TravelTill

Economy of Varna


JuteVilla
The economy is service-based, with 61% of net revenue generated in trade and tourism, 16% in manufacturing, 14% in transportation and communications, and 6% in construction. Financial services, particularly banking, insurance, investment management, and real-estate finance are booming. As of December 2008, the fallout of the global financial crisis has not yet been hard. The city is the easternmost destination of Pan-European transport corridor 8 and is connected to corridors 7 and 9 via Rousse. Major industries traditionally include transportation (Navibulgar, Port of Varna, Varna International Airport), distribution (Logistics Park Varna ),shipbuilding (see also Oceanic-Creations), ship repair, and other marine industries.

In June 2007, Eni and Gazprom disclosed the South Stream project whereby a 900 km (559 mi)-long offshore natural gas pipeline from Russia's Dzhubga with annual capacity of 63 billion cubic meters is planned to come ashore at Varna, possibly near the Galata offshore gas field, en route to Italy and Austria.

With the nearby towns of Beloslav and Devnya, Varna forms the Varna-Devnya Industrial Complex, home to some of the largest chemical, thermal power, and manufacturing facilities in Bulgaria, including Varna Thermal Pover Plant and Sodi Devnya, the two largest cash privatization deals in the country's recent history. There are also notable facilities for radio navigation devices, household appliances, security systems, textiles, apparel, food and beverages, printing, and other industries. Some manufacturing veterans are giving way to post-industrial developments: an ECE shopping mall is taking the place of the former VAMO diesel engine works and the Varna Brewery is being replaced by a convention centre.

Tourism is of foremost importance with the suburban beachfront resorts of Golden Sands, Holiday Club Riviera, Sunny Day, Constantine and Helena, and others with a total capacity of over 60,000 beds (2005), attracting
previous123next
JuteVilla