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Bulgaria Economy 1996
The Bulgarian economy continued its painful adjustment in 1994 from the
misdirected development undertaken during four decades of Communist rule.
Many aspects of a market economy have been put in place and have begun to
function, but much of the economy, especially the industrial sector, has yet
to re-establish market links lost with the collapse of the other centrally
planned Soviet Bloc economies. The prices of many imported industrial
inputs, especially energy products, have risen markedly, and falling real
wages have not sufficed to restore competitiveness. The government plans
more extensive privatization in 1995 to improve the management of
enterprises and to encourage foreign investment. Bulgaria resumed payments
on its $10 billion in commercial debt in 1993 following the negotiation of a
50% write-off.
GDP - purchasing power parity - $33.7 billion (1994 est.)
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National product real growth rate:
-
National product per capita:
-
Inflation rate (consumer prices):
$17.4 billion, including capital expenditures of $610 million (1993 est.)
$3.6 billion (f.o.b., 1993)
machinery and equipment 30.6%; agricultural products 24%; manufactured
consumer goods 22.2%; fuels, minerals, raw materials, and metals 10.5%;
other 12.7% (1991)
former CEMA countries 57.7% (FSU 48.6%, Poland 2.1%, Czechoslovakia 0.9%);
developed countries 26.3% (Germany 4.8%, Greece 2.2%); less developed
countries 15.9% (Libya 2.1%, Iran 0.7%) (1991)
$4.3 billion (c.i.f., 1993)
fuels, minerals, and raw materials 58.7%; machinery and equipment 15.8%;
manufactured consumer goods 4.4%; agricultural products 15.2%; other 5.9%
former CEMA countries 51.0% (FSU 43.2%, Poland 3.7%); developed countries
32.8% (Germany 7.0%, Austria 4.7%); less developed countries 16.2% (Iran
2.8%, Libya 2.5%)
growth rate 4% (1994); accounts for about 37% of GDP (1990)
machine building and metal working, food processing, chemicals, textiles,
building materials, ferrous and nonferrous metals
climate and soil conditions support livestock raising and the growing of
various grain crops, oilseeds, vegetables, fruits, and tobacco; more than
one-third of the arable land devoted to grain; world's fourth-largest
tobacco exporter; surplus food producer
transshipment point for southwest Asian heroin and South American cocaine
transiting the Balkan route; limited producer of precursor chemicals
$700 million in balance of payments support (1994)
1 lev (Lv) = 100 stotinki
leva (Lv) per US$1 - 67.04 (January 1995), 32.00 (January 1994), 24.56
(January 1993), 17.18 (January 1992), 16.13 (March 1991), 0.7446 (November
1990); note - floating exchange rate since February 1991
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