| Bulgaria is located in Southeastern Europe, | | | | FDI. |
| bordering the Black Sea, between Romania and | | | | |
| Turkey. Bulgaria's location is strategic | | | | Tourism has always been a big industry in the |
| because it is near the Turkish Straits; | | | | country, and is still booming: one of the 130 |
| Bulgaria also controls key land routes from | | | | hotels in Slanchev Bryag, one of the most |
| Europe to Middle East and Asia. Bulgaria has | | | | popular resorts in Eastern Europe. The |
| a population of 7,385,367 (2006) and a | | | | government has pledged to maintain the |
| population growth rate of 0.86 per cent | | | | fundamental economic policy objectives, i.e. |
| (2006), with 68.7 per cent between 15-64 | | | | retaining the Currency Board, practising |
| years old. | | | | sound financial policies, accelerating |
| | | | privatisation, and pursuing structural |
| Background | | | | reforms. Economic growth continued in 2005 |
| | | | and 2006. |
| The Bulgars, a Central Asian Turkic tribe, | | | | |
| merged with the local Slavic inhabitants in | | | | Agricultural output has been growing in |
| the late 7th century to form the first | | | | recent years. Farming is more important than |
| Bulgarian state. In succeeding centuries, | | | | stock-breeding. The prevalence of |
| Bulgaria struggled with the Byzantine Empire | | | | mechanisation is higher than most other |
| to assert its place in the Balkans, but by | | | | Eastern European countries. There are more |
| the end of the 14th century the country was | | | | than 150,000 tractors, 10,000 combines, |
| overrun by the Ottoman Turks. Northern | | | | alongside aeroplanes and other equipment. |
| Bulgaria attained autonomy in 1878 and all of | | | | |
| Bulgaria became independent from the Ottoman | | | | Industry is of great importance for the |
| Empire in 1908. Bulgaria became a People's | | | | economy. Bulgaria is a major producer of |
| Republic in 1946. Bulgaria held its first | | | | electricity though it is not very rich in |
| multiparty election in 1990 with the fall of | | | | reserves of coal, oil and natural gas. A |
| communism. It has moved towards democracy and | | | | second plant, the Belene Nuclear Power Plant |
| a free market economy ever since. The country | | | | with a capacity of 2,000 MW is under |
| joined NATO in 2004 and the EU in 2007. | | | | construction. There is a $1.4 billion |
| Bulgaria accepts compulsory ICJ jurisdiction. | | | | (£718 million) project for construction of |
| | | | an additional 670 MW for the 500 MW Maritza |
| Economy | | | | Iztok 1 TPP. |
| | | | |
| Bulgaria entered the European Union on 1 | | | | In production of steel and steel products per |
| January 2007. The government is committed to | | | | capita the country is first in the Balkans. |
| economic reform and responsible fiscal | | | | Ferrous metallurgy is very important. |
| planning. Minerals, including coal, copper, | | | | |
| and zinc, play an important role in industry. | | | | Property Market |
| In 1997, macroeconomic stability was | | | | |
| reinforced by the imposition of a fixed | | | | The property market has been boosted recently |
| exchange rate of the lev against the German | | | | by foreigners seeking additional homes. These |
| D-mark - the currency is now fixed against | | | | buyers come from right across Europe but the |
| the Euro, and the negotiation of an IMF | | | | largest numbers are British, encouraged by |
| standby agreement. Low inflation and steady | | | | comparatively cheap property and because the |
| progress on structural reforms have improved | | | | country is more accessible through low cost |
| the business environment; Bulgaria has | | | | air travel. The future for this particular |
| averaged 5.1 per cent growth since 2000 and | | | | country is bright indeed. |
| has begun to attract significant amounts of | | | | |