Invest in New Bulgaria
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Transcript of Invest in New Bulgaria
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Invest in New BulgariaMinistry of EconomyJuly 2003
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The Competitive Edge of Bulgaria Strategic geographic location
Liberalised access to markets with over 560m consumers (incl. EU, CEFTA, Turkey)
Almost 100 agreements on the protection of investments and avoidance of double taxation
Forthcoming NATO and EU membership
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Investors in Bulgaria Will Find...Among the lowest costs of doing business in EuropeRobust legal framework focused on attracting and protecting foreign investmentFast improving business climateamong the lowest taxes in Europesignificant reduction in regulatory obstacles and start up costsaggressive business stimulus package introduced in 2002/2003Institutional support for major foreign investment projects Superb academic and vocational training Excellent labour quality/labour cost ratio average monthly salary of EUR144
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Significant Business Climate ImprovementsSimplified licensing, permit and registration regimessimplification or abolishment of more than 50% of the existing ones; clarification of remaining regimesnew regimes to be imposed solely by Parliament voteAmbitious economic programme stimulating the economy0% profit tax in over 1/3 of the territory of the countrypending creation of industrial zones with significant investment incentivesVAT-free imports for investment projects over EUR5 mAdoption of International Accounting Standards (IAS)2003 for financial institutions and public companies2005 for all other companies
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Macroeconomic Indicators
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Bulgarian Economy in Early 2003:Accelerating GrowthIndustrial production grew by +23.4% yoy in March and by +9.2% yoy in April. Industrial sales by +30.4% and +9.6% respectivelyExports for the first four months jumped up by impressive +40.4% yoyUnemployment went down to 14.3% in May 2003, a record low level for the last three yearsInflation stays at bay: 0.8% for the first five months, 1.5% of the year and deflation of 0.6% is recorded for May
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Bulgarian Economy in 2002: Well on TrackBulgaria is among the leaders in Europe in economic growth: 6.4% in Q3, 3.4% in Q4, 4.8% for 2002Inflation of 3.8%Unemployment of 16.27%, a drop of 1.63% compared to 2001Record high forex reserves: EUR4.58bnNear record low external public debt: USD8.3bnRobust growth in tourism revenues: 10% compared to 2001Improving current and trade account deficits to GDP ratios
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Macroeconomic Stability Testimony from AbroadThe Governments economic program has received positive evaluation. The countrys credit rating has been raised on several occasions. The rating for Bulgarias long-term foreign currency currently stands at:BB+ (with stable outlook) according to Standard&PoorsBB (with positive outlook) by Fitch IBCAB2 (with stable outlook) by MoodysBB+ (with positive outlook) by the Japan Credit Rating Agency more rating upgrades are expected in 2003Support of the international financial institutionsthe IMF approved a two-year stand-by agreement for SDR250 mthe World Bank adopted a supporting strategy worth USD750 m in totalthe EBRD launched a USD500 m private sector financing program
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Second Generation of Economic Reforms (1)VAT-free imports for investment projects over EUR5 m0% profit tax in high unemployment regionsSignificant reduction of bureaucracyintroduction of one-stop-shopIntroduction of silent consent approachreduction of licensing regimesnew regimes to be imposed solely by ParliamentPlanned creation of industrial zones with significant investment incentivesPlanned introduction of 100% yearly depreciation for equipment for priority investment projects
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Second Generation of Economic Reforms (2)The launch of a Private Equity Fund(s) is shortly expected state participation of up to EUR51 m (BGN100 m) additional investment from the private sector the funds will be invested in equities of developing Bulgarian companies strong competition for the professional management of the Fund: 15 applications4 candidates selected (TBIF Financial Services BV and Equest Partners Ltd., Copernicus Capital Management SP, GED Capital Development SA, Time Capital Partners and BAC)
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GDP Growth (by Quarters, %)Source: CANSTAT, EUROSTAT
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GDP Growth (%)Source:EBRD, Ministry of Economy
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Gross Domestic Product (EUR bn)Source: Ministry of Finance
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GDP Structure (by Sector, %)Source: National Statistics Institute
Chart1
15.130.754.2
26.227.945.9
18.830.550.7
16.328.255.5
13.929.157
13.628.557.9
12.527.859.7
12.829.657.6
Agriculture and Forestry
Industry
Services
12.8
12.5
13.6
13.9
16.3
18.8
26.2
15.1
29.6
27.8
28.5
29.1
28.2
30.5
27.9
30.7
57.6
59.7
57.9
57.0
55.5
50.7
45.9
54.2
Companies with FDI
Information & Communication TechnologiesInformation & Communication Technologies
CountryCompanyInvestmentForeign Firms with Investments in Bulgaria
AustriaMOBILTEL HOLDING GmbH
GreeceINTRACOM
GreeceOTE
NetherlandsGLOBAL ONE HOLDING
UKCABLE AND WIRELESS
USARILA SOLUTIONS
Energy Sector
CountryCompanyInvestment
USAACCESS INTERNATIONAL
USAENERGY
Transport and Logistics
CountryCompanyInvestment
AustriaFRANZ WELZ
AustriaSCHENKER
AustriaVAE
GermanyWILLI BETZ
HungaryINTERLICHTER
SwitzerlandM + M MILITSER INTERNATIONAL
Tourism
CountryCompanyInvestment
CyprusCLASMAN ENTERPRISES
GermanyC&N TOURISTIC AG
GreeceGOODYS
ItalyAUTO RICAMBI SRL
SwitzerlandZURICH INVEST
TurkeyPRINCESS HOLDING GROUP
USAHILTON INTERNATIONAL
USAMcDONALDS
Food processing, Beverages and Tobacco Industry
CountryCompanyInvestment
BelgiumINTERBREW
CyprusSOFTBUL INVESTMENT
GreeceBREWINVEST
GreeceCHIPITA INTERNATIONAL
GreeceDELTA
GreeceTKM FRUIT AND JUICE
FranceDANONE
LuxembourgKLARINA HOLDING
NetherlandsEASTSTRACH
NetherlandsPROVIMI
PortugalVINPROM SERVICE KORK
SwitzerlandNESTLE
UKBOYAR INTERNATIONAL
UKLUXCRAFT
UKUNIBUL WINES
USAKRAFT FOODS INTERNATIONAL
USASEABORD OVERSEAS
Textile and Apparel
CountryCompanyInvestment
GermanyHAINER & PETER ROESLER
GermanyROLLMANN
IrelandMARLAND INTERNATIONAL LTD.
ItalyMIROGLIO
ItalySALVADORI
NetherlandsBRANDEX
TurkeyMASER
Electrical Engineering and Electronics
CountryCompanyInvestment
BelgiumEPIQ GROUP
Czech RepublicPRAMET
FranceSCHNEIDER ELECTRIC
GermanyFESTO
GermanyLIEBHERR
GermanySIEMENS
GermanySPARKY TRADING
HungaryVIDEOTON HOLDING
KoreaHYUNDAI
Switzerland, SwedenASEA BROWN BOVERI
USAMICHIGAN MAGNETICS
bgdream:check RADISSON SASWhat company is that?
GDP break-up by industry
National Statistic Institute, 2001
Economic Sectors
Agriculture and Forestry
Agriculture
Forestry
Industry
Mining
Manufacturing
Electricity, Gas and Water Supply
Construction
Services
%
19961997199819992000200120022003P
15.126.218.816.313.913.612.512.8
30.727.930.528.229.128.527.829.6
54.245.950.755.55757.959.757.6
Total100100100100100100100100
1995199619971998199920002001
39.340.144.250.452.151.354.8
8.37.74.64.67.910.87.2
17.919.317.612.496.15.8
3.93.53.24.94.444.8
11.911.513.612.112.415.214.3
18.817.916.715.514.112.511.7
1995199619971998199920002001
37.335.837.145.248.44449.4
1.31.51.31.50.80.80.6
35.53633.724.923.527.823.7
4.14.54.95.56.48.77.6
5.85.17.28.187.57.9
15.917.115.714.71311.19.5
GDP break-up by industry
000
000
000
000
000
000
Other secs by country
Other FDI Sectors and Foreign Firms in Bulgaria
IndustryCountryInvestors
Chemical IndustryFranceFRANCE ARNE
RussiaLUKOIL PETROL
BelgiumSOLVAY
USAWHITEBEAM HOLDING
MetallurgyGreeceHALKOR
BelgiumUMICORE
GreeceVIOHALKO
Building MaterialsAustriaBRAMACK DACHSYSTEME
SwitzerlandKERAMIK HOLDING
AustriaKNAUF
GermanyYTONG
Cement IndustryFranceCEMENT FRANCAIS
GermanyHEIDELBERGER ZEMENT
TradeGreeceENA
AustriaEUROBILLA
GermanyMETRO
TurkeyMIGROS TURK T.A.S.
AustriaOMV
UKSHELL
FDI by country
Foreign Direct Investment by Country till 2001 ($m)
Country
Denmark5.8
Japan9.1
Sweden10.3
Czech10.5
Malta11.2
Liechtenstein12
Israel17.5
Hungary18.8
Ireland23
Luxemburg57.6
Korea59.8
Switzerland105.9
France123.7
Turkey128.5
Spain129.8
United Kingdom196
Netherlands204.8
Russia205.3
Cyprus267.2
USA277
Austria351.2
Belgium415.9
Italy451.4
Greece541.7
Germany563.2
source: Foreign Direct Investment Agency
PrivatisationGreenfield investment and reinvested profitsTotal FDI
1992034.434.4
19932280.4102.4
1994134.276.7210.9
199526136.6162.6
199676.4180256.4
1997421.4214.8636.2
1998155.8464.2620
1999226.7592.1818.8
2000366635.51001.5
200119670689
2002E800
Overall FDI by sector in %
Financial intermediation* 44%4.4
Post & telecoms 28%28
Basic metals 8.7%8.7
Trade 3.8%3.8
Construction 3.1%3.1
Coal, refined petrolemum products & nuclear fuel 1.8%1.8
Offer (small sectors) 50.2%50.2
100
Total Direct Investment by sector and year $m
Sector1998199920002001*TotalSector1998199920002001*Total by sectors
Financial activities63.8119.1443.262.8688.9Financial activities63.8119.1443.262.8688.9
Trade and repairs177.412489.571.6462.5Trade and repairs177.412489.571.6462.5
Petroleum, chemical, rubber and plastic products41165.272.111.5289.8Petroleum, chemical, rubber and plastic products41165.272.111.5289.8
Mineral products (cement, glass,...)150.671.87.419.4249.2Mineral products (cement, glass,...)150.671.87.419.4249.2
Telecommunications23.214.114.9177.4229.6Telecommunications23.214.114.9177.4229.6
Metallurgy13.272.217.137.2139.7Metallurgy13.272.217.137.2139.7
Mechanical products21.31864.716.6120.6Mechanical products21.31864.716.6120.6
Food products31.532.711.742.9118.8Food products31.532.711.742.9118.8
Wood products, paper37.324.938.15.3105.6Wood products, paper37.324.938.15.3105.6
Hotels and restorants26.840.520.816.7104.8Hotels and restorants26.840.520.816.7104.8
Textile and clothing4.425.127.333.790.5Textile and clothing4.425.127.333.790.5
Electrical eng., electronics, computers and communication equipment11.55.928.62773Electrical eng., electronics, computers and communication equipment11.55.928.62773
Construction6.36.512.718.844.3Other465.9
Real estate and business activities0.114.72.88.125.7
Leather and leather products0.7021.20.222.1
Electriciti, gas and water0018.70.819.5
Agriculture, foresrty and fishing0.12.410.71.314.5
Publishing00.20.38.48.9
Transport6.2-11.710.12.77.3
Mining02.702.85.5
Vehicles and other transport equipment-0.91.700.61.4
Other5.588.899.7122.7316.7
FDI by country
000
000
000
000
000
000
000
000
000
000
000
Privatisation
Greenfield investment and reinvested profits
Total FDI
FDI by year ($m)
market cap
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
FDI
IT profs
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
Operating costs
1EUR1.95583
BGNEUR
Official market A12,641,073.40
Official market B56,545,973.70
Official market C147,380,246.55
216,567,293.65110,729,099
Unofficial market106,769,247,099.00
106,985,814,392.6554,700,978,302
Source:Global IT IQ Report of March 2002 of Brainbench, Inc.
