Bulgaria
Proving resilient to shocks
Last update – January 2024
Country rating
MEDIUM RISK FOR ENTERPRISE
Economic risk
Business environment risk
Political risk
Commercial risk
Financing risk
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GDP | USD 89.0bn (World ranking 70, World Bank 2022) |
Population | 6.5mn (World ranking 109, World Bank 2022) |
Form of state |
Parliamentary republic |
Head of government |
Nikolai DENKOV (Prime Minister) |
Next elections |
2026, presidential |
Strengths & weaknesses
- EU membership and good international relations
- Currency board has withstood global turbulence since 2008 and BGN is currently not overvalued
- History of prudent fiscal policies
- Comfortable external finances
- Generally adequate business environment
- Slow progress on EU-required judicial reform and anti-corruption measures
- Government instability
- Public discontent about living standards
- Vulnerability to external shocks due to high export dependency
Economic overview
Trade structure by destination/origin
(% of total, 2022)
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Exports | Rank | Imports | ||
Germany 14.0% | 1 |
10.8% Russian Federation |
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Romania 10.1% | 2 |
10.8% Germany |
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Italy 7.5% | 3 |
8.4% Türkiye |
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Greece 6.5% | 4 |
6.9% Romania |
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Türkiye 5.9% | 5 |
6.0% Italy |
Trade structure by product
(% of total, 2022)
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Exports | Rank | Imports |
Non-ferrous metals 10.2% | 1 | 9.7% Petroleum, petroleum products and related materials |
Petroleum, petroleum products and related materials 8.4% | 2 | 7.1% Electrical machinery, apparatus and appliances, n.e.s. |
Electrical machinery, apparatus and appliances, n.e.s. 7.4% | 3 | 5.9% Gas, natural and manufactured |
Cereals and cereal preparations 4.8% | 4 | 5.6% Metalliferous ores and metal scrap |
Fixed vegetable oils and fats, crude, refined or fractionated 3.5% | 5 | 5.1% Road vehicles |
Contact
Manfred Stamer
Allianz Trade
Allianz Trade