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Bulgarian Economy
By Justin Aldridge
Following its break with Communism in 1989, now enjoys high economic growth at an average rate of 4% since 2000.
Foreign investors are increasingly focusing their attention on where some of the most exciting real estate prices are still on offer.
Whilst the country’s infrastructure continues to be developed at a rapid pace in anticipation of EU membership in January 2007, investors’ confidence is riding high. Tourism figures have increased by 50% over the past 4 years, greatly contributing to the country’s economic boom.
Main Industries
The leading industries are machine manufacture, metal working, food processing, engineering and the production of chemicals, textiles, and electronics. produces many mineral resources, including bauxite, copper, lead, zinc, coal, brown coal (lignite), iron ore and oil and natural gas.
Economic Growth
Nearly all the industries were state controlled during Communist days, so the aftermath saw a resulting stagnant economy, causing a shocking 40% drop in the standard of living, and shortages of food, energy and consumer goods. This contributed to an enormous foreign debt. Market reforms were therefore set in motion in the 1990s along with the launch of a huge privatisation programme, in an attempt to begin stabilising the economy.
Since then, with the aid of World Bank funding, has enjoyed a steady growth and by 2004 it was experiencing record breaking economic growth. Meanwhile, unsurprisingly the trade deficit has skyrocketed.
In 1997, pegged its currency, the lev, to the German Deutschemark and later to the euro. Since then, has managed to keep inflation at below 5% while maintaining a budget deficit close to zero and a debt at around 60 % of gross domestic product (GDP).
Because of its relatively poor economy, will be obliged to receive EU funds after membership.
Politics
The Bulgarian Socialist Party, established in August 2005 dominates Bulgaria’s new Cabinet. National Movement, Simeon II, and the Movement for Rights and Freedoms are its coalition partners.
Under the new Cabinet, is now taking drastic and speedy measures to qualify it for its accession to the European Union, and is trying to make up for lost time wasted during the recent Cabinet negotiations.
In June 2005 The European Commission sent a warning letter reminding of its need to pay special attention to 5 of the 29 spheres under consideration for reform. These covered agriculture, justice and internal order, environmental protection, the law on association, and free access to services. Foreign Minister, Ivailo Kalfin, and the new Cabinet are accepting most of the EU-related laws and if the National Assembly works efficiently, reforms will be sped up sufficiently in readiness for 2007.
Corruption in public administration, a currently weak judiciary and the presence of organised crime remain some the largest challenges for today.
Agriculture
The difficult transition from Communism to a market economy in the 1990s forced many Bulgarians to return to agriculture for a living.
Today agriculture accounts for more than 20% of the gross national product (GNP) and employs about the same percentage of the workforce.
Main crops are wheat, oil seeds, corn, barley, vegetables, and Oriental tobacco. Grapes and other fruit, as well as roses, are grown, and wine and brandy are also produced.
Bulgaria is home for Bacillus Bulgaricus a number one yogurt in the world, which is believed to be the main factor for the long life of the Bulgarians.
Bulgaria
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is a renowned producer and exporter of wine to more than 70 countries worldwide. boasts are 12 wineries producing some excellent wines: Gamza (red wine with a similar taste to Burgundy), Mayrud (rather like a Bordeaux in taste) and Melnik (similar to Málaga wine and made in Melnik,the smallest town in Europe. Legend has it that if you want a baby boy, you need to drink a lot of this!)
More than 80% of Bulgaria's trade is with former Soviet-bloc countries. Article Source: http://www.ArticleJoe.com Tina Andlaw lives in Spain and regularly contributes articles to Sunseeker Homes (www.sunseekerhomes.com) the Spanish property information website.
View their website at: www.sunseekerhomes.com
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