The data for the population is taken from the mid-2001 estimates of
U.S. Census Bureau, International Database and The World Factbook, 2000.
IT Certified Professionals in % of the Population
(World Top 10 Countries)
%Number
Latvia0.1927%4597
Estonia0.1443%2054
Bulgaria0.1147%8844
Singapore0.0828%3559
Lithuania0.0823%2972
Romania0.0721%16122
United States0.0698%194211
United Arab Emirates0.0617%1485
Canada0.0607%19181
Israel0.0533%3164
00
00
00
00
00
00
00
00
00
00
&A
Page &P
%
Number
194211
Operational Costs in Bulgaria, 2002
Monthly salary, EUR130
Nominal salary growth, %7.3
Social security, unemployment fund and health care contributions as % of monthly salary42.7 (75% payed by the employer)
Corporate tax, %
Aggregate rate, %23.5
VAT, %20
Price of arable land, year 2001, average EUR/1000 sq mile35-179
Office rent in Sofia, average EUR/sq m/month25-35
Apartment purchase price in Sofia, average EUR/sq m299
Water charges for industrial use in Sofia, EUR/m0.13
Water charges for household use in Sofia, EUR/m0.16
Telephone installation charges, EUR51
Telephone monthly subscription fee, EUR2.56/4.62
International phone call EUR/min
Europe0.31-0.41; 0.16-0.21
USA0.74-0.20
Electricity prices per kWh, including VAT
Electricity for industrial use, EUR
3 tariff-reading
pick0.070
day0.043
night0.027
2 tariff-reading
day0.056
night0.027
Electricity for household use, EUR
day0.050
night0.027
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GDP Structure (by Ownership, %)Source: National Statistics Institute
Chart4
55.944.1
63.436.6
62.437.6
6436
69.630.4
71.728.3
72.727.3
8515
Private
Public
85.0
72.7
71.7
69.6
64.0
62.4
63.4
55.9
15.0
27.3
28.3
30.4
36.0
37.6
36.6
44.1
GDP break-up by industry
Structure of GDP by sector
19961997199819992000200120022003F
Private55.963.462.46469.671.772.785
Public44.136.637.63630.428.327.315
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Annual Inflation (%, Year-End, 1991-2003E) Source: National Statistics Institute
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Inflation (%, Year-End)Source: Governmental Sources and National Statistics Institute
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Unemployment (%, 01/1992-05/2003)Source: Employment Agency
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Unemployment (%, 01/2001-05/2003)Source: Employment Agency
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Base (Benchmark) Interest Rate(%, 01/1998-05/2003)Source: Bulgarian National Bank 2.96%
Chart1
0.0656
0.0652
0.064
0.0627
0.0607
0.059
0.0578
0.0561
0.0553
0.0549
0.0532
0.0528
0.0532
0.0541
0.0541
0.0537
0.0532
0.0524
0.0516
0.0512
0.0516
0.052
0.0516
0.0512
0.0508
0.0512
0.052
0.0528
0.0524
0.0516
0.0512
0.0508
0.0504
0.0499
0.0508
0.0512
0.0508
0.0504
0.0499
0.0491
0.0483
0.0487
0.0483
0.0479
0.0475
0.0471
0.0467
0.0463
0.0454
0.0356
0.045
0.0446
0.0442
0.045
0.0475
0.0479
0.0475
0.0479
0.0475
0.0471
0.0463
0.045
0.0446
0.0442
0.0446
0.0442
0.0426
0.0413
0.0393
0.0368
0.034
0.0323
0.0311
0.0303
0.0348
0.0356
0.0364
0.036
0.0364
0.0356
0.0348
0.0344
0.036
0.0417
0.0405
0.0393
0.0372
0.0344
0.0348
0.0344
0.0372
0.0401
0.0385
0.0381
0.0393
0.0401
0.0397
0.0401
0.0413
0.0442
0.0446
0.045
0.0471
0.0467
0.0458
0.0454
0.0463
0.0453
0.0429
0.0396
0.0421
0.0415
0.0424
0.0436
0.0439
0.0447
0.0447
0.0447
0.0447
0.0455
0.0459
0.0475
0.0468
0.0476
0.0463
0.0479
0.0465
0.0478
0.0454
0.0443
0.0408
0.0392
0.0371
0.0367
0.0379
0.0375
0.0371
0.0371
0.0331
0.025
0.0252
0.0256
0.0295
0.0296
RATE
07.02.199145.00%05.02.199642.00%1/5/986.56%
10.06.199152.00%06.03.199649.00%1/7/986.52%
10.07.199147.00%26.04.199667.00%1/14/986.40%
21.08.199154.00%10.05.1996108.00%1/21/986.27%
06.07.199249.00%24.09.1996300.00%1/28/986.07%
03.08.199245.00%18.10.1996240.00%2/4/985.90%
15.09.199241.00%04.11.1996180.00%2/11/985.78%
01.01.199347.00%28.01.1997198.00%2/18/985.61%
22.02.199351.00%01.03.1997216.00%2/25/985.53%
04.06.199348.00%07.04.1997205.68%3/4/985.49%
23.08.199344.00%14.04.1997169.80%3/11/985.32%
01.11.199347.00%21.04.199796.36%3/18/985.28%
10.11.199352.00%28.04.199774.40%3/25/985.32%
10.01.199456.00%12.05.199762.40%4/1/985.41%
14.03.199462.00%19.05.199751.48%4/8/985.41%
07.09.199472.00%26.05.199743.08%4/29/985.37%
10.04.199565.00%02.06.199748.72%5/6/985.32%
25.04.199560.00%09.06.199747.28%5/13/985.24%
08.05.199554.00%16.06.199735.76%5/20/985.16%
21.06.199548.00%23.06.199715.20%5/27/985.12%
03.07.199544.00%30.06.199710.12%6/10/985.16%
17.07.199539.00%07.07.19979.76%6/24/985.20%
01.08.199534.00%14.07.19976.96%8/5/985.16%
21.07.19976.12%8/19/985.12%
28.07.19975.42%9/9/985.08%
04.08.19975.50%10/14/985.12%
11.08.19975.59%10/21/985.20%
18.08.19975.70%10/28/985.28%
25.08.19975.86%11/11/985.24%
01.09.19975.98%11/18/985.16%
08.09.19976.11%11/25/985.12%
15.09.19976.23%12/2/985.08%
22.09.19976.27%12/9/985.04%
29.09.19976.03%12/16/984.99%
06.10.19975.78%12/30/985.08%
13.10.19975.53%1/6/995.12%
20.10.19975.12%1/13/995.08%
27.10.19974.87%1/27/995.04%
03.11.19974.95%2/10/994.99%
10.11.19975.45%2/17/994.91%
17.11.19975.41%3/10/994.83%
24.11.19975.90%3/17/994.87%
01.12.19976.40%3/24/994.83%
03.12.19976.94%3/31/994.79%
10.12.19976.85%4/7/994.75%
17.12.19976.77%4/14/994.71%
29.12.19976.65%4/21/994.67%
4/28/994.63%
5/5/994.54%
5/10/993.56%
5/12/994.50%
5/19/994.46%
5/26/994.42%
6/23/994.50%
6/30/994.75%
7/7/994.79%
8/11/994.75%
8/25/994.79%
9/1/994.75%
9/15/994.71%
9/23/994.63%
9/29/994.50%
10/6/994.46%
10/13/994.42%
11/3/994.46%
1/5/004.42%
1/12/004.26%
1/19/004.13%
1/26/003.93%
2/2/003.68%
2/9/003.40%
2/16/003.23%
2/23/003.11%
3/1/003.03%
3/15/003.48%
3/22/003.56%
4/5/003.64%
4/12/003.60%
4/26/003.64%
5/10/003.56%
5/17/003.48%
5/25/003.44%
6/14/003.60%
6/21/004.17%
6/28/004.05%
7/5/003.93%
7/12/003.72%
7/19/003.44%
8/2/003.48%
8/16/003.44%
8/23/003.72%
8/30/004.01%
9/7/003.85%
9/13/003.81%
9/20/003.93%
9/27/004.01%
10/4/003.97%
10/11/004.01%
10/18/004.13%
10/25/004.42%
11/1/004.46%
11/15/004.50%
11/22/004.71%
12/6/004.67%
12/13/004.58%
12/20/004.54%
12/28/004.63%
1/3/014.53%
1/17/014.29%
2/7/013.96%
2/21/014.21%
3/7/014.15%
4/4/014.24%
4/18/014.36%
5/2/014.39%
5/16/014.47%
6/4/014.47%
6/20/014.47%
7/4/014.47%
7/18/014.55%
8/1/014.59%
8/15/014.75%
9/5/014.68%
9/19/014.76%
10/3/014.63%
11/21/014.79%
12/5/014.65%
1/2/024.78%
2/6/024.54%
3/6/024.43%
4/3/024.08%
4/30/023.92%
6/5/023.71%
7/3/023.67%
8/7/023.79%
9/4/023.75%
10/2/023.71%
11/6/023.71%
12/4/023.31%
1/29/032.50%
2/26/032.52%
3/26/032.56%
4/30/032.95%
5/28/032.96%
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Base (Benchmark) Interest Rate(%, Year-End)Source: Governmental Sources and Bulgarian National Bank
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Budget Surplus/Deficit (% GDP)Source: Governmental Sources and Ministry of FinanceBulgariaCEE Countries (2002)
Chart
-0.0120.029
0.0090.055
-0.010.03
-0.0110.032
-0.0090.029
-0.0070.028
-0.0070.028
00.032
Budget surplus/deficit, % GDP
Primary surplus, % GDP
0.9
-1.0
-1.1.
