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