TravelTill

Economy of Bulgaria


JuteVilla


Corruption remains a serious problem in the country as it is ranked 86th in the Corruption Perceptions Index and its rankings are gradually worsening. At the same time Bulgaria ranks 28th in the Economic Freedom of the World index, has the lowest personal and corporate income tax rates in the European Union, and the second-lowest public debt of all member states at 16.3 per cent of GDP in 2011. In 2011, GDP (PPP) was estimated at $101 billion, with a per capita value of $13,597. Sofia and the surrounding Yugozapaden planning area are the most developed region of the country with a per capita PPS GDP of $24,647 in 2009. The service sector accounts for 64.6 per cent of GDP, followed by industry with 30.1 per cent and agriculture with 5.3 per cent. The labour force is about 2.5 million people. Bulgaria is a net receiver of funds from the EU. The absolute amount of received funds was 589 million euro in 2009.

Local iron, copper, coal and lead deposits are vital for the domestic manufacturing sector. Major industries include extraction of metals and minerals, production of chemicals, machinery and vehicle components, petroleum refinement and steel. The mining sector and its related industries employ a total of 120,000 people and generate about five per cent of the country's GDP. The country is Europe's fourth-largest gold producer and sixth-largest coal producer. Almost all top export items of Bulgaria are industrial commodities such as oil products ($2.24 billion), copper products ($1.59 billion), medicaments ($493 million) and military equipment ($358 million).

In contrast with the industrial sector, agriculture has declined for the past decade. Production in 2008 amounted to only 66 per cent of that between 1999 and 2001, while cereal and vegetable yields dropped by nearly 40 per cent after 1990. Bulgaria, however, remains a net agricultural and food exporter, and two-thirds of its exports are to OECD countries. The country is the largest global
JuteVilla