Business

Statistics

• GDP: US$44.8 billion (2009).
• Main exports: Food, tobacco, wine, attar (oil) of roses, metals, chemicals, petrochemicals, electronics and machinery.
• Main imports: Food, fuel products, chemicals, machinery and textiles.
• Main trade partners: Russian Federation, Germany, Italy, Turkey and Greece.

Economy

In general, Bulgaria has suffered the usual problems experienced by centrally planned economies adjusting to market conditions. Successive governments have followed the path taken by other former Communist governments, under which most industry and agriculture was privatised, trade liberalised and reforms of the fiscal and banking systems instituted. However, some key privatisations (tobacco, telecoms, banking) have already experienced difficulties, possibly threatening the stability of the government.

The value of the Bulgarian Lev was fixed to the Deutschmark by the currency control board created in 1997; it is now linked to the Euro. The economy declined slightly to -4.9% in 2009, following a large increase in previous years. However, inflation has been brought down to single figures and in 2006 was 1.6%.

In 1990, Bulgaria joined the IMF, which has had a major influence on the country's economic policy, along with the World Bank and the European Bank for Reconstruction and Development. Bulgaria became a member of the European Union in January 2007.

Business Etiquette

Suits and prior appointments are necessary. Interpreters can be organised through tourist agencies. If arranged in advance through foreign trading organisations, services are free. It is common for the visiting business person to offer hospitality to the contact in Bulgaria.

Office hours: Mon-Fri 0900-1730.

Business Contacts

Bulgarian Chamber of Commerce and Industry
ulitska Iskar 9, 1058 Sofia, Bulgaria
Tel: (02) 987 2631.
Website: www.bcci.bg

British-Bulgarian Chamber of Commerce in the UK
PO Box 123, Bromley, BR1 4ZX, UK
Tel: (020) 8464 5007.
Website: www.bbcc.bg

North American-Bulgarian Chamber of Commerce in the USA
851 Irwin Street, Suite 200, San Rafael, CA, 94901, USA
Tel: 1 800 269 2152.
Website: www.nabcc.org