, has experienced macroeconomic stability and strong growth
since a major economic downturn in 1996 led to the fall of the then
socialist government. As a result, the government became committed
to economic reform and responsible fiscal planning. Minerals,
including coal, copper, and zinc, play an important role in
industry. In 1997, macroeconomic stability was reinforced by the
imposition of a fixed exchange rate of the lev against the German
D-mark - the currency is now fixed against the euro - and the
negotiation of an IMF standby agreement. Low inflation and steady
progress on structural reforms improved the business environment;
Bulgaria has averaged 4% growth since 2000 and has begun to attract
significant amounts of foreign direct investment. Corruption in the
public administration, a weak judiciary, and the presence of
organized crime remain the largest challenges for Bulgaria.
GDP (purchasing power parity):
$71.67 billion (2005 est.)
GDP (official exchange rate):
$25.79 billion (2005 est.)
GDP - real growth rate:
5.5% (2005 est.)
GDP - per capita (PPP):
$9,600 (2005 est.)
GDP - composition by sector: agriculture: 9.3% industry: 30.4% services: 60.3% (2005 est.)
Labor force: 3.34 million (2005 est.)
Labor force - by occupation: agriculture: 11% industry: 32.7% services: 56.3% (3rd qtr. 2004 est.)
Unemployment rate:
9.9% (2005)
Population below poverty line:
Below $2.15 per day (PPP) 4% (2003)