Bulgaria is a small Eastern European state with an average level of economic development. There is both industry and agriculture. Bulgaria has few fuel resources, but it has a favorable climate and good transport accessibility. The main industries are engineering, agriculture, tourism, steel and iron, mining, and energy. Of great importance is agriculture.
At the same time, the Bulgarian economy cannot be considered advanced due to the low quality of its products, low labor productivity and the lack of clear economic strategies. The standard of living in the country is relatively good. Bulgaria’s GDP is $ 54 billion.
Economic indicators
Total government spending amounted to 31.87 billion BGN, and revenues - 29.43 billion BGN. Government debt is 24% of GDP, and external debt is 10.1% of GDP. In trade, exports amounted to $ 28.5 billion, and imports - 26.1 billion conventional units. The unemployment rate in the country is 6.2%. Economically active are 2.5 million people. Below the poverty line are 22% of the population.
The country's total GDP is 54.29 billion dollars, and Bulgaria's per capita GDP is $ 22,700. According to other sources, it is $ 18,601. Annual GDP growth is 3.9%. The price growth rate is 1.9% per year.
The minimum wage in 2018 was 260 euros, and the average - 574 euros. These figures are significantly higher than in Russia, but noticeably lower than those of developed countries.
Bulgaria has a fairly even distribution of incomes. Thus, the richest 10% of residents own only 25.4% of the total capital of households. For comparison: in Russia this figure is 82%.
Bulgarian GDP by years
In the post-Soviet space, Bulgaria can be considered a successful country, since it was able not only to compensate for the decline of the 90s, but also to dramatically increase the gross domestic product. The worst situation with GDP was noted in the first half of the 90s, and in the second half of this decade it increased slightly. The situation began to improve in the zero years, at the end of which the level of GDP became close to the present. Over the past 9 years, only a slight increase was noted, and a slight decline occurred only in the crisis year of 2009.
Since the country is not an exporter of energy resources, falling oil prices in recent years have not affected the dynamics of its GDP. The absence of such a raw material dependence makes the Bulgarian economy resistant to price fluctuations in the fuel market. At the same time, general global economic crises can temporarily weaken it, which was observed in 2009.
Resources and Industry
The country has very modest mineral reserves. There are small deposits of coal, oil and gas. More significant reserves of iron ore. Due to this, metallurgy is developed in the country. Another significant resource for this state is wood. It is used as a building material and as a raw material in the pulp and paper industry. Also in Bulgaria, edible salt, asbestos, and rock are mined.
Agriculture
Agriculture makes a significant contribution to the development of the economy and GDP of Bulgaria. A lot of attention is paid to its development here. It is distinguished by productivity, efficiency and good development. The prevailing cultivation of wheat, corn, vegetables and fruits, sunflowers, sugar beets, rice, oilseeds, tobacco. In livestock farming, meat and dairy production and sheep breeding are dominant.
Conclusion
Thus, Bulgaria is a fairly economically successful country formed in the post-Soviet space. With a small amount of resources, the economy is developing well here, and GDP is growing. Its sensitivity to global economic crises is low, and a change in hydrocarbon prices does not have any negative effect.