-0.9
-0.7
-0.7
0.0
-1.2
2.9
5.5
3.0
3.2
2.9
2.8
2.8
3.2
Data
1997-1.2%2.9%
19980.9%5.5%
1999-1.0%3.0%
2000-1.1%3.2%
2001-0.9%2.9%
2002-0.7%2.8%
2003F-0.7%2.8%
2005F03.2%
Chart1
-0.065
-0.052
-0.049
-0.048
-0.035
-0.025
-0.02
-0.007
-0.7%
-2.0%
-2.5%
-3.5%
-4.8%
-4.9%
-5.2%
-6.5%
Data
Croatia-6.5%
Poland-5.2%
Hungary-4.9%
Slovakia-4.8%
Romania-3.5%
Slovenia-2.5%
Czech Republic-2.0%
Bulgaria-0.7%
-
Foreign Exchange Reserves (EUR m, 1998-2002)Source: Bulgarian National Bank
-
Foreign Debt (USD m, 1996-2002)Source: Bulgarian National Bank
-
Government Debt (% GDP, 1997-2002)Maastricht criterionSource: Ministry of Finance105.1%83.2%86.7%77.1%70.1%56%50%60%70%80%90%100%110%199719981999200020012002
-
Source: National Statistics InstituteAverage Monthly Salary (EUR, 01/2000-03/2003)
-
Source: AIMS Human Capital Bulgaria (2002)Low averageHigh averageGross Monthly Salary Levels (USD)
Chart4
27505300430050507500
10002000220022004000
6001500130020002500
300300500550500
Bulgaria
Romania
Czech Republic
Hungary
Poland
-
Low averageHigh averageSource: AIMS Human Capital BulgariaGross Monthly Salary Levels (USD)
BG v Average-low avg
27505616.6666666667
10002800
6001933.3333333333
300516.6666666667
Bulgaria
Average for Poland, Czech Republic and Hungary
salary data
Average Salaries - low estimate
BulgariaRomaniaCzech RepublicHungaryPolandAverage for Poland, Czech Republic and Hungary
Chief Executive275053004300505075005617
Top/Senior Management100020002200220040002800
Mid Management60015001300200025001933
Professional Staff300300500550500517
Average Salaries - high estimate
BulgariaRomaniaCzech RepublicHungaryPolandAverage for Poland, Czech Republic and Hungary
Chief Executive275053004300505075005617
Top/Senior Management150030003200400055004233
Mid Management100025002250350040003250
Professional Staff5208001200200015001567
Source: Aims Human Capital Bulgaria
BG v Average-high avg
27505616.6666666667
15004233.3333333333
10003250
5201566.6666666667
Bulgaria
Average for Poland, Czech Republic and Hungary
salary data
Average Salaries - high estimate
BulgariaRomaniaCzech RepublicHungaryPolandAverage for Poland, Czech Republic and Hungary
Chief Executive275053004300505075005617
Top/Senior Management150030003200400055004233
Mid Management100025002250350040003250
Professional Staff5208001200200015001567
Source: Aims Human Capital Bulgaria
-
Gross Capital Formation (% GDP, 1996-2002)Source: National Statistics Institute
-
Gross Capital Formation (BGN bn, 1997-2002)Gross Capital Formation (BGN bn, 1997-2002)Source: National Statistics Institute
-
Macroeconomic Indicators (1)Source: Ministry of Finance
1996
1997
1998
1999
2000
2001
2002E
2003F
GDP
(BGN bn)
14.43
17.43
22.42
23.79
26.75
29.62
32.32
35.00
Real GDP growth
(%)
-9.4
-5.6
4.0
2.3
5.4
4.0
4.8
4.8
Annual inflation
(year-end, %)
311.6
547.7
1.6
7.0
11.3
4.8
3.8
4.0
Budget deficit
(% GDP)
-10.4
-3.0
1.0
-0.9
-1.0
-0.9
-0.7
-0.7
-
Macroeconomic Indicators (2)Source: Ministry of Finance, Ministry of Economy and Bulgarian National Bank
1996
1997
1998
1999
2000
2001
2002
Foreign debt
(% GDP)
97.0
100.4
85.5
84.2
88.9
78.3
70.6
Balance of payments
(USD m)
-724
1,205
-95
96
137
373
715
Current account
(USD m)
164
1,046
-61
-652
-702
-842
-677
Current account
(% GDP)
1.7
10.1
-0.5
-5.0
-5.6
-6.2
-4.4
Trade balance
(USD m)
122
321
-381
-1,081
-1,175
-1,580
-1,593
Exports
(USD m)
4,689
4,809
4,193
4,006
4,825
5,113
5,688
Imports
(USD m)
4,568
4,488
4,574
5,087
6,000
6,693
7,281
Import coverage
(months)
1.5
5.1
6.1
5.9
5.4
5.0
6.1
FDI
(USD m)
109
505
537
819
1,002
813
479
-
Taxation
-
Among the Lowest Taxes in EuropeCorporate tax23.5%0% in regions with high unemployment, 1/3 of the countrys territoryfast depreciation rates: 2 years for computers, 3 1/3 years for equipmentPersonal income taxhighest rate at 29%rates of 0, 15, 22, 26 and 29% (year 2003)Capital gains tax: 0%Interest income tax: 0%
-
0% Corporate Profit Tax in 2003 (Green Regions)N.B.The list is solely based on unemployment figuresThe regions include industrial sites with developed infrastructure
-
Tax and Accounting ReformAdoption of International Accounting Standards (IAS) from 2003 for financial institutions and public companies and from 2005 for all other companiesIntroduction of 100% yearly depreciation for equipment for priority investment projectsCreation of a single State Revenues AgencyValue added tax (VAT)exemption for imports for investment projects over EUR5mgeneral tax refund time falls from 4 to 3 months45 days refund for export-oriented companiesexemption for software exportsregistration threshold falls to BGN50,000 from BGN75,000
-
Personal Income Tax Rates/Brackets (%, 1999-2005)Source: Ministry of Finance
-
Market Access & Foreign Trade
-
Preferential Market Access (1)WTO membership since 1996European Union Association AgreementEFTA AgreementCEFTA membershipFree Trade Area with Turkey, Macedonia, Latvia, Lithuania, Israel, and EstoniaSighed Free Trade Agreement with AlbaniaPending signature of a Free Trade Agreement with Moldova, Bosnia & Herzegovina, and Serbia & Montenegro
-
Preferential Market Access (2)European UnionEFTACEFTAOthers
Pending FTAs:Bosnia & HerzegovinaSerbia & MontenegroMoldova
Free Trade Agreement With:
-
Exports (by Region, %, 1995-2002)Source: National Statistics Institute
Chart11
39.38.317.93.911.918.8
40.17.719.33.511.517.9
44.24.617.63.213.616.7
50.44.612.44.912.115.5
52.17.994.412.414.1
51.310.86.1415.212.5
54.87.25.84.814.311.7
55.66.44.55.414.711.5
EU
Balkan
CIS
CEFTA
Other from OECD
Other
39.3
40.1
44.2
50.4
52.1
51.3
54.8
55.6
10.8
8.3
7.7
7.9
7.2
4.6
4.6
6.4
19.3
17.6
12.4
5.8
6.1
17.9
9.0
4.5
4.8
4.0
4.4
4.9
3.2
3.5
3.9
5.4
11.9
11.5
13.6
12.1
12.4
15.2
14.3
14.7
11.7
12.5
14.1
15.5
16.7
17.9
18.8
11.5
External Sector
19951996199719981999200020012002
EU39.340.144.250.452.151.354.855.6
Balkan8.37.74.64.67.910.87.26.4
CIS17.919.317.612.496.15.84.5
CEFTA3.93.53.24.94.444.85.4
Other from OECD11.911.513.612.112.415.214.314.7
Other18.817.916.715.514.112.511.711.5
-
Imports (by Region, %, 1995-2002)Source: National Statistics Institute
Chart10
37.31.335.54.15.815.9
35.81.5364.55.117.1
37.11.333.74.97.215.7
45.21.524.95.58.114.7
48.40.823.56.4813
440.827.88.77.511.1
49.40.623.77.67.99.5
50.20.718.57.38.913.1
EU
Balkan
CIS
CEFTA
Other from OECD
Other
50.2
49.4
48.4
45.2
37.1
35.8
37.3
44.0
0.7
1.3
0.8
1.5
0.8
0.6
1.5
1.3
18.5
23.5
24.9
33.7
36.0
23.7
27.8
35.5
7.3
7.6
8.7
6.4
5.5
4.9
4.5
4.1
8.9
8.1
8.0
5.8
5.1
7.2
7.5
7.9
13.1
9.5
11.1
13.0
14.7
15.7
17.1
15.9
External Sector
Imports by region
19951996199719981999200020012002
EU37.335.837.145.248.44449.450.2
Balkan1.31.51.31.50.80.80.60.7
CIS35.53633.724.923.527.823.718.5
CEFTA4.14.54.95.56.48.77.67.3
Other from OECD5.85.17.28.187.57.98.9
Other15.917.115.714.71311.19.513.1
99.910099.999.9100.199.998.798.7
MBD00008CFD.xls
Chart10
37.31.335.54.15.815.9
35.81.5364.55.117.1
37.11.333.74.97.215.7
45.21.524.95.58.114.7
48.40.823.56.4813
440.827.88.77.511.1
49.40.623.77.67.99.5
51.10.818.67.38.313.9
51.1
49.4
48.4
45.2
37.1
35.8
37.3
44.0
0.8
1.3
0.8
1.5
0.8
0.6
1.5
1.3
18.6
23.5
24.9
33.7
36.0
23.7
27.8
35.5
7.3
7.6
8.7
6.4
5.5
4.9
4.5
4.1
8.3
8.1
8.0
5.8
5.1
7.2
7.5
7.9
13.9
9.5
11.1
13.0
14.7
15.7
17.1
15.9
Companies with FDI
Information & Communication TechnologiesInformation & Communication Technologies
CountryCompanyInvestmentForeign Firms with Investments in Bulgaria
AustriaMOBILTEL HOLDING GmbH
GreeceINTRACOM
GreeceOTE
NetherlandsGLOBAL ONE HOLDING
UKCABLE AND WIRELESS
USARILA SOLUTIONS
Energy Sector
CountryCompanyInvestment
USAACCESS INTERNATIONAL
USAENERGY
Transport and Logistics
CountryCompanyInvestment
AustriaFRANZ WELZ
AustriaSCHENKER
AustriaVAE
GermanyWILLI BETZ
HungaryINTERLICHTER
SwitzerlandM + M MILITSER INTERNATIONAL
Tourism
CountryCompanyInvestment
CyprusCLASMAN ENTERPRISES
GermanyC&N TOURISTIC AG
GreeceGOODYS
ItalyAUTO RICAMBI SRL
SwitzerlandZURICH INVEST
TurkeyPRINCESS HOLDING GROUP
USAHILTON INTERNATIONAL
USAMcDONALDS
Food processing, Beverages and Tobacco Industry
CountryCompanyInvestment
BelgiumINTERBREW
CyprusSOFTBUL INVESTMENT
GreeceBREWINVEST
GreeceCHIPITA INTERNATIONAL
GreeceDELTA
GreeceTKM FRUIT AND JUICE
FranceDANONE
LuxembourgKLARINA HOLDING
NetherlandsEASTSTRACH
NetherlandsPROVIMI
PortugalVINPROM SERVICE KORK
SwitzerlandNESTLE
UKBOYAR INTERNATIONAL
UKLUXCRAFT
UKUNIBUL WINES
USAKRAFT FOODS INTERNATIONAL
USASEABORD OVERSEAS
Textile and Apparel
CountryCompanyInvestment
GermanyHAINER & PETER ROESLER
GermanyROLLMANN
IrelandMARLAND INTERNATIONAL LTD.
