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    Bulgaria Economy 1997
    https://photius.com/wfb1997/bulgaria/bulgaria_economy.html
    SOURCE: 1997 CIA WORLD FACTBOOK

      Economy - overview One of the poorest countries of central Europe, Bulgaria has slowlycontinued the process of moving from its old command economy towards a market-orientedeconomy. Slow advancement on economic reforms pitched the economy into crisisin 1996, marked by a banking system in turmoil, a depreciating currency, inflationof 311% and contracting production and foreign trade. Foreign exchange reservesdwindled to extremely low levels ($518 million), while dramatically hikedinterest rates added to the domestic debt burden and stifled growth. GDP fellby 10% in 1996, after experiencing 2.6% growth in 1995. Privatization of state-ownedindustries stagnated, although the first auction of a mass privatization programwas undertaken in late 1996. Lagging progress on structural reforms led topostponement of IMF disbursements under a $580 million standby loan agreedto in July. In November 1996, the IMF proposed a currency board as Bulgaria'sbest chance to restore confidence in the lev, eliminate discretionary spending,and avoid hyperinflation. The government has pledged to sell some of the country'smost attractive state assets to the highest foreign bidders in 1997. The Bulgarianeconomy is projected to have another year of negative growth (minus 5%), andinflation near 700% in 1997, assuming introduction of a currency board inJuly of 1997.

      GDP purchasing power parity - $39.9 billion (1996 est.)

      GDP - real growth rate -10% (1996 est.)

      GDP - per capita purchasing power parity - $4,630 (1996 est.)

      GDP - composition by sector
      agriculture: 12.6%
      industry: 35.7%
      services: 51.7% (1994)

      Inflation rate - consumer price index 311% (1996)

      Labor force
      total: 3.57 million (1996 est.)
      by occupation : industry 41%, agriculture 18%, other 41% (1992)

      Unemployment rate 12.5% (1996 est.)

      Budget
      revenues: $3 billion
      expenditures : $4.1 billion, including capital expenditures of $NA (1996 est.)

      Industries machine building and metal working, food processing, chemicals, textiles,construction materials, ferrous and nonferrous metals

      Industrial production growth rate -6.5% (1996 est.)

      Electricity - capacity 12.09 million kW (1994)

      Electricity - production 36.07 billion kWh (1994)

      Electricity - consumption per capita 4,491 kWh (1995 est.)

      Agriculture - products grain, oilseed, vegetables, fruits, tobacco; livestock

      Exports
      total value: $4.2 billion (f.o.b., 1996 est.)
      commodities : machinery and equipment 12.8%; agriculture and food 21.9%; textilesand apparel 14%; metals and ores 19.7%; chemicals 16.9%; minerals and fuels9.3% (1995)
      partners: OECD 50.0% (EU 37.2%); CIS and Central and Eastern Europe 32.4%; Arabcountries 5.8%; other 11.8% (1995)

      Imports
      total value: $4.1 billion (c.i.f., 1996 est.)
      commodities: fuels, minerals, and raw materials 30.1%; machinery and equipment 23.6%;textiles and apparel 11.6%; agricultural products 10.8%; metals and ores 6.8%; chemicals 12.3%; other 4.8% (1995)
      partners : OECD 45.5% (EU 38.1%); CIS and Central and Eastern European countries41.1%; Arab countries 1.8%; other 11.6% (1995)

      Debt - external $9.3 billion (1996 est.)

      Economic aid NA

      Currency 1 lev (Lv) = 100 stotinki

      Exchange rates leva (Lv) per US$1 - 483.4 (1996), 70.7 (1995), 54.2 (1994), 27.1 (1993),23.3 (1992)

      Fiscal year calendar year

      NOTE: The information regarding Bulgaria on this page is re-published from the 1997 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Bulgaria Economy 1997 information contained here. All suggestions for corrections of any errors about Bulgaria Economy 1997 should be addressed to the CIA.

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    https://photius.com/wfb1997/bulgaria/bulgaria_economy.html

    Revised 06-Mar-02
    Copyright © 2002 Photius Coutsoukis (all rights reserved)


    ctr03/06/02