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Bulgarian Industries and Economy - Coggle Diagram
Bulgarian Industries and Economy
Main characteristics of the economy
Imports
: copper ore, cars, crude petroleum
Exports
: petroleum, raw copper, packaged medicaments, iron pyrites
GDP per capita: 19,192.32
URL:
https://oec.world/en/profile/country/bgr
GDP (Gross Domestic Product): 132.744 Billion Leva
Labor Force: 3,290,300
Unemployment rate:3.5%
Inflation rate: 3.3%
Main Partners: Russia, Germany, Turkey
Type of market
Open market based upper middle income economy
Developed private sector and number of state enterprises
Economic, political and financial stability (as of 2011)
Industries
Agriculture, forest, and fishing
Bulgaria is the biggest exporter of rose oil
Major decline after the end of the socialism era
Improvement in the fish farming industry for the past years - trout, sturgeon, bluefish
Main production of crops: wheat, corn, barley
Main exports: tomatoes, cucumbers, peppers, wine
Main production of industrial crops: sugar beets, sunflowers, tobacco
Energy
Bulgaria is 97th in the world as an oil producing country with 3520 bbl/day
Dependent on imported oil and gas
Main supplier: Russia
Sources of domestic production:
Nuclear
Coal
Hydropower
Renewable sources
Wind
Solar
Energy conservation practices since more energy is needed
Service and Tourism
Tourism has drastically improved after socialism
In 2020, Bulgaria was visited by 5 million tourists and ranked 38th in the world
Famous tourist destinations - Bansko ski resort, the Black Sea, Rila and Pirin National Parks
Manufacturing and Construction
A 10 year gap between the 1990s and the 2000s when it stopped development, but it continued later on.
Slow and steady growth since 2000s
Very significant for the socialist era
Food and tobacco production declined after the Soviet Union market collapse
Uneven performance of individual manufacturing
Mining and minerals
In decrease after socialism
Major deposits: iron ore, manganese ore, copper ore,
Less than 5% of Bulgaria's GDP
Additional information about history
In 2010: 0.2% economic growth
During the recent years: rapid economic growth
2014 GDP: $123.9 billion (PPP)
2007-2010: Bulgaria had a 5.5% downfall in the economic growth rate.
Bulgaria's freedom of economy
Economic freedom score: 69.3 - 32nd freest in the 2023 index
It has declined by 1.7 points
Above the world and regional averages (world average is 59.3)
Video Information
History
Limited economic development during Ottoman Rule
1888-1945:
Economy bound to Germany that is why the economy began to suffer and decline when Germany began to lose Second World War.
Overall strong industrialization
Socialism era
Free mark trade decreased (private market initiatives became state regulated); Overall progress in road infrastructure, airplane transportation, tourism; Following Soviet model of economic development; Economic stability because of internal political stability; In 1960, low capital, labor productivity , expensive material inputs. ; High degree economic experimentation; In 1987, Bulgaria’s economy contracted.
Post Socialism (1990s)
Open, market based economy; Slow economic restructuring, severe economic crisis, high debt, loss of savings; 1996/1997 winter: bread, oil shortage; inflation out of control; Introduction to currency board; This period is called the lost decade
2010-2020
Debt crisis in EU in 2010/2012 - Low if any growth in the country; The government implemented strict austerity, which led to income inequality and outward migration.; 2019 4.2% unemployment from the previous year 5.2%; In 2019, 4.2% unemployment which is below the EU average; In 2019, 19,2% public debt (low)
Pandemic
2020 0.3% GDP expansion
Overall notes
Demographic crisis since the early 1990; Negative effect of immigration of young adults; Labor force decline; Poverty declined from 8.5% in 2015 to 7.1% in 2018.; Big problems with corruption; In 2019, 51% of the business in BG saw corruption as a problem
Many protests against corruption; Bulgaria relies on Russia for natural gas; Tourism is contributing significantly to economic growth
Partners: Soviet Union, China, Turkey, Russia, EU
Imports: petroleum oils, copper ores, medicaments, motor cars and petroleum gases
Exports: petroleum oils, refined and unrefined copper, medicaments and wheat
In 2019, 4.2% unemployment which is below the EU average