ItalyMIROGLIO
ItalySALVADORI
NetherlandsBRANDEX
TurkeyMASER
Electrical Engineering and Electronics
CountryCompanyInvestment
BelgiumEPIQ GROUP
Czech RepublicPRAMET
FranceSCHNEIDER ELECTRIC
GermanyFESTO
GermanyLIEBHERR
GermanySIEMENS
GermanySPARKY TRADING
HungaryVIDEOTON HOLDING
KoreaHYUNDAI
Switzerland, SwedenASEA BROWN BOVERI
USAMICHIGAN MAGNETICS
bgdream:check RADISSON SASWhat company is that?
GDP break-up by industry
National Statistic Institute, 2001
Economic Sectors
Agriculture and Forestry:
Agriculture
Forestry
Industry:
Mining
Manufacturing
Electricity, Gas and Water Supply
Construction
Services:
Structure of GDP
199619971998199920002001
Agriculture and Forestry15.126.218.816.313.913.6
Industry30.727.930.528.229.128.5
Services54.245.950.755.55757.9
Total100100100100100100
1995199619971998199920002001
39.340.144.250.452.151.354.8
8.37.74.64.67.910.87.2
17.919.317.612.496.15.8
3.93.53.24.94.444.8
11.911.513.612.112.415.214.3
18.817.916.715.514.112.511.7
Structure of GDP by sector
199619971998199920002001
Private55.963.462.46469.671.7
Public44.136.637.63630.428.3
1995199619971998199920002001
37.335.837.145.248.44449.4
1.31.51.31.50.80.80.6
35.53633.724.923.527.823.7
4.14.54.95.56.48.77.6
5.85.17.28.187.57.9
15.917.115.714.71311.19.5
GDP break-up by industry
000
000
000
000
000
000
Agriculture and Forestry
Industry
Services
Other secs by country
00
00
00
00
00
00
Private
Public
FDI by country
Other FDI Sectors and Foreign Firms in Bulgaria
IndustryCountryInvestors
Chemical IndustryFranceFRANCE ARNE
RussiaLUKOIL PETROL
BelgiumSOLVAY
USAWHITEBEAM HOLDING
MetallurgyGreeceHALKOR
BelgiumUMICORE
GreeceVIOHALKO
Building MaterialsAustriaBRAMACK DACHSYSTEME
SwitzerlandKERAMIK HOLDING
AustriaKNAUF
GermanyYTONG
Cement IndustryFranceCEMENT FRANCAIS
GermanyHEIDELBERGER ZEMENT
TradeGreeceENA
AustriaEUROBILLA
GermanyMETRO
TurkeyMIGROS TURK T.A.S.
AustriaOMV
UKSHELL
market cap
Foreign Direct Investment by Country till 2001 ($m)
Country
Denmark5.8
Japan9.1
Sweden10.3
Czech10.5
Malta11.2
Liechtenstein12
Israel17.5
Hungary18.8
Ireland23
Luxemburg57.6
Korea59.8
Switzerland105.9
France123.7
Turkey128.5
Spain129.8
United Kingdom196
Netherlands204.8
Russia205.3
Cyprus267.2
USA277
Austria351.2
Belgium415.9
Italy451.4
Greece541.7
Germany563.2
source: Foreign Direct Investment Agency
PrivatisationGreenfield investment and reinvested profitsTotal FDI
1992034.434.4
19932280.4102.4
1994134.276.7210.9
199526136.6162.6
199676.4180256.4
1997421.4214.8636.2
1998155.8464.2620
1999226.7592.1818.8
2000366635.51001.5
200119670689
2002E800
Overall FDI by sector in %
Financial intermediation* 44%4.4
Post & telecoms 28%28
Basic metals 8.7%8.7
Trade 3.8%3.8
Construction 3.1%3.1
Coal, refined petrolemum products & nuclear fuel 1.8%1.8
Offer (small sectors) 50.2%50.2
100
Total Direct Investment by sector and year $m
Sector1998199920002001*TotalSector1998199920002001*Total by sectors
Financial activities63.8119.1443.262.8688.9Financial activities63.8119.1443.262.8688.9
Trade and repairs177.412489.571.6462.5Trade and repairs177.412489.571.6462.5
Petroleum, chemical, rubber and plastic products41165.272.111.5289.8Petroleum, chemical, rubber and plastic products41165.272.111.5289.8
Mineral products (cement, glass,...)150.671.87.419.4249.2Mineral products (cement, glass,...)150.671.87.419.4249.2
Telecommunications23.214.114.9177.4229.6Telecommunications23.214.114.9177.4229.6
Metallurgy13.272.217.137.2139.7Metallurgy13.272.217.137.2139.7
Mechanical products21.31864.716.6120.6Mechanical products21.31864.716.6120.6
Food products31.532.711.742.9118.8Food products31.532.711.742.9118.8
Wood products, paper37.324.938.15.3105.6Wood products, paper37.324.938.15.3105.6
Hotels and restorants26.840.520.816.7104.8Hotels and restorants26.840.520.816.7104.8
Textile and clothing4.425.127.333.790.5Textile and clothing4.425.127.333.790.5
Electrical eng., electronics, computers and communication equipment11.55.928.62773Electrical eng., electronics, computers and communication equipment11.55.928.62773
Construction6.36.512.718.844.3Other465.9
Real estate and business activities0.114.72.88.125.7
Leather and leather products0.7021.20.222.1
Electriciti, gas and water0018.70.819.5
Agriculture, foresrty and fishing0.12.410.71.314.5
Publishing00.20.38.48.9
Transport6.2-11.710.12.77.3
Mining02.702.85.5
Vehicles and other transport equipment-0.91.700.61.4
Other5.588.899.7122.7316.7
market cap
000
000
000
000
000
000
000
000
000
000
000
Privatisation
Greenfield investment and reinvested profits
Total FDI
FDI by year ($m)
IT profs
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
FDI
Money matters
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
External Sector
1EUR1.95583
BGNEUR
Official market A12,641,073.40
Official market B56,545,973.70
Official market C147,380,246.55
216,567,293.65110,729,099
Unofficial market106,769,247,099.00
106,985,814,392.6554,700,978,302
Operating costs
Source:Global IT IQ Report of March 2002 of Brainbench, Inc.
The data for the population is taken from the mid-2001 estimates of
U.S. Census Bureau, International Database and The World Factbook, 2000.
IT Certified Professionals in % of the Population
(World Top 10 Countries)
%Number
Latvia0.1927%4597
Estonia0.1443%2054
Bulgaria0.1147%8844
Singapore0.0828%3559
Lithuania0.0823%2972
Romania0.0721%16122
United States0.0698%194211
United Arab Emirates0.0617%1485
Canada0.0607%19181
Israel0.0533%3164
Operating costs
00
00
00
00
00
00
00
00
00
00
&A
Page &P
%
Number
194211
Inflation by month
Periods199719981999200020012002
January2.10%2.40%2.40%0.60%2.70%
February1.30%-0.70%1.10%0.30%1.60%
March0.20%-1.00%-0.30%0.50%0.80%
April0.40%-0.60%-1.00%-0.20%-0.10%
May-1.70%-0.90%0.10%0.10%-2.10%
June1.40%-3.50%-0.90%0.20%-0.10%
July2.50%-0.70%3.40%0.60%-0.20%
August5.50%0.30%0.70%3.00%0.30%
September3.80%3.20%1.50%2.20%1.30%
October0.80%0.30%1.10%1.20%1.70%
November1.00%-0.50%0.50%0.80%0.20%
December0.20%0.40%1.30%0.40%0.60%
Foreign Debt Payments
199619971998199920002001
Payed principal598.5457.4665560.6655994.3
Payed interest480.4439.7529.8484.6515.3526.9
???199619971998199920002001III.20022002
Foreign debt (USD mln)9601.610408.510891.910913.911201.81061610398.310200
199619971998199920002001III.2002
Short-term as % of Gross Foreign Debt10.717.514.511.612.911.410.9
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
Inflation
00
00
00
00
00
00
Payed principal
Payed interest
19951996199719981999200020012002
EU39.340.144.250.452.151.354.854.8
Balkan8.37.74.64.67.910.87.27.2
CIS17.919.317.612.496.15.85.8
CEFTA3.93.53.24.94.444.84.8
Other from OECD11.911.513.612.112.415.214.314.3
Other18.817.916.715.514.112.511.711.7
19951996199719981999200020012002
EU39.340.144.250.452.151.354.854.8
Balkan8.37.74.64.67.910.87.27.2
CIS17.919.317.612.496.15.85.8
CEFTA3.93.53.24.94.444.84.8
Other from OECD11.911.513.612.112.415.214.314.3
Other18.817.916.715.514.112.511.711.7
Imports by region
19951996199719981999200020012002
37.335.837.145.248.44449.451.1
1.31.51.31.50.80.80.60.8
35.53633.724.923.527.823.718.6
4.14.54.95.56.48.77.67.3
5.85.17.28.187.57.98.3
15.917.115.714.71311.19.513.9
99.910099.999.9100.199.998.7100
39.38.317.93.911.918.8
40.17.719.33.511.517.9
44.24.617.63.213.616.7
50.44.612.44.912.115.5
52.17.994.412.414.1
51.310.86.1415.212.5
54.87.25.84.814.311.7
54.87.25.84.814.311.7
EU
Balkan
CIS
CEFTA
Other from OECD
Other
37.31.335.54.15.815.9
35.81.5364.55.117.1
37.11.333.74.97.215.7
45.21.524.95.58.114.7
48.40.823.56.4813
440.827.88.77.511.1
49.40.623.77.67.99.5
Operational Costs in Bulgaria, 2002
Monthly salary, EUR130
Nominal salary growth, %7.3
Social security, unemployment fund and health care contributions as % of monthly salary42.7 (75% payed by the employer)
Corporate tax, %
Aggregate rate, %23.5
VAT, %20
Price of arable land, year 2001, average EUR/1000 sq mile35-179
Office rent in Sofia, average EUR/sq m/month25-35
Apartment purchase price in Sofia, average EUR/sq m299
Water charges for industrial use in Sofia, EUR/m0.13
Water charges for household use in Sofia, EUR/m0.16
Telephone installation charges, EUR51
Telephone monthly subscription fee, EUR2.56/4.62
International phone call EUR/min
Europe0.31-0.41; 0.16-0.21
USA0.74-0.20
Electricity prices per kWh, including VAT
Electricity for industrial use, EUR
3 tariff-reading
pick0.070
day0.043
night0.027
2 tariff-reading
day0.056
night0.027
Electricity for household use, EUR
day0.050
night0.027
-
Exports (by Country, %, 1999-2002)Source: National Statistics Institute
Chart1
13.914.31515.4
9.99.19.59.5
7.310.28.19.3
8.67.88.89.2
4.54.85.75.3
4.46.14.94.8
3.73.95.64.7
2.72.13.33.4
2.52.42.62.9275004435
1999
2000
2001
2002
2.9
3.4
4.7
4.8
5.3
9.2
9.3
9.5
15.4
Sheet2
Structure of Bulgarian Exports (Country, %, 1999 - 2002)
1999200020012002
Italy13.914.31515.4
Germany9.99.19.59.5
Turkey7.310.28.19.3
Greece8.67.88.89.2
France4.54.85.75.3
Belgium4.46.14.94.8
USA3.73.95.64.7
Spain2.72.13.33.4
UK2.52.42.62.9
-
Bulgarian Export Growth (%, 1996-2002)Source: Bulgarian National Bank
-
Bulgarian Exports(by Commodity Groups, 2002)Source: National Statistics Institute
-
Bulgarian Imports(by Commodity Groups, 2002)Source: National Statistics Institute
-
Current and Trade Account Deficit/Surplus(% GDP)Source: Governmental Sources and Bulgarian National BankBulgariaCEE Countries (2002)
Chart1
-9
-6.9
-4.8
-4.7
-4.4
-4.4
-3.8
-1.4
Data
Slovakia-9.0
Croatia-6.9
Hungary-4.8
Romania-4.7
Czech Republic-4.4
Bulgaria-4.4
Poland-3.8
Slovenia-1.4
-
Foreign Trade with the European Union(USD bn, 2001-2005F)
EU
2.7993.583
3.1163.925
3.39754.2282
3.78054.3432
4.01844.4572
Exports (fob)
Imports (cif)
Sheet1 (2)
EU
200120022003F2004F2005F
Exports (fob)2.7993.1163.39753.78054.0184
Imports (cif)3.5833.9254.22824.34324.4572
0.0027990.0031160.00339750.00378050.0040184
0.0035830.0039250.00422820.00434320.0044572
0
-
