NDLI: Bulgaria

Content Provider	OECD iLibrary
Organization	OECD
Abstract	Bulgaria’s accession to the European Union (EU), which it formally joined on 1 January 2007, allowed for a gradual convergence with the EU common market, fiscal prudence and a national currency pegged to the euro, and has provided macroeconomic stability. Improved growth was accompanied by a decrease in the rate of unemployment from 12.7% in 2003 to an estimated 5.1% in 2008 (EBRD, 2009), although this had risen to 7.4% in the third quarter of 2009 as a result of the global economic crisis (EIU, 2009). In 2008, GDP per capita purchasing power parity was at USD 12 322, slightly above the regional average of USD 11 460 (IMF, 2009). Construction and services have been the most dynamic sectors in Bulgaria in recent years. The service sector has developed rapidly, reaching a 61.8% share of GDP in 2007 (EIU, 2008). The inflation rate has been high, above 6%, since 2004, and reached 12% in 2008. However, inflation is expected to drop significantly to 2.7% in 2009 (IMF, 2009). As a result of the EU accession process, Bulgaria became part of the EU customs union and national customs provisions were replaced by the corresponding EU regulations.
Page Count	5
Starting Page	265
Ending Page	269
Language	English
Publisher	OECD Publishing
Publisher Date	2010-03-23
Access Restriction	Open
Subject Keyword	Finance and Investment
Content Type	Text
Resource Type	Chapter

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