Economy and GDP of Bulgaria

2024 Author: Henry Conors | [email protected]. Last modified: 2024-02-12 02:54

Bulgaria is a small Eastern European state with an average level of economic development. There is both industry and agriculture. Bulgaria has few fuel resources, but at the same time there is a favorable climate and good transport accessibility. The main branches of production are mechanical engineering, agriculture, tourism, steel and iron production, mining, and energy. Agriculture is of great importance.

At the same time, Bulgaria's economy cannot be considered advanced due to the low quality of its products, low labor productivity and the lack of clear economic strategies. The standard of living in the country is relatively good. Bulgaria's GDP is $54 billion.

Economic Indicators

Total government spending was BGN 31.87 billion and revenue was BGN 29.43 billion. Public debt is 24% of GDP, and external - 10.1% of GDP. In the trade turnover, exports amount to 28.5 billion dollars, and imports - 26.1 billion conventional units. Levelunemployment in the country - 6, 2%. 2.5 million people are economically active. Below the poverty line are 22% of the population.

The country's total GDP is $54.29 billion, while Bulgaria's per capita GDP is $22,700. According to other sources, it is equal to $18,601. Annual GDP growth is 3.9%. The price growth rate is 1.9% per year.

The minimum wage in 2018 was 260 euros, while the average was 574 euros. These figures are significantly higher than in Russia, but noticeably lower than in developed countries.

In Bulgaria, a fairly even distribution of income. Thus, the richest 10% of residents own only 25.4% of the total capital of households. For comparison: in Russia this figure is 82%.

GDP of Bulgaria by years

In the post-Soviet space, Bulgaria can be considered a successful country, because it was able not only to compensate for the decline of the 90s, but also to sharply increase the gross domestic product. The worst situation with GDP was noted in the first half of the 90s, and in the second half of this decade it slightly increased. The situation began to improve in the zero years, at the end of which the level of GDP became close to the current one. Over the past 9 years, there has been only a slight increase, and a slight decline occurred only in the crisis year of 2009.

Since the country is not an exporter of energy resources, the fall in oil prices in recent years has not affected the dynamics of its GDP. The absence of such commodity dependence makes the Bulgarian economy resistant to fluctuations in prices forfuel market. At the same time, general global economic crises can temporarily weaken it, which was observed in 2009.

Resources and industry

The country has very modest mineral reserves. There are small deposits of coal, oil and gas. The reserves of iron ore are more significant. Thanks to this, metallurgy is developed in the country. Another significant resource for this state is wood. It is used as a building material and as a raw material in the pulp and paper industry. Also edible s alt, asbestos, rocks are mined in Bulgaria.

Agriculture

Agriculture makes a significant contribution to the development of the economy and GDP of Bulgaria. Much attention is paid to its development here. It is characterized by productivity, efficiency and good development. The cultivation of wheat, corn, vegetables and fruits, sunflower, sugar beet, rice, oil-bearing roses, tobacco prevails. Livestock production is dominated by meat and dairy production and sheep breeding.

Conclusion

Thus, Bulgaria is a fairly successful country in economic terms, formed in the post-Soviet space. With a small amount of resources, the economy is developing well here, GDP is growing. Its sensitivity to global economic crises is low, and changes in hydrocarbon prices do not have any negative effect.