bulgaria – country profile economic overview of bulgaria 6 march 2014
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Bulgaria – country profile
Economic overview of Bulgaria
6 March 2014
Focus on Bulgaria
• Member of EU, NATO and WTO
• Strategic geographical location and openness to foreign markets: crossroad between Europe, Asia and Africa
• Competitive labour cost and favourable taxes in the EU
BBB-Negative13.12.2013
Baa2-Stable22.07.2011
BULGARIA SOVEREIGN CREDIT RATINGS
Economic structure
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
-8
-6
-4
-2
0
2
4
6
8
1.3 1.52.6 2.2
3.4 3.2
0.4
-4.5
2 1.6
-0.4
4.75.5
6.7 6.4 6.5 6.4 6.2
-5.5
0.4
1.8
0.8
Real growth rate (%)
European Union 28 Bulgaria
GDP: High growth, small contraction in 2009, moderate pace after 2010
Rapidly growing GDP per capita
2006 2007 2008 2009 2010 2011* 2012*0
1,000
2,000
3,000
4,000
5,000
6,000
3,4394,017
4,648 4,605 4,7855,240 5,430
Bulgaria, euro per capita
Source: Eurostat Source: National Statistical Institute
Economic structure (2)
Diversified structure of GDP
Agriculture, forestry and
fishing7%
Construction6%
Trade and transporta-
tion 20%
Information and com-
munication5%Mining;
manufactur-ing; electric-ity, gas; wa-ter supply
25%
Financial and insurance ac-
tivities8%
Public admin-istration so-cial security; education;
health 13%
Real estate activities
9%
Professional and scientific
activities5%
Arts and recreation
2%
2012Source: National Statistical Institute
Financial stability
Bulgaria has one of the lowest budget deficit (-0.8%) – 6th place in the EU
Source: National Statistical Institute
Financial stability (2)
Bulgaria has the SECOND lowest government debt (18.5%) in EU
Source: National Statistical Institute
Export and Import of goods
Significant increase in export – average over 11% yearly
TOP 10 Bulgarian partners in Export and in Imports
Source: Bulgarian National Bank
2006 2007 2008 2009 2010 2011 20120
5,000
10,000
15,000
20,000
25,000
30,000
12,01213,512
15,204
11,699
15,561
20,264 20,79318,479
21,861
25,094
16,87519,245
23,406 25,484
Million Euro
Export Import
Germany
Turkey
Italy
Romania
Greece
France
Belgium
China
Russia
Spain
2,127
1,956
1,764
1,671
1,494
825
765
595
562
540Poland
France
Turkey
Greece
Romania
China
Italy
Germany
Russia
587
762
1,194
1,354
1,401
1,657
1,673
2,475
5,158
2012, Million Euro
Export Import
Export and Import of goods (2)
Source: National Statistical Institute
Largest share of manufactured goods, fuels and machinery
Animal and vegetable oils, fats and waxes
Beverages and tobacco
Chemicals and related products
Crude materials, inedible, except fuels
Food and live animals
Miscellaneous manufactured articles
Machinery and transport equipment
Mineral fuels, lubricants and related materials
Manufactured goods
0% 5% 10% 15% 20% 25% 30%
0%
1%
11%
9%
7%
6%
24%
25%
16%
1%
2%
8%
9%
10%
14%
17%
17%
23%
Structure
Export Import
2012
Export and Import of goods (3)
2nd place Sunflower seeds3rd place Unrefined copper4th place Zinc plates and foil8th place Yarn of wool10th place Unwrought lead11th place Wheat12th place Vermouth & grape wine
flavoured with substances
IN WORLD EXPORT OF
Source: Intracen, 2012
BULGARIA RANKS
Foreign direct investment
Financial intermediation Manufacturing Other services
Education Health and social work
Fishing Agriculture, hunting and forestry
Mining and quarrying Real estate and business activities
Hotels and restaurants Not allocated
Transport and communication Construction
TradeElectricity, gas and water supply
TOTAL
-200.00 0.00 200.00 400.00 600.00-151
-67-4
06715193237
70248
306425
536
Millon Euro
FDI flows in 2012 amounted about 1,5 Billon Euro
Source: Bulgarian National Bank
Competitiveness
After accession of Bulgaria to the EU, the country’s position has improved - 22 places up
2007 2008 2009 2010 2011 2012 20130
10
20
30
40
50
60
70
80
90
100
79 76 7671 74
6257
Bulgaria – Global Competitiveness Index
Source: World Economic Forum
Taxation
Bulgaria is the 7th least tax burden country in Forbes ranking of “Tax misery and Reform Index”
Labour costBulgaria has the most competitive labour cost in EU
Source: Eurostat
Internet speed
Bulgaria ranks 8th place in top-speed internet access according to Akamai's World Report Q1 2013
Bulgarian Chamber of Commerce and Industry9 Iskar str.,1058 Sofia, BulgariaTel: (+359 2) 8117 400 Fax: (+359 2) 987 32 09Web site: www.bcci.bgE-mail: [email protected]
Thank you for attention!
Tsvetan SimeonovPresident of the BCCI