Bulgaria Economy - 2004

Economy - overview:
Bulgaria, a former communist country striving to enter the European Union, has experienced macroeconomic stability and strong growth since a major economic downturn in 1996 led to the fall of the then socialist government. As a result, the government became committed to economic reform and responsible fiscal planning. A $300 million stand-by agreement negotiated with the IMF at the end of 2001 has supported government efforts to overcome high rates of poverty and unemployment.

GDP:
purchasing power parity - $57.13 billion (2003 est.)

GDP - real growth rate:
4.4% (2003 est.)

GDP - per capita:
purchasing power parity - $7,600 (2003 est.)

GDP - composition by sector:
agriculture: 12.5%
industry: 27.8%
services: 59.7% (2002)

Population below poverty line:
13.4% (2002 est.)

Household income or consumption by percentage share:
lowest 10%: 4.5%
highest 10%: 22.8% (1997)

Distribution of family income - Gini index:
26.4 (2001)

Inflation rate (consumer prices):
5.6% (2003 est.)

Labor force:
3.83 million (2000 est.)

Labor force - by occupation:
agriculture 26%, industry 31%, services 43% (1998 est.)

Unemployment rate:
13.5% (2003)

Budget:
revenues: $6.68 billion
expenditures: $6.69 billion, including capital expenditures of $NA (2002 est.)

Industries:
electricity, gas and water; food, beverages and tobacco; machinery and equipment, base metals, chemical products, coke, refined petroleum, nuclear fuel

Industrial production growth rate:
5% (2003 est.)

Electricity - production:
41.38 billion kWh (2001)

Electricity - production by source:
fossil fuel: 47.8%
hydro: 8.1%
other: 0% (2001)
nuclear: 44.1%

Electricity - consumption:
32.52 billion kWh (2001)

Electricity - exports:
6.79 billion kWh (2001)

Electricity - imports:
830 million kWh (2001)

Oil - production:
603 bbl/day (2001 est.)

Oil - consumption:
94,000 bbl/day (2001 est.)

Oil - exports:
NA

Oil - imports:
NA

Oil - proved reserves:
8.1 million bbl (1 January 2002)

Natural gas - production:
4 million cu m (2001 est.)

Natural gas - consumption:
5.804 billion cu m (2001 est.)

Natural gas - exports:
0 cu m (2001 est.)

Natural gas - imports:
5.8 billion cu m (2001 est.)

Natural gas - proved reserves:
3.724 billion cu m (1 January 2002)

Agriculture - products:
vegetables, fruits, tobacco, livestock, wine, wheat, barley, sunflowers, sugar beets

Exports:
$7.337 billion f.o.b. (2003 est.)

Exports - commodities:
clothing, footwear, iron and steel, machinery and equipment, fuels

Exports - partners:
Italy 15.5%, Germany 9.6%, Turkey 9.4%, Greece 9.2%, France 5.3%, US 4.8% (2002)

Imports:
$9.723 billion f.o.b. (2003 est.)

Imports - commodities:
fuels, minerals, and raw materials; machinery and equipment; metals and ores; chemicals and plastics; food, textiles

Imports - partners:
Russia 14.6%, Germany 14.4%, Italy 11.4%, Greece 6.1%, France 5.7%, Turkey 5% (2002)

Debt - external:
$12.6 billion (yearend 2003)

Economic aid - recipient:
$300 million (2000 est.)

Currency:
lev (BGL)

Currency code:
BGN

Exchange rates:
leva per US dollar - 1.73 (2003), 2.08 (2002), 2.18 (2001), 2.12 (2000), 1.84 (1999)
note: on 5 July 1999, the lev was redenominated; the post-5 July 1999 lev is equal to 1,000 of the pre-5 July 1999 lev