Overview of the Bulgarian economy
Growth
Bulgaria is one of the fastest growing economies in the European Union.
The country has achieved a GDP growth of 7.6% in 2021 and it is expected to continue growing faster than most EU countries in the future.
Government debt
Bulgaria has the third lowest level of debt in the European Union.
Over the past 10 years, the government has followed a conservative budget policy and ran budget surpluses. Currently, the debt to GDP ratio stands at 22.9%. The other two EU countries with similar levels of debt to GDP are Estonia (17.6%) and Luxembourg (22.3%).
Currency
The official currency of Bulgaria is the Bulgarian lev (BGN). It is pegged to the EURO and can be exchanged for EUR easily at a fixed rate. 1 EUR = 1.95583 BGN
International trade
Germany is the biggest trade partner of Bulgaria.Two thirds of Bulgaria’s exports go to countries in the European Union and 60% of imports come from EU states.Turkey and China are the main trade partners outside the EU.
Current account balance
The COVID-19 pandemic, conflict in Ukraine and energy crisis in Europe had a negative impact on the balance of payments of most European countries including Bulgaria. In 2021, Bulgaria had a deficit (negative balance) of 0.3% and the deficit is expected to be significantly higher in 2022.
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