Foreign Trade Projections Up to 2005Improving trade balance trade deficit to drop from USD1.3 m in 2001 to USD0.9 mExports will continue to grow, reaching a 29% increase compared to 2002Imports will continue to grow, reaching a 14% increase compared to 2002Exports/imports ratio will increase to 0.82 (from a current value of 0.74)No major changes in commodity groups relative shares of exports and imports
-
FDI and Business Climate
-
Foreign Direct Investment(USD m, 1992-2002)Source: Bulgarian Foreign Investment Agency
-
Inflow of Foreign Investment (by Sector, % and USD m, 1998-2002)Source: Bulgarian Foreign Investment Agency
Chart1
876.4
528.4
340.5
271
255.3
163
148.7
137
120.2
118.9
111.4
88.5
80.2
544.3
Wood products, paper3%. 119
Hotels and restaurants3%. 111
Real estate and business activities2%. 80
Electrical eng., electronics, computers and communication equipment2%. 89
Mechanical products4%. 149
Textile and clothing3%. 120
Food products4%. 137
Mineral products 7%. 255
Metallurgy4%. 163
Petroleum, chemical, rubber and plastic products7%. 271
Telecommunications9%. 341
Trade and repairs14%. 528
Financial activities24%. 876
Sheet1
Financial activities63.8119.1443.2114.6135.7876.4
Trade and repairs177.412489.5117.819.7528.4
Telecommunications23.214.114.9248.839.5340.5
Petroleum, chemical, rubber and plastic products41165.272.1-9.52.2271
Mineral products (cement, glass,...)150.671.87.427.7-2.2255.3
Metallurgy13.272.217.181-20.5163
Mechanical products21.31864.713.231.5148.7
Food products31.532.711.737.423.7137
Textile and clothing4.425.127.357.75.7120.2
Wood products, paper37.324.938.12.915.7118.9
Hotels and restaurants26.840.520.817.95.4111.4
Electrical eng,, electronics, computers and communication equipment11.55.928.628.214.388.5
Real estate and business activities0.114.72.822.64080.2
Other5.588.893.256.363.7544.3
Sheet2
Sheet3
MBD0005073D.xls
Chart4
688.9
462.5
289.8
249.2
229.6
139.7
120.6
118.8
105.6
104.8
90.5
73
465.9
Hotels and restaurants3%. 105
Petroleum, chemical, rubber and plastic products9%. 290
Metallurgy4%. 140
Telecom7%. 230
Mechanical products4%. 121
Food products4%. 119
Wood products, paper3%. 106
Mineral products 8%. 249
Electrical eng., electronics, computers and communication equipment2%. 73
Textile and clothing3%. 91
Other15%. 466
Financial activities22%. 689
Trade and repairs15%. 463
FDI by country
Sector1998199920002001*TotalSector1998199920002001*Total by sectors
Financial activities63.8119.1443.262.8688.9Financial activities63.8119.1443.262.8688.9
Trade and repairs177.412489.571.6462.5Trade and repairs177.412489.571.6462.5
Petroleum, chemical, rubber and plastic products41165.272.111.5289.8Petroleum, chemical, rubber and plastic products41165.272.111.5289.8
Mineral products (cement, glass,...)150.671.87.419.4249.2Mineral products (cement, glass,...)150.671.87.419.4249.2
Telecommunications23.214.114.9177.4229.6Telecommunications23.214.114.9177.4229.6
Metallurgy13.272.217.137.2139.7Metallurgy13.272.217.137.2139.7
Mechanical products21.31864.716.6120.6Mechanical products21.31864.716.6120.6
Food products31.532.711.742.9118.8Food products31.532.711.742.9118.8
Wood products, paper37.324.938.15.3105.6Wood products, paper37.324.938.15.3105.6
Hotels and restorants26.840.520.816.7104.8Hotels and restaurants26.840.520.816.7104.8
Textile and clothing4.425.127.333.790.5Textile and clothing4.425.127.333.790.5
Electrical eng., electronics, computers and communication equipment11.55.928.62773Electrical eng., electronics, computers and communication equipment11.55.928.62773
Construction6.36.512.718.844.3Other465.9
Real estate and business activities0.114.72.88.125.7
Leather and leather products0.7021.20.222.1
Electriciti, gas and water0018.70.819.5
Agriculture, foresrty and fishing0.12.410.71.314.5
Publishing00.20.38.48.9
Transport6.2-11.710.12.77.3
Mining02.702.85.5
Vehicles and other transport equipment-0.91.700.61.4
Other5.588.899.7122.7316.7
FDI by country
688.9
462.5
289.8
249.2
229.6
139.7
120.6
118.8
105.6
104.8
90.5
73
0
-
Inflow of Foreign Investment by Country(USD m, 1992-2002)Source: Bulgarian Foreign Investment Agency
Chart4
115
128.8
131.4
161.4
201.1
201.6
251.1
266.7
300.6
435.8
482.2
556.9
623.3
652.1
FDI
FDI by country
Foreign Direct Investment by Country till 2001 ($m)
Country
Denmark5.8
Japan9.1
Sweden10.3
Czech10.5
Malta11.2
Liechtenstein12
Israel17.5
Hungary18.8
Ireland23
Luxemburg57.6
Korea59.8
(14) Spain115
(13) Turkey128.8
(12) France131.4
(11) Switzerland161.4
(10) Russia201.1
(9) United Kingdom201.6
(8) Netherlands251.1
(7) Cyprus266.7
(6) USA300.6
(5) Austria435.8
(4) Belgium482.2
(3) Italy556.9
(2) Germany623.3
(1) Greece652.1
source: Foreign Direct Investment Agency
FDI by country
0
0
0
0
0
0
0
0
0
0
0
0
0
0
FDI
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
1
1
1
1
1
MBD00213F8B.xls
-
Privatisation (1)Privatisation Lawcompletely new law embodying new philosophystate-owned stakes in some 1,600 enterprises are declared open for privatisationno preferences for employee-management buyoutslimited deferred paymentsconcentration of privatisation process in a specialised body-the Privatisation Agencynew Post-Privatisation Control Agency
-
Privatisation (2)Privatisation achievements (2002)Biochim BankDZI (insurance)Privatisation achievements (2003)DSK Bank12.8% Bulgartabac on the stock exchangeForthcoming major deals (2003)BTC (telecommunications)Electricity distribution companiesBulgartabac
-
Privatisation Revenues(EUR m, 1997-2002)Source: Privatisation Agency
Chart5
3090
2560
4090
4120
3420
2190
Privatisation Revenue
Privatisation
All Privatisation Entities, In BGN m
199719981999200020012002
Privatisation Revenue309256409412342219
000000
Privatisation Agency, In BGN m
199719981999200020012002
Privatisation Revenue52724547829428489
Privatisation
320264
654435
631580
429160
17258
4917
Whole enterprisese
Specific parts
0
0
Enterprises shares
Specific parts
Number of Deals
01/01-09/04/2001
01/01-09/04/2001
09/05/2001-05/31/2002
09/05/2001-05/31/2002
28
97
47
124
Payments in $m
Payments in BGN m
0
0
0
0
0
0
Privatisation Revenue
309
256
409
412
342
219
Privatisation Revenue
-
Business Climate and Reduction ofBureaucracy (1)In June 2003, the Parliament approved the removal of 20.5% (c. 74 out of 360) of the existing licensing, permit and registration regimes, and for the simplification of another 33% (c. 120 out of 360) of themAbout half of the changes have already been implementedA new Law on Administrative regulation and control of commercial activity became in law in June 2003 establishing the new registration and permit regimes and reducing the bureaucracy in the business environment
-
Business Climate and Reduction ofBureaucracy (2)An upsweep in the activity of the courts with regard to companiesAccording to Transparency International data, in the period 1998-2001 Bulgaria has moved from the 66th to the 47th place in the list based on the international index of corruption perceptions
-
International Corruption Indicators* Higher figures show improvementTransparency International Index WEF Corruption Subindex RankingSource: Transparency International, World Economic Forum Global Competitiveness Report 2002-2003
-
EducationBulgarias secondary education is among the best in the world in recent years: 5th in the world in sciences, 11th in mathematics in late 90sBulgarians rank second in international IQ tests (MENSA International)Bulgarians are among the top university students worldwide (2nd in the world in SAT scores)Many students abroadA top-quality MBA (Master of Business Administration) program started in 2003
-
IT Certified Professionals(Top 10 Countries in % of Population) Source: Global IT IQ Report of March 2002 of Brainbench, Inc. The data for the population is taken from the mid-2001 estimates of U.S. Census Bureau, International Database and The World Factbook, 2000
Chart10
0.0019274597
0.0014432054
0.0011478844
0.0008283559
0.0008232972
0.00072116122
0.000698194211
0.0006171485
0.00060719181
0.0005333164
%
Number
194211
IT profs
IT Certified Professionals in % of the Population
(World Top 10 Countries)
%Number
Latvia0.1927%4597
Estonia0.1443%2054
Bulgaria0.1147%8844
Singapore0.0828%3559
Lithuania0.0823%2972
Romania0.0721%16122
United States0.0698%194211
United Arab Emirates0.0617%1485
Canada0.0607%19181
Israel0.0533%3164
IT profs
00
00
00
00
00
00
00
00
00
00
&A
Page &P
%
Number
194211
-
Electronics & Electrical EngineeringStrategic sector with priority in long-term development programsPotential for more than 200 enterprises with possible specialisation in:Electrical engineering, Computer and office facilities, Electronics, Radio engineering and communication equipment, Household appliances, Defense industrySource: Bulgarian Foreign Investment Agency
Companies with FDI
Information & Communication TechnologiesInformation & Communication Technologies
CountryCompanyInvestmentForeign Firms with Investments in Bulgaria
AustriaMOBILTEL HOLDING GmbH
GreeceINTRACOM
GreeceOTE
NetherlandsGLOBAL ONE HOLDING
UKCABLE AND WIRELESS
USARILA SOLUTIONS
Energy Sector
CountryCompanyInvestment
USAACCESS INTERNATIONAL
USAENERGY
Transport and Logistics
CountryCompanyInvestment
AustriaFRANZ WELZ
AustriaSCHENKER
AustriaVAE
GermanyWILLI BETZ
HungaryINTERLICHTER
SwitzerlandM + M MILITSER INTERNATIONAL
Tourism
CountryCompanyInvestment
CyprusCLASMAN ENTERPRISES
GermanyC&N TOURISTIC AG
GreeceGOODYS
ItalyAUTO RICAMBI SRL
SwitzerlandZURICH INVEST
TurkeyPRINCESS HOLDING GROUP
USAHILTON INTERNATIONAL
USAMcDONALDS
Food processing, Beverages and Tobacco Industry
CountryCompanyInvestment
BelgiumINTERBREW
CyprusSOFTBUL INVESTMENT
GreeceBREWINVEST
GreeceCHIPITA INTERNATIONAL
GreeceDELTA
GreeceTKM FRUIT AND JUICE
FranceDANONE
LuxembourgKLARINA HOLDING
NetherlandsEASTSTRACH
NetherlandsPROVIMI
PortugalVINPROM SERVICE KORK
SwitzerlandNESTLE
UKBOYAR INTERNATIONAL
UKLUXCRAFT
UKUNIBUL WINES
USAKRAFT FOODS INTERNATIONAL
USASEABORD OVERSEAS
Textile and Apparel
CountryCompanyInvestment
GermanyHAINER & PETER ROESLER
GermanyROLLMANN
IrelandMARLAND INTERNATIONAL LTD.
