National economy of Bulgaria - industries, GDP and prosperity level
Bulgaria is a sufficiently developed country in comparison with other countries. However, so far its economic condition does not allow it a leading position among the countries of the European Union. Back in the 90s, the country experienced several serious economic crises. However, to date, there has been a fairly large stable economic growth, at least 5% in one year. Bulgaria has a fairly economically advantageous territorial location; as it lies in close proximity to one of the most important maritime transport highways. Thus, Bulgaria was able to establish reliable trade relations not only with the members of the Euro zone, but also with Asian and African countries. If we talk about natural resources, the territory of Bulgaria cannot be termed rich in natural resources. There are small reserves of iron and copper ore, as well as manganese, and coal.
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Today, the development of agriculture is a priority. Various agrarian reforms are regularly carried out, which make it possible to develop this sphere of activity. Conditions are created for large farmers and entrepreneurs who are ready to use the land and contribute to the development of the domestic and foreign markets. The main crops grown are wheat and corn. In addition, you will find huge vineyards and gardens in Bulgaria with crops such as apples, pears, and others. Vegetables, sugar beet, tobacco, and others are also actively produced. Livestock farming predominates in relation to animal husbandry. The main focus is placed on meat and milk production. Sheep breeding also flourishes in some regions. Large sunflower crops are also cultivated on the Danube plains.
Fish-breeding and fishing is well developed in Bulgaria thanks to its location. On the territory of the country there are not only co-operative, but also large state enterprises that are engaged in the seafood sector. The industrial sector of Bulgaria is also one of the main areas of the economy, which gives a considerable contribution to GDP. The main problem of the country is an acute shortage of energy resources. On the territory of Bulgaria there are insignificant deposits of coal, including brown coal, as well as gas. However, it is not enough for the energy supply of the entire country. The chemical industry is also well developed in Bulgaria. It is focused on the production of rubber products and plastics, synthetic and artificial fibers, refined petroleum products, fertilizers, among other things. Copyright www.orangesmile.com
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A large part of the country’s exports are products from the sphere of metallurgy. Since 2010, there has been a significant increase in production, which gives Bulgaria the opportunity to enter into a new economic level. The food industry in the country is a true national treasure. It does not only produce all kinds of food products such as exquisite canned food, but also elite cigarettes and alcoholic beverages. In addition, the nature of Bulgaria has created the possibility for the harnessing of different varieties of mineral rich water. The largest mineral springs are located in the capital of the country. Only last year, the export of mineral water reached 13 million liters. At the same time, trade relations in this area of activity are tied only with Serbia, Romania, and several other neighboring countries. The main direction of engineering is shipbuilding. One of the largest industrial facilities in this area of activity is located in Varna. The automobile industry in Bulgaria is relatively young and at the moment has not achieved reasonable success, although, the country had previously produced such cars as Fiat, Renault, and Moskvitch.
Today the tourism sector makes a big contribution to the country’s GDP. The growth prospect has been observed since 2007. More than 6% of the total number of the able-bodied population is employed in this sector. Most tourists come to Bulgaria from the neighboring countries of the European Union. The presence of several thousand mineral springs on the territory of Bulgaria, as well as ski resorts and coastal zones, gives an opportunity to the development of tourism without much significant investment. The foreign economic policy of the country is focused on the transparency of the economy and the conclusion of trade and mutually beneficial relations not only with neighboring European countries, but with the states of Asia and America. At present, Bulgaria maintains diplomatic relations with more than 120 countries of the world. For more than 60 years, Bulgaria has been an active member of the UN, and also participates in hundreds of other international organizations.
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The largest export partners of Bulgaria are Germany, Italy, Greece, Belgium, Serbia, and Turkey. The largest import partners on the other hand are Germany, Russia, Italy, Austria, and Ukraine. The country’s GDP as of 2006 is more than $ 55 billion. At the same time, annual GDP growth is at least 0.5%. To date, GDP per capita is about 16,000 dollars. Most of the labor force is concentrated in the services sector, which is more than 62% of the total working-age population. According to data as of last year, the unemployment rate is 10%, and this is quite high taking into account the data of neighboring countries. Despite stable economic growth, more than 16% of the population still lives below the poverty line. Public debt is more than 19% of GDP.
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