A big building in Bulgaria

Bulgaria Economy

Bulgaria's economy in numbers:

Nominal GDP of USD 90.2 billion in 2022.

GDP per capita of USD 13,985 compared to the global average of USD 10,589.

Average real GDP growth of 2.2% over the last decade.

Share of the region's population
Share of the region's GDP

Economic structure:

In 2021, services accounted for 74% of overall GDP, manufacturing 14%, other industrial activity 8%, and agriculture 4%. Looking at GDP by expenditure, private consumption accounted for 59% of GDP in 2021, government consumption 20%, fixed investment 20%, and net exports 1%.

GDP by economic sector
GDP by type of expenditure

International trade:

In 2020, manufactured products made up 60% of total merchandise exports, mineral fuels 5%, food 17%, ores and metals 15% and agricultural raw materials 1%, with other categories accounting for 2% of the total. In the same period, manufactured products made up 63% of total merchandise imports, mineral fuels 8%, food 13%, ores and metals 10% and agricultural raw materials 1%, with other goods accounting for 5% of the total. Total exports were worth USD 50 billion in 2022, while total imports were USD 55 billion.

Key exports
Key imports
Key export partners
Key import partners

Economic growth:

The economy recorded average annual growth of 2.2% in the decade to 2022. To read more about GDP growth in Bulgaria, go to our dedicated page.

Fiscal policy:

Bulgaria's fiscal deficit averaged 1.3% of GDP in the decade to 2022. Find out more on our dedicated page.

Unemployment:

The unemployment rate averaged 8.4% in the decade to 2022. For more information on Bulgaria's unemployment click here.

Inflation:

Inflation averaged 2.7% in the decade to 2022. Go to our Bulgaria inflation page for extra insight.

Exchange Rate:

From end-2012 to end-2022 the lev weakened by 16.7% vs the U.S. dollar. For more info on the lev, click here.
The economy is forecast to have grown at a healthy pace year on year in Q4. Economic confidence strengthened on average in the quarter thanks to improving sentiment in the industrial sector, which saw a smaller reduction in output in October–November compared to Q3. Nevertheless, sticky inflation and an uptick in the unemployment rate likely dampened household spending: Consumer sentiment remained bleak at the tail-end of the year, and retail sales growth softened from July–September’s average in Q4. Meanwhile, goods exports contracted further from Q3’s drop in October–November, pointing to persistent headwinds to external demand. In other news, Central Bank officials stated in January that Bulgaria is on track to meet its 2025 target date to join the Euro area, boding well for investor sentiment.
Projections out to 2033.

53 indicators covered including both annual and quarterly frequencies.

Consensus Forecasts based on a panel of 24 expert analysts.

Want to get insight on the economic outlook for Bulgaria in the coming years? FocusEconomics collects projections out to 2033 on 53 economic indicators for Bulgaria from a panel of 24 analysts at the leading national, regional and global forecast institutions. These projections are then validated by our in-house team of economists and data analysts, and averaged to provide one Consensus Forecast you can rely on for each indicator. This means you avoid the risk of relying on out of date, biased or outlier forecasts. Our Consensus Forecasts can be visualized in whichever way best suits your needs, including via interactive online dashboards , direct data delivery and executive-style reports which combine analysts' projections with timely written analysis from our in-house team of economists on the latest developments in the Bulgaria economy. To download a sample report on the Bulgaria's economy, click here . To get in touch with our team for more information, fill in the form at the bottom of this page .

Bulgaria Economic Data

2018 2019 2020 2021 2022
Population (million) 7.0 7.0 6.9 6.8 6.4
GDP (USD bn) 66.3 68.9 70.2 84.0 90.2
GDP per capita (USD) 9,472 9,908 10,153 12,282 13,985
GDP (EUR bn) 56.2 61.5 61.6 71.1 85.8
GDP per capita (EUR) 8,028 8,852 8,906 10,390 13,305
GDP (BGN bn) 110 120 120 139 168
Economic Growth (Nominal GDP, ann. var. %) 7.0 9.5 0.1 15.3 20.7
Economic Growth (GDP, ann. var. %) 2.6 4.0 -4.0 7.7 3.9
Domestic Demand (ann. var. %) 5.4 4.9 0.1 7.6 6.6
Private Consumption (ann. var. %) 3.6 5.9 -0.5 8.4 3.8
Government Consumption (ann. var. %) 5.4 2.0 8.3 0.4 5.5
Fixed Investment (ann. var. %) 5.4 4.5 0.6 -8.3 6.5
Exports (G&S, ann. var. %) 1.7 4.0 -10.4 11.2 11.6
Imports (G&S, ann. var. %) 5.8 5.2 -4.3 10.7 15.0
Industrial Production (ann. var. %) 0.3 0.5 -5.9 9.8 12.7
Retail Sales (ann. var. %) 3.4 5.6 2.5 10.3 4.3
Unemployment (% of active population, aop) 6.2 5.2 6.1 5.3 4.2
Fiscal Balance (% of GDP) 1.7 2.1 -3.8 -4.0 -2.9
Public Debt (% of GDP) 22.1 20.0 24.6 23.9 22.6
Money (ann. var. of M2 %) 8.9 9.9 10.9 10.7 13.2
Inflation (CPI, ann. var. %, eop) 2.7 3.8 0.1 7.8 16.9
Inflation (CPI, ann. var. %, aop) 2.8 3.1 1.7 3.3 15.3
Inflation (PPI, ann. var. %, aop) 4.0 3.1 -1.9 15.3 37.8
Base Interest Rate (%) 0.00 0.00 0.00 0.00 1.30
Stock Market (ann. var. of SOFIX %) -12.3 -4.4 -21.2 42.0 -5.4
Exchange Rate (BGN per USD, eop) 1.71 1.74 1.60 1.72 1.83
Exchange Rate (BGN per EUR, eop) 1.96 1.96 1.96 1.96 1.96
Current Account Balance (EUR bn) 0.5 1.1 0.0 -1.2 -1.2
Current Account Balance (% of GDP) 0.9 1.9 0.0 -1.7 -1.4
Merchandise Trade Balance (EUR bn) -2.7 -2.9 -1.9 -2.9 -5.1
Merchandise Exports (EUR bn) 27.7 29.1 27.3 34.4 47.1
Merchandise Imports (EUR bn) 30.4 32.0 29.2 37.3 52.2
Merchandise Exports (ann. var. %) 2.9 5.0 -6.3 26.2 37.0
Merchandise Imports (ann. var. %) 9.8 5.2 -8.8 27.7 40.0
Foreign Direct Investment (EUR bn) 1.0 1.6 2.8 1.7 2.3
International Reserves (EUR bn) 25.1 24.8 30.9 34.6 38.4
International Reserves (months of imports) 9.9 9.3 12.7 11.1 8.8
External Debt (EUR bn) 37.2 37.7 39.0 41.3 44.2
External Debt (% of GDP) 66.2 61.3 63.3 58.1 51.6

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