Doing Business in Bulgaria
Welcome to the Export to Group team in Sofia. We are pleased to be able to offer you the professional support you require to do business in Bulgaria.
Bulgaria entered the EU on 1 January 2007, averaged more than 6% annual growth from 2004 to 2008, driven by significant amounts of bank lending, consumption, and foreign direct investment. Successive governments have demonstrated a commitment to economic reforms and responsible fiscal planning, but the global downturn sharply reduced domestic demand, exports, capital inflows, and industrial production. GDP contracted by 5.5% in 2009, and has been slow to recover in the years since.
Export to Bulgaria - some facts and figures
Economic activities are fostered by the lowest personal and corporate income tax rates in the EU, and the second-lowest public debt of all member states at 16.5 per cent of GDP in 2012. In 2013, GDP (PPP) was estimated at $106.8 billion, with a per capita value of $14,870.Sofia and the surrounding Yugozapaden planning area are the most developed region of the country with a per capita PPS GDP of $23,162 in 2009.Bulgaria is a net receiver of funds from the EU. The absolute amount of received funds was €589 million in the latest available figures.
Extraction of metals and minerals, production of chemicals, machinery and vehicle components, petroleum refining and steel are among the major industrial activities. Mining and its related industries employ a total of 120,000 people and generate about five per cent of the country's GDP. Bulgaria is Europe's sixth-largest coal producer.Local deposits of coal, iron, copper and lead are vital for the manufacturing and energy sectors. Almost all top export items from Bulgaria are industrial commodities such as oil products, copper products and pharmaceuticals. Bulgaria is also a net exporter of agricultural and food products, of which two-thirds go to OECD countries. It is also the largest global producer of perfumery essential oils such as lavender and rose oil. Agriculture has declined significantly in the past two decades. Cereal and vegetable yields have dropped by nearly 40 per cent since 1990.Of the services sector, tourism is the most significant contributor to economic growth. In recent years, Bulgaria has emerged as a travelling destination with its inexpensive resorts and beaches outside the reach of the tourist industry.
Export to Bulgaria
Boulevard Totleben 53-55, 1606 Sofia