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SharpMedia / Bulgaria / Tell me more about Bulgaria

March 2021
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Tell Me More About Bulgaria

Bulgaria is just a short flight away from the main destinations

Bulgaria has a strategic location, political stability and low costs of doing business

Bulgaria is strategically located and provides access to the following markets:

  • South-East Europe – a 122 million inhabitant, high growth market
  • European Union – Bulgaria offers the lowest cost access to a market of 500 million consumers
  • Russia/CIS, Middle East and North Africa

Bulgaria offers a combination of political and macroeconomic stability and incentives for doing business:

  • Stable parliamentary democracy, EU, NATO and WTO member
  • Bulgaria’s currency is fixed to the Euro under a currency board arrangement
  • Lowest tax rate and one of the lowest labour costs in the EU coupled with special incentives for investors
  • EU funding – more than €10 bln in EU funds over the next years

Bulgaria: Summary Statistics

Popilation:

7.4 million

Labour force:

3.4 million

Urban Population:

73 %

Capital:

Sofia

Time zone:

EET (UTC+2)

Summer (DST):

EEST (UTC+3)

Total area:

110 879 sq. km

Land area:

108 489 sq. km

Water area:

2 390 sq. km

Climate:

temperate

Languages:

Bulgarian (official)

85.2 %

Turkish

9.1 %

Roma

4.2 %

English, German, Russian, French:

widely spoken

Religions:

Christian Orthodox

76 %

Muslim

10 %

Other

14 %

Currency:

Lev (BGN)

Fixed exchange rate:

€ 1 = BGN 1.95583

Corporate income tax:

10 %

Personal income tax:

10 %

VAT (standard):

20 %

Government type:

Parliamentary Democracy

Supreme legislative power:

Unicameral 240-seat

National Assembly

Executive state body:

Council of Ministers, head:
Prime Minister

EU member since 2007
NATO member since 2004
WTO member since 1996

Source: Bulgarian National Bank, National Statistical Institute

Bulgaria has exemplary macroeconomic fundamentals

Government debt and government deficit in Bulgaria, Romania, Poland and EU 27 (% of GDP), 2011

2012 Economic Snapshot:

GDP (€ bn):

39.7

Exports (€ bn):

26.5

Net FDI (% of GDP):

3.5

GDP growth (%):

0.8

Unemployment (%):

11.4

Inflation rate (annual change,%):

3.7

Government deficit (% of GDP):

-0.5е

Government debt (% of GDP):

18.9

Current account balance (% of GDP):

– 1.3

Long-term credit ratings:

Moody’s:

Baa2 stable

S&P:

BBB stable

Fitch:

BBB stable

Source: Bulgarian National Bank. National Statistics Institute. Ministry of Finance Bulgaria

  • The Bulgarian economy had a constant growth of above 6% in the period 2000-2008
  • The economy stabilized in 2011 with GDP growth of 1.8% for 2011, and 0.8 % in 2012
  • The budget deficit in Bulgaria is one of the lowest in Europe for for 2012: -0.5e%
  • There are no currency fluctuations due to a currency board, introduced in 1997 – the Bulgarian Lev is pegged at 1.95583 to the Euro
  • Bulgaria has the lowest government debt to GDP ratio in the EU27 in 2012

Bulgaria is the only European country with an increased credit rating by Moody’s since the beginning of 2010.

Bulgaria offers a unique lifestyle experience within easy reach of Sofia…

…vibrant cities with many art galleries, festivals, concerts, museums

…emerging world-class golf courses …beautiful coastline with white and golden sand beaches …numerous spa resorts

…ski resorts including the 2012 World Cup host town of Bansko …hiking and adventure sports in the beautiful Rila, Pirin, Rhodopes and Balkan mountains …fine cuisine and boutique wineries

Bulgaria is an attractive destination even for outsourcing of Hollywood productions starring actors such as Arnold Schwarzenegger, Sylvester Stallone, Bruce Willis, Chuck Norris, Scarlett Johansson.

… and boasts some of Europe’s greatest historical treasures

…Thracian and Roman ruins and artifacts

…Medieval fortresses and artifacts from the time of the First and Second Bulgarian Kingdoms …monasteries and temples dating back as far as 4th century AD

…picturesque villages from the period of the Bulgarian National Revival

Sofia is among the oldest capital cities in Europe and the only city besides Jerusalem with an Orthodox church, a Catholic cathedral, a mosque and a synagogue within a square kilometer.