ItalyMIROGLIO
ItalySALVADORI
NetherlandsBRANDEX
TurkeyMASER
Electrical Engineering and Electronics
CountryCompanyInvestment
BelgiumEPIQ GROUP
Czech RepublicPRAMET
FranceSCHNEIDER ELECTRIC
GermanyFESTO
GermanyLIEBHERR
GermanySIEMENS
GermanySPARKY TRADING
HungaryVIDEOTON HOLDING
KoreaHYUNDAI
Switzerland, SwedenASEA BROWN BOVERI
USAMICHIGAN MAGNETICS
bgdream:check RADISSON SASWhat company is that?
Other secs by country
Other FDI Sectors and Foreign Firms in Bulgaria
IndustryCountryInvestors
Chemical IndustryFranceFRANCE ARNE
RussiaLUKOIL PETROL
BelgiumSOLVAY
USAWHITEBEAM HOLDING
MetallurgyGreeceHALKOR
BelgiumUMICORE
GreeceVIOHALKO
Building MaterialsAustriaBRAMACK DACHSYSTEME
SwitzerlandKERAMIK HOLDING
AustriaKNAUF
GermanyYTONG
Cement IndustryFranceCEMENT FRANCAIS
GermanyHEIDELBERGER ZEMENT
TradeGreeceENA
AustriaEUROBILLA
GermanyMETRO
TurkeyMIGROS TURK T.A.S.
AustriaOMV
UKSHELL
FDI by country
Foreign Direct Investment by Country till 2001 ($m)
Country
Germany563.2
Greece541.7
Italy451.4
Belgium415.9
Austria351.2
USA277
Cyprus267.2
Russia205.3
Netherlands204.8
United Kingdom196
Spain129.8
Turkey128.5
France123.7
Switzerland105.9
PrivatisationGreenfield investment and reinvested profitsTotal FDI
1992034.434.4
19932280.4102.4
1994134.276.7210.9
199526136.6162.6
199676.4180256.4
1997421.4214.8636.2
1998155.8464.2620
1999226.7592.1818.8
2000366635.51001.5
200119670689
2002E800
Overall FDI by sector in %
Financial intermediation* 44%4.4
Post & telecoms 28%28
Basic metals 8.7%8.7
Trade 3.8%3.8
Construction 3.1%3.1
Coal, refined petrolemum products & nuclear fuel 1.8%1.8
Offer (small sectors) 50.2%50.2
100
Total Direct Investment by sector and year $m
Sector1998199920002001*Total by sectorsSector1998199920002001*Total by sectors
Financial activities63.8119.1443.262.8688.9Financial activities63.8119.1443.262.8688.9
Trade and repairs177.412489.571.6462.5Trade and repairs177.412489.571.6462.5
Petroleum, chemical, rubber and plastic products41165.272.111.5289.8Petroleum, chemical, rubber and plastic products41165.272.111.5289.8
Mineral products (cement, glass,...)150.671.87.419.4249.2Mineral products (cement, glass,...)150.671.87.419.4249.2
Telecommunications23.214.114.9177.4229.6Telecommunications23.214.114.9177.4229.6
Metallurgy13.272.217.137.2139.7Metallurgy13.272.217.137.2139.7
Mechanical products21.31864.716.6120.6Mechanical products21.31864.716.6120.6
Food products31.532.711.742.9118.8Food products31.532.711.742.9118.8
Wood products, paper37.324.938.15.3105.6Wood products, paper37.324.938.15.3105.6
Hotels and restorants26.840.520.816.7104.8Hotels and restorants26.840.520.816.7104.8
Textile and clothing4.425.127.333.790.5Textile and clothing4.425.127.333.790.5
Electrical eng., electronics, computers and communication equipment11.55.928.62773Electrical eng., electronics, computers and communication equipment11.55.928.62773
Construction6.36.512.718.844.3Other465.9
Real estate and business activities0.114.72.88.125.7
Leather and leather products0.7021.20.222.1
Electriciti, gas and water0018.70.819.5
Agriculture, foresrty and fishing0.12.410.71.314.5
Publishing00.20.38.48.9
Transport6.2-11.710.12.77.3
Mining02.702.85.5
Vehicles and other transport equipment-0.91.700.61.4
Other5.588.899.7122.7316.7
FDI by country
000
000
000
000
000
000
000
000
000
000
000
Privatisation
Greenfield investment and reinvested profits
Total FDI
FDI by year ($m)
market cap
0
0
0
0
0
0
0
0
0
0
0
0
0
0
FDI
FDI by country ($m)
IT profs
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
Operating costs
1EUR1.95583
BGNEUR
Official market A12,641,073.40
Official market B56,545,973.70
Official market C147,380,246.55
216,567,293.65110,729,099
Unofficial market106,769,247,099.00
106,985,814,392.6554,700,978,302
IT Certified Professionals in % of the Population
(World Top 10 Countries)
%Number
Latvia0.1927%4597
Estonia0.1443%2054
Bulgaria0.1147%8844
Singapore0.0828%3559
Lithuania0.0823%2972
Romania0.0721%16122
United States0.0698%194211
United Arab Emirates0.0617%1485
Canada0.0607%19181
Israel0.0533%3164
00
00
00
00
00
00
00
00
00
00
&A
Page &P
%
Number
Operational Costs in Bulgaria, 2002
Monthly salary, EUR130
Nominal salary growth, %7.3
Social security, unemployment fund and health care contributions as % of monthly salary42.7 (75% payed by the employer)
Corporate tax, %
Aggregate rate, %23.5
VAT, %20
Price of arable land, year 2001, average EUR/1000 sq mile35-179
Office rent in Sofia, average EUR/sq m/month25-35
Apartment purchase price in Sofia, average EUR/sq m299
Water charges for industrial use in Sofia, EUR/m0.13
Water charges for household use in Sofia, EUR/m0.16
Telephone installation charges, EUR51
Telephone monthly subscription fee, EUR2.56/4.62
International phone call EUR/min
Europe0.31-0.41; 0.16-0.21
USA0.74-0.20
Electricity prices per kWh, including VAT
Electricity for industrial use, EUR
3 tariff-reading
pick0.070
day0.043
night0.027
2 tariff-reading
day0.056
night0.027
Electricity for household use, EUR
day0.050
night0.027
Chart2
73
3065.9
Companies with FDI
Information & Communication TechnologiesInformation & Communication Technologies
CountryCompanyInvestmentForeign Firms with Investments in Bulgaria
AustriaMOBILTEL HOLDING GmbH
GreeceINTRACOM
GreeceOTE
NetherlandsGLOBAL ONE HOLDING
UKCABLE AND WIRELESS
USARILA SOLUTIONS
Energy Sector
CountryCompanyInvestment
USAACCESS INTERNATIONAL
USAENERGY
Transport and Logistics
CountryCompanyInvestment
AustriaFRANZ WELZ
AustriaSCHENKER
AustriaVAE
GermanyWILLI BETZ
HungaryINTERLICHTER
SwitzerlandM + M MILITSER INTERNATIONAL
Tourism
CountryCompanyInvestment
SwedenRADISSON SAS
CyprusCLASMAN ENTERPRISES
GermanyC&N TOURISTIC AG
GreeceGOODYS
ItalyAUTO RICAMBI SRL
SwitzerlandZURICH INVEST
TurkeyPRINCESS HOLDING GROUP
USAHILTON INTERNATIONAL
USAMcDONALDS
Food processing, Beverages and Tobacco Industry
CountryCompanyInvestment
BelgiumINTERBREW
CyprusSOFTBUL INVESTMENT
GreeceBREWINVEST
GreeceCHIPITA INTERNATIONAL
GreeceDELTA
GreeceTKM FRUIT AND JUICE
FranceDANONE
LuxembourgKLARINA HOLDING
NetherlandsEASTSTRACH
NetherlandsPROVIMI
PortugalVINPROM SERVICE KORK
SwitzerlandNESTLE
UKBOYAR INTERNATIONAL
UKLUXCRAFT
UKUNIBUL WINES
USAKRAFT FOODS INTERNATIONAL
USASEABORD OVERSEAS
Textile and Apparel
CountryCompanyInvestment
GermanyHAINER & PETER ROESLER
GermanyROLLMANN
IrelandMARLAND INTERNATIONAL LTD.
