Bulgaria
Official Name: Republic of Bulgaria
Government Type: parliamentary democracy
Capital: Sofia
Location: South-eastern Europe, bordering the Black Sea, between
Romania and Turkey
Climate: temperate; cold, damp winters; hot, dry summers
Terrain: mostly mountains with lowlands in north and southeast
Population: 7,517,973 (July 2004 est.)
Property Market Performance:
Tourism: Change 2001/2002 7.8%; Change 2000/2001 14.4%
Currency: Lev (BGN)
Background
Information
The Bulgars, a Central Asian Turkic tribe, merged with the local Slavic inhabitants
in the late 7th century to form the first Bulgarian state. In succeeding centuries,
Bulgaria struggled with the Byzantine Empire to assert its place in the Balkans,
but by the end of the 14th century the country was overrun by the Ottoman Turks.
Northern Bulgaria attained autonomy in 1878 and all of Bulgaria became independent
in 1908. Having fought on the losing side in both World Wars, Bulgaria fell within
the Soviet sphere of influence and became a People's Republic in 1946. Communist
domination ended in 1990, when Bulgaria held its first multiparty election since
World War II and began the contentious process of moving toward political democracy
and a market economy while combating inflation, unemployment, corruption, and
crime. Today, reforms and democratization keep Bulgaria on a path toward eventual
integration into the EU. The country joined NATO in 2004.
Economy
Bulgaria, a former communist country striving 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. A $300 million stand-by agreement negotiated with the IMF at
the end of 2001 has supported government efforts to overcome high rates of poverty
and unemployment.
GDP - real growth rate: 4.3% (2003 est.)
GDP - per capita: purchasing power parity - $7,600 (2003 est.)
GDP - composition by sector:
- agriculture: 11.4%
- industry: 30%
- services: 58.6% (2003)
Investment (gross fixed): 19.6% of GDP (2003)
Population below poverty line: 13.4% (2002 est.)
Household income or consumption by percentage share:
lowest 10%: 4.5%
highest 10%: 22.8% (1997)
Inflation rate (consumer prices): 2.3% (2003 est.)
Labor force: 3.333 million (2003 est.)
Labor force - by occupation: agriculture 26%, industry 31%,
services 43% (1998 est.)
Unemployment rate: 14.3% (2003)
Public debt: 48% of GDP (2003)
Exports - partners:
Italy 14.1%, Germany 10.9%, Greece 10.5%, Turkey 9.2%, France 5.1%, US 4.5%
(2003)
Imports - partners:
Germany 14.4%, Russia 12.6%, Italy 10.3%, Greece 6.7%, Turkey 6.2%, France 5.7%
(2003)
Debt - external: $12.05 billion (2003)
Economic aid - recipient: $300 million (2000 est.)
Exchange rates: leva per US dollar - 1.7327 (2003), 2.077 (2002),
2.1847 (2001), 2.1233 (2000), 1.8364 (1999)
note: on 5 July 1999, the lev was redenominated; the post-5 July 1999 lev is
equal to 1,000 of the pre-5 July 1999 lev
Sources: The World Factbook 2004, World Tourism Organization (WTO)
