Bulgarian Economy some facts

In its annual 2002 report, the European Commission assessed Bulgaria as a fully functional market economy, with a high degree of macroeconomic stability and working market mechanisms.

There on things started picking up.

The Bulgarian economy is working under currency board (1 Bulgarian Lev=1.95583 Euro, Bulgaria is expected to join the Eurozone in 2010-2012), which provides for a stable and predictable macro economic environment. Careful fiscal discipline and strong foreign investment has provided for sustained economic growth for the last 8 years. Bulgaria has registered sizeable progress in turning into a competitive economy, mainly in respect to its relations with the European Union Countries.
With many local and foreign investments, the financial system is stable and banks have already expanded their landing.

The registered economical growth (GDP per capital) since 2003 is more than 5-6 percent per year (EU’s average is 2.2%).

Bulgaria was ranked in the top ten performers in the world by Doing Business 2008 report due to its reforms concerning taxes, labour contracts and licenses.

Bulgaria was ranked 9th in the world by UNCTAD according to the FDI Performance Index 3.

One of Bulgaria’s economic priorities – promoting FDI is expected to continue to be strong due to Bulgaria’s growing attractiveness and developed business trust. Expectations are that absorbing large amounts of FDI will cause the current account deficit to vanish through the years into small amounts, unthreatening the economic stability.

Gross investments in the country have increased more than 7 times since 2000 and their share in the GDP was 26.2% in 2006 – 6 times higher than the EU countries.

In 2007 Bulgaria was ranked the 2nd most attractive country in the world (after Brazil) by UNCTAD to be invested in the energy sector.

As a member of the European Union, Bulgaria will be granted significant financial support from the EU Structural Funds and the Common Agricultural Policy.