ItalyMIROGLIO
ItalySALVADORI
NetherlandsBRANDEX
TurkeyMASER
Electrical Engineering and Electronics
CountryCompanyInvestment
BelgiumEPIQ GROUP
Czech RepublicPRAMET
FranceSCHNEIDER ELECTRIC
GermanyFESTO
GermanyLIEBHERR
GermanySIEMENS
GermanySPARKY TRADING
HungaryVIDEOTON HOLDING
KoreaHYUNDAI
Switzerland, SwedenASEA BROWN BOVERI
USAMICHIGAN MAGNETICS
bgdream:check RADISSON SASWhat company is that?
GDP break-up by industry
National Statistic Institute, 2001
Economic Sectors
Agriculture and Forestry:
Agriculture
Forestry
Industry:
Mining
Manufacturing
Electricity, Gas and Water Supply
Construction
Services:
Structure of GDP
199619971998199920002001
Agriculture and Forestry15.126.218.816.313.913.6
Industry30.727.930.528.229.128.5
Services54.245.950.755.55757.9
Total100100100100100100
1995199619971998199920002001
39.340.144.250.452.151.354.8
8.37.74.64.67.910.87.2
17.919.317.612.496.15.8
3.93.53.24.94.444.8
11.911.513.612.112.415.214.3
18.817.916.715.514.112.511.7
Structure of GDP by sector
199619971998199920002001
Private55.963.462.46469.671.7
Public44.136.637.63630.428.3
1995199619971998199920002001
37.335.837.145.248.44449.4
1.31.51.31.50.80.80.6
35.53633.724.923.527.823.7
4.14.54.95.56.48.77.6
5.85.17.28.187.57.9
15.917.115.714.71311.19.5
GDP break-up by industry
000
000
000
000
000
000
Agriculture and Forestry
Industry
Services
Industry
00
00
00
00
00
00
Private
Public
unemployment
Business Climate
Jan-00Feb-00Mar-00Apr-00May-00Jun-00Jul-00Aug-00Sep-00Oct-00Nov-00Dec-00Jan-01Feb-01Mar-01Apr-01May-01Jun-01Jul-01Aug-01Sep-01Oct-01Nov-01Dec-01Jan-02Feb-02Mar-02Apr-02
5.56.56.2
Jan-00Feb-00Mar-00Apr-00May-00Jun-00Jul-00Aug-00Sep-00Oct-00Nov-00Dec-00Jan-01Feb-01Mar-01Apr-01May-01Jun-01Jul-01Aug-01Sep-01Oct-01Nov-01Dec-01Jan-02Feb-02Mar-02Apr-02
5.56.56.23.41.32.98.37.711.98.29.58.79.912.91114.517.621.923.324.123.320.323.123.625.123.218.919.9
unemployment
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
Sheet2
Unemployment rate
Jan-00Feb-00Mar-00Apr-00May-00Jun-00Jul-00Aug-00Sep-00Oct-00Nov-00Dec-00Jan-01Feb-01Mar-01Apr-01May-01Jun-01Jul-01Aug-01Sep-01Oct-01Nov-01Dec-01Jan-02Feb-02Mar-02Apr-02
17.218.118.819.018.918.218.318.017.817.817.817.918.518.718.418.517.817.116.816.716.516.717.217.318.017.917.517.8
Sheet2
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
Other secs by country
Average salary
Jan-00Feb-00Mar-00Apr-00May-00Jun-00Jul-00Aug-00Sep-00Oct-00Nov-00Dec-00Jan-01Feb-01Mar-01Apr-01May-01Jun-01Jul-01Aug-01Sep-01Oct-01Nov-01Dec-01Jan-02Feb-02Mar-02Apr-02
104106114115118117117116123118123129121119125129133133131131135132133142128139135
Other secs by country
0
0
0
0
0
0
0
0
0
0
0
0
0
0
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0
0
0
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0
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0
FDI by country
Other FDI Sectors and Foreign Firms in Bulgaria
IndustryCountryInvestors
Chemical IndustryFranceFRANCE ARNE
RussiaLUKOIL PETROL
BelgiumSOLVAY
USAWHITEBEAM HOLDING
MetallurgyGreeceHALKOR
BelgiumUMICORE
GreeceVIOHALKO
Building MaterialsAustriaBRAMACK DACHSYSTEME
SwitzerlandKERAMIK HOLDING
AustriaKNAUF
GermanyYTONG
Cement IndustryFranceCEMENT FRANCAIS
GermanyHEIDELBERGER ZEMENT
TradeGreeceENA
AustriaEUROBILLA
GermanyMETRO
TurkeyMIGROS TURK T.A.S.
AustriaOMV
UKSHELL
market cap
Foreign Direct Investment by Country till 2001 ($m)
Country
Denmark5.8
Japan9.1
Sweden10.3
Czech10.5
Malta11.2
Liechtenstein12
Israel17.5
Hungary18.8
Ireland23
Luxemburg57.6
Korea59.8
Switzerland105.9
France123.7
Turkey128.5
Spain129.8
United Kingdom196
Netherlands204.8
Russia205.3
Cyprus267.2
USA277
Austria351.2
Belgium415.9
Italy451.4
Greece541.7
Germany563.2
source: Foreign Direct Investment Agency
PrivatisationGreenfield investment and reinvested profitsTotal FDI
1992034.434.4
19932280.4102.4
1994134.276.7210.9
199526136.6162.6
199676.4180256.4
1997421.4214.8636.2
1998155.8464.2620
1999226.7592.1818.8
2000366635.51001.5
200119670689
2002E9003001200
Overall FDI by sector in %
Financial intermediation* 44%4.4
Post & telecoms 28%28
Basic metals 8.7%8.7
Trade 3.8%3.8
Construction 3.1%3.1
Coal, refined petrolemum products & nuclear fuel 1.8%1.8
Offer (small sectors) 50.2%50.2
100
Total Direct Investment by sector and year $m
Sector1998199920002001*TotalSector1998199920002001*Total by sectors
Financial activities63.8119.1443.262.8688.9Financial activities63.8119.1443.262.8688.9
Trade and repairs177.412489.571.6462.5Trade and repairs177.412489.571.6462.5
Petroleum, chemical, rubber and plastic products41165.272.111.5289.8Petroleum, chemical, rubber and plastic products41165.272.111.5289.8
Mineral products (cement, glass,...)150.671.87.419.4249.2Mineral products (cement, glass,...)150.671.87.419.4249.2
Telecommunications23.214.114.9177.4229.6Telecommunications23.214.114.9177.4229.6
Metallurgy13.272.217.137.2139.7Metallurgy13.272.217.137.2139.7
Mechanical products21.31864.716.6120.6Mechanical products21.31864.716.6120.6
Food products31.532.711.742.9118.8Food products31.532.711.742.9118.8
Wood products, paper37.324.938.15.3105.6Wood products, paper37.324.938.15.3105.6
Hotels and restorants26.840.520.816.7104.8Hotels and restorants26.840.520.816.7104.8
Textile and clothing4.425.127.333.790.5Textile and clothing4.425.127.333.790.5
Electrical eng., electronics, computers and communication equipment11.55.928.62773Electrical eng., electronics, computers and communication equipment11.55.928.62773
Construction6.36.512.718.844.3Other465.9
Real estate and business activities0.114.72.88.125.7
Leather and leather products0.7021.20.222.1
Electriciti, gas and water0018.70.819.5
Agriculture, foresrty and fishing0.12.410.71.314.5
Publishing00.20.38.48.9
Transport6.2-11.710.12.77.3
Mining02.702.85.5
Vehicles and other transport equipment-0.91.700.61.4
Other5.588.899.7122.7316.7
3138.9
Telecom229.6
Other FDI2909.3
Energy
Other FDI
Transport7.3
Other FDI3131.6
Tourism
Food products118.8
Other FDI3020.1
Textile and apparel90.5
Other FDI3048.4
Electrical eng. and electronics73
Other FDI3065.9
market cap
000
000
000
000
000
000
000
000
000
000
000
Privatisation
Greenfield investment and reinvested profits
Total FDI
FDI by year ($m)
IT profs
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
FDI
Money matters
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
External Sector
00
00
00
00
00
00
00
00
00
00
00
Privatisation
Greenfield investment and reinvested profits
22
EU Accession
0
0
tax
0
0
Privatisation
0
0
Operating costs
0
0
1EUR1.95583
BGNEUR
Official market A12,641,073.40
Official market B56,545,973.70
Official market C147,380,246.55
216,567,293.65110,729,099
Unofficial market106,769,247,099.00
106,985,814,392.6554,700,978,302
Source:Global IT IQ Report of March 2002 of Brainbench, Inc.
The data for the population is taken from the mid-2001 estimates of
U.S. Census Bureau, International Database and The World Factbook, 2000.
