• Analysis and Studies
• Bulgaria: a look at the market

Bulgaria is a European country located in the Balkan Peninsula and is bordered by Romania to the north, Serbia and North Macedonia to the west, Greece and Turkey to the south, and the Black Sea to the east. The country boasts a variety of landscapes, including mountains, plains, and coastlines along the Black Sea. Bulgaria, after being on the losing side in both World Wars, found itself under Soviet influence and was established as a People's Republic in 1946. The era of communist rule came to an end in 1990 when Bulgaria conducted its first multiparty election since World War II. This marked the beginning of a challenging journey towards political democracy and a market-oriented economy. During this transition, Bulgaria grappled with issues such as inflation, unemployment, corruption, and crime. Notably, Bulgaria became a member of NATO in 2004 and subsequently joined the European Union in 2007, aligning itself with Western institutions and values.

A look at the market

Bulgaria is an upper-middle-income European Union (EU) economy characterized by a trajectory of improving living standards and robust economic growth. However, it retains a coal-based infrastructure, a legacy of historical structural vulnerabilities, and a prevailing issue of widespread corruption. Notably, Bulgaria has been increasingly fostering economic relations with Russia, particularly within the realm of energy trade.

In 2021, Bulgaria held the 66th position in the global economy based on GDP (current US$), ranked 59th in both total exports and total imports, and stood as the 62nd economy concerning GDP per capita (current US$).

Bulgaria's leading export items included Refined Copper ($1.8 billion), Wheat ($1.49 billion), Electricity ($1.19 billion), Refined Petroleum ($1.13 billion), and Packaged Medicaments ($1.06 billion), primarily shipping these products to Germany ($6.2 billion), Romania ($4.36 billion), Greece ($3.55 billion), Italy ($3.42 billion), and Turkey ($2.57 billion). In 2021, Bulgaria notably held the title of the world's largest Iron Pyrites exporter, with exports amounting to $41 million. The top imports for Bulgaria encompassed Copper Ore ($1.96 billion), Petroleum Gas ($1.62 billion), Crude Petroleum ($1.55 billion), Cars ($1.45 billion), and Packaged Medicaments ($1.43 billion), with the primary sources being Germany ($5.27 billion), Turkey ($3.89 billion), Greece ($3.48 billion), Romania ($3.45 billion), and Italy ($2.98 billion).

SkyMinder: Know your Business Partner

SkyMinder is the business information platform powered by CRIF, giving access to in-depth credit and financial data on companies all over the world. Thanks to our international presence and long-standing experience with local information providers, every country is available on SkyMinder, without data accessibility limits or updating issues. If you are evaluating the possibility of doing business with a company located in Bulgaria, SkyMinder can help you assess your potential partner.

Discover more about our solutions and don't hesitate to contact us!