IT Certified Professionals in % of the Population
(World Top 10 Countries)
%Number
Latvia0.1927%4597
Estonia0.1443%2054
Bulgaria0.1147%8844
Singapore0.0828%3559
Lithuania0.0823%2972
Romania0.0721%16122
United States0.0698%194211
United Arab Emirates0.0617%1485
Canada0.0607%19181
Israel0.0533%3164
00
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00
00
00
00
00
00
&A
Page &P
%
Number
194211
Inflation by month
Periods199719981999200020012002
January2.10%2.40%2.40%0.60%2.70%
February1.30%-0.70%1.10%0.30%1.60%
March0.20%-1.00%-0.30%0.50%0.80%
April0.40%-0.60%-1.00%-0.20%-0.10%
May-1.70%-0.90%0.10%0.10%-2.10%
June1.40%-3.50%-0.90%0.20%-0.10%
July2.50%-0.70%3.40%0.60%-0.20%
August5.50%0.30%0.70%3.00%0.30%
September3.80%3.20%1.50%2.20%1.30%
October0.80%0.30%1.10%1.20%1.70%
November1.00%-0.50%0.50%0.80%0.20%
December0.20%0.40%1.30%0.40%0.60%
Foreign Debt Payments
199619971998199920002001
Payed principal598.5457.4665560.6655994.3
Payed interest480.4439.7529.8484.6515.3526.9
???199619971998199920002001III.20022002
Foreign debt (USD mln)9601.610408.510891.910913.911201.81061610398.310200
199619971998199920002001III.2002
Short-term as % of Gross Foreign Debt10.717.514.511.612.911.410.9
0
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0
0
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0
0
0
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0
0
0
0
0
0
0
0
0
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0
0
0
Inflation
00
00
00
00
00
00
Payed principal
Payed interest
1995199619971998199920002001
EU39.340.144.250.452.151.354.8
Balkan8.37.74.64.67.910.87.2
CIS17.919.317.612.496.15.8
CEFTA3.93.53.24.94.444.8
Other from OECD11.911.513.612.112.415.214.3
Other18.817.916.715.514.112.511.7
1995199619971998199920002001
EU39.340.144.250.452.151.354.8
Balkan8.37.74.64.67.910.87.2
CIS17.919.317.612.496.15.8
CEFTA3.93.53.24.94.444.8
Other from OECD11.911.513.612.112.415.214.3
Other18.817.916.715.514.112.511.7
Imports by region
1995199619971998199920002001
EU37.335.837.145.248.44449.4
Balkan1.31.51.31.50.80.80.6
CIS35.53633.724.923.527.823.7
CEFTA4.14.54.95.56.48.77.6
Other from OECD5.85.17.28.187.57.9
Other15.917.115.714.71311.19.5
99.910099.999.9100.199.998.7
000000
000000
000000
000000
000000
000000
000000
EU
Balkan
CIS
CEFTA
Other from OECD
Other
000000
000000
000000
000000
000000
000000
000000
EU
Balkan
CIS
CEFTA
Other from OECD
Other
CyprusLithuaniaSloveniaCzech RepublicHungaryLatviaSlovakiaEstoniaPolandMaltaBulgariaRomania
Provisionally closed chapters282827272625252424222011
Opened chapters22334556681013
00
00
00
00
00
00
00
00
00
00
00
00
Provisionally closed chapters
Opened chapters
20
19921993199419951996199719981999200020012002
Highest personal income rate (%)40%50%50%50%50%40%40%40%40%38%29%
0
0
0
0
0
0
0
0
0
0
0
Highest personal income rate (%)
Privatisation deals
Number of concluded privatisation deals
199719981999200020012002
Whole enterprisese32065463142917249
Specific parts2644355801605817
Number of deals
01/01-09/04/200109/05/2001-05/31/2002
Enterprises shares2847
Specific parts97124
Payments
Payments in BGN m
01/01-09/04/200109/05/2001-05/31/2002
Payments in $m208.5391.3
Privatisation Revenue
All Privatisation Entities, In BGN m
199719981999200020012002
Privatisation Revenue619512819823683124
Privatisation Agency, In BGN m
199719981999200020012002
Privatisation Revenue52724547829428489
199319941995199619971998199920002001V.2002
0.371.671.074.0918.364.4816.974.430.970.37
199319941995199619971998199920002001V.2002
0.42.03.17.225.630.047.051.452.452.8
Average Foreign Direct Investment per Year (USD m)
1997-20012002-2006
Average Foreign Direct Investment per Year ($ m)600950
Average Foreign Direct Investment per Year in USD
1997-20012002-2006
Average Foreign Direct Investment per Capita74121
00
00
00
00
00
00
Whole enterprisese
Specific parts
0
0
bgdream:
Enterprises shares
Specific parts
Number of Deals
0
0
0
0
Payments in $m
Payments in BGN m
0
0
0
0
0
0
Privatisation Revenue
0
0
0
0
0
0
Privatisation Revenue
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
Average Foreign Direct Investment per Year ($ m)
Average FDI per year
0
0
Average Foreign Direct Investment per Capita
Average FDI per capita
Operational Costs in Bulgaria, 2002
Monthly salary, EUR130
Nominal salary growth, %7.3
Social security, unemployment fund and health care contributions as % of monthly salary42.7 (75% payed by the employer)
Corporate tax, %
Aggregate rate, %23.5
VAT, %20
Price of arable land, year 2001, average EUR/1000 sq mile35-179
Office rent in Sofia, average EUR/sq m/month25-35
Apartment purchase price in Sofia, average EUR/sq m299
Water charges for industrial use in Sofia, EUR/m0.13
Water charges for household use in Sofia, EUR/m0.16
Telephone installation charges, EUR51
Telephone monthly subscription fee, EUR2.56/4.62
International phone call EUR/min
Europe0.31-0.41; 0.16-0.21
USA0.74-0.20
Electricity prices per kWh, including VAT
Electricity for industrial use, EUR
3 tariff-reading
pick0.070
day0.043
night0.027
2 tariff-reading
day0.056
night0.027
Electricity for household use, EUR
day0.050
night0.027
MBD00213F8B.xls
-
IT and TelecomsCross-point for telecommunications traffic from Europe to the Middle East and AsiaRegulatory framework harmonized with EU standardsBy rate of development in 2000, Bulgarian market for mobile telephone services ranked 5th among CEE countries; over 2m mobile phone subscribersTelephone switch exchange manufacturing presents another opportunitySource: Bulgarian Foreign Investment Agency
Companies with FDI
Information & Communication TechnologiesInformation & Communication Technologies
CountryCompanyInvestmentForeign Firms with Investments in Bulgaria
AustriaMOBILTEL HOLDING GmbH
GreeceINTRACOM
GreeceOTE
NetherlandsGLOBAL ONE HOLDING
UKCABLE AND WIRELESS
USARILA SOLUTIONS
Energy Sector
CountryCompanyInvestment
USAACCESS INTERNATIONAL
USAENERGY
Transport and Logistics
CountryCompanyInvestment
AustriaFRANZ WELZ
AustriaSCHENKER
AustriaVAE
GermanyWILLI BETZ
HungaryINTERLICHTER
SwitzerlandM + M MILITSER INTERNATIONAL
Tourism
CountryCompanyInvestment
CyprusCLASMAN ENTERPRISES
GermanyC&N TOURISTIC AG
GreeceGOODYS
ItalyAUTO RICAMBI SRL
SwitzerlandZURICH INVEST
TurkeyPRINCESS HOLDING GROUP
USAHILTON INTERNATIONAL
USAMcDONALDS
Food processing, Beverages and Tobacco Industry
CountryCompanyInvestment
BelgiumINTERBREW
CyprusSOFTBUL INVESTMENT
GreeceBREWINVEST
GreeceCHIPITA INTERNATIONAL
GreeceDELTA
GreeceTKM FRUIT AND JUICE
FranceDANONE
LuxembourgKLARINA HOLDING
NetherlandsEASTSTRACH
NetherlandsPROVIMI
PortugalVINPROM SERVICE KORK
SwitzerlandNESTLE
UKBOYAR INTERNATIONAL
UKLUXCRAFT
UKUNIBUL WINES
USAKRAFT FOODS INTERNATIONAL
USASEABORD OVERSEAS
Textile and Apparel
CountryCompanyInvestment
GermanyHAINER & PETER ROESLER
GermanyROLLMANN
IrelandMARLAND INTERNATIONAL LTD.
ItalyMIROGLIO
ItalySALVADORI
NetherlandsBRANDEX
TurkeyMASER
Electrical Engineering and Electronics
CountryCompanyInvestment
BelgiumEPIQ GROUP
Czech RepublicPRAMET
FranceSCHNEIDER ELECTRIC
GermanyFESTO
GermanyLIEBHERR
GermanySIEMENS
GermanySPARKY TRADING
HungaryVIDEOTON HOLDING
KoreaHYUNDAI
Switzerland, SwedenASEA BROWN BOVERI
USAMICHIGAN MAGNETICS
bgdream:check RADISSON SASWhat company is that?
Other secs by country
Other FDI Sectors and Foreign Firms in Bulgaria
IndustryCountryInvestors
Chemical IndustryFranceFRANCE ARNE
RussiaLUKOIL PETROL
BelgiumSOLVAY
USAWHITEBEAM HOLDING
MetallurgyGreeceHALKOR
BelgiumUMICORE
GreeceVIOHALKO
Building MaterialsAustriaBRAMACK DACHSYSTEME
SwitzerlandKERAMIK HOLDING
AustriaKNAUF
GermanyYTONG
Cement IndustryFranceCEMENT FRANCAIS
GermanyHEIDELBERGER ZEMENT
TradeGreeceENA
AustriaEUROBILLA
GermanyMETRO
TurkeyMIGROS TURK T.A.S.
AustriaOMV
UKSHELL
FDI by country
Foreign Direct Investment by Country till 2001 ($m)
Country
Germany563.2
Greece541.7
Italy451.4
Belgium415.9
Austria351.2
USA277
Cyprus267.2
Russia205.3
Netherlands204.8
United Kingdom196
Spain129.8
Turkey128.5
France123.7
Switzerland105.9
PrivatisationGreenfield investment and reinvested profitsTotal FDI
1992034.434.4
19932280.4102.4
1994134.276.7210.9
199526136.6162.6
199676.4180256.4
1997421.4214.8636.2
1998155.8464.2620
1999226.7592.1818.8
2000366635.51001.5
200119670689
2002E800
Overall FDI by sector in %
Financial intermediation* 44%4.4
Post & telecoms 28%28
Basic metals 8.7%8.7
Trade 3.8%3.8
Construction 3.1%3.1
Coal, refined petrolemum products & nuclear fuel 1.8%1.8
Offer (small sectors) 50.2%50.2
100
Total Direct Investment by sector and year $m
Sector1998199920002001*Total by sectorsSector1998199920002001*Total by sectors
Financial activities63.8119.1443.262.8688.9Financial activities63.8119.1443.262.8688.9
Trade and repairs177.412489.571.6462.5Trade and repairs177.412489.571.6462.5
Petroleum, chemical, rubber and plastic products41165.272.111.5289.8Petroleum, chemical, rubber and plastic products41165.272.111.5289.8
Mineral products (cement, glass,...)150.671.87.419.4249.2Mineral products (cement, glass,...)150.671.87.419.4249.2
Telecommunications23.214.114.9177.4229.6Telecommunications23.214.114.9177.4229.6
Metallurgy13.272.217.137.2139.7Metallurgy13.272.217.137.2139.7
Mechanical products21.31864.716.6120.6Mechanical products21.31864.716.6120.6
Food products31.532.711.742.9118.8Food products31.532.711.742.9118.8
Wood products, paper37.324.938.15.3105.6Wood products, paper37.324.938.15.3105.6
Hotels and restorants26.840.520.816.7104.8Hotels and restorants26.840.520.816.7104.8
Textile and clothing4.425.127.333.790.5Textile and clothing4.425.127.333.790.5
Electrical eng., electronics, computers and communication equipment11.55.928.62773Electrical eng., electronics, computers and communication equipment11.55.928.62773
Construction6.36.512.718.844.3Other465.9
Real estate and business activities0.114.72.88.125.7
Leather and leather products0.7021.20.222.1
Electriciti, gas and water0018.70.819.5
Agriculture, foresrty and fishing0.12.410.71.314.5
Publishing00.20.38.48.9
Transport6.2-11.710.12.77.3
Mining02.702.85.5
Vehicles and other transport equipment-0.91.700.61.4
Other5.588.899.7122.7316.7
FDI by country
000
000
000
000
000
000
000
000
000
000
000
Privatisation
Greenfield investment and reinvested profits
Total FDI
FDI by year ($m)
market cap
0
0
0
0
0
0
0
0
0
0
0
0
0
0
FDI
FDI by country ($m)
IT profs
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
Operating costs
1EUR1.95583
BGNEUR
Official market A12,641,073.40
Official market B56,545,973.70
Official market C147,380,246.55
216,567,293.65110,729,099
Unofficial market106,769,247,099.00
106,985,814,392.6554,700,978,302
IT Certified Professionals in % of the Population
(World Top 10 Countries)