Bulgaria PESTLE Insights – A Macroeconomic Outlook Report

Financial intermediation, real estate, and business activities contributed 21.4% to gross value added (GVA) in 2024, followed by mining, manufacturing, and utilities (20.6%), and wholesale, retail, and hotels (18.4%). In nominal terms, the three sectors are forecast to grow by 7.5%, 8.0%, and 3.7%, respectively, in 2025.

Sofia accounted for 25.4% of Bulgaria’s population and 47.1% of its GDP in 2024, according to MarketLine.

Scope

Macroeconomic Country Outlook Reports evaluate a country's investment potential through its political, economic, social, technological, legal, and environmental (PESTLE) framework. This comprehensive analysis offers a holistic view of the economy, serving as a strategic tool to understand market dynamics, business potential, and operational direction. Each PESTLE factor is examined based on four parameters: current strengths, current challenges, future prospects, and future risks. These insights support strategic planning by highlighting opportunities and risks within the economy, helping businesses and investors make informed decisions. The report aims to provide a detailed understanding of the country's macroeconomic environment to facilitate effective decision-making and strategy development.

Reasons to buy

Macroeconomic Outlook Report identifies the potentials of the country as an investment destination by analyzing the political, economic, social, technological, legal and environmental (PESTLE) structure.

PESTLE Insights provides 360 degree view of the economy which can be used as a strategic tool to understand the market dynamics, business potentials and direction of operations

Along with providing the country’s snapshot, the report captures the risk factors pertaining to the macroeconomic risks, political environment, legal environment, demographic and social structure effectiveness, technology & infrastructure and natural and geographic aspects that might impact business.

This report also highlights key clusters/cities which contribute significantly to the country GDP and population along with major companies’ presence in these areas.

Companies mentioned

Fibank

Ontotext

MKB Unionbank

Table of Contents

Table of Contents

List of Exhibits

Did You Know?

Country Highlights

Key Economic Updates and US Tariff Impact

Country Snapshot

Political Landscape

Economic Landscape

Social Landscape

Technological Landscape

Legal Landscape

Environmental Landscape

Outlook

List of Tables

Exhibit 1: Bulgaria's performance in country risk analysis in comparison to East Europe and World average

Exhibit 2: Performance overview (score: 1–100)

Exhibit 3: Broad categories and weights behind the index

Exhibit 4: Bulgaria Stock Exchange Index – SOFIX Index (May 2022 – May 2023)

Exhibit 5: Key sectors’ contribution to the economy

Exhibit 6: FDI flows by type (2016–22) and FDI flows by sector (Q1 2022 – Q1 2023)

Exhibit 7: FDI inflow by country (Q1 2022 to Q1 2023) and share of FDI by country (2022)

Exhibit 8: Key infrastructure indicators

Exhibit 9: Real GDP and household consumption growth rate (2018–25f)

Exhibit 10: Real GDP growth rate comparison (2022)

Exhibit 11: Exports and imports growth (2018–25f)

Exhibit 12: Current account balance (2018–25f)

Exhibit 13: Top three commodity exports, % of total exports (2018–21)

Exhibit 14: Mineral fuels, mineral oils and products of their distillation, % share of the world’s total (2022)

Exhibit 15: Interest rates (May 2018 – May 2023)

Exhibit 16: Exchange rate and inflation (2018–25f)

Exhibit 17: General government net lending/borrowing (2018–25f)

Exhibit 18: General government debt (2018–25f)

Exhibit 19: Employed population and unemployment rate (2018–25f)

Exhibit 20: Average annual wages (2018–25f)

Exhibit 21: Labor force participation rate (2018–25f)

Exhibit 22: Rural-urban share of total population (2005, 2015, 2025)

Exhibit 23: Age-group share of total population (1995, 2005, 2015, 2025)

Exhibit 24: Gender split (2005, 2015, 2025)

Exhibit 25: Internet users as a percentage of total population, mobile penetration rate and broadband penetration rate (2022)

Exhibit 26: Number of patents granted per million population (2021 or latest available data)

Exhibit 27: High technology exports, % of manufactured exports (2021)

Exhibit 28: Rule of law (rankings), 2022

Exhibit 29: Corruption perceptions index (rankings) (2022)

Exhibit 30: Renewable energy capacity (2017–21)

Exhibit 31: CO2 emissions (2017–21)

List of Figures

Exhibit 1: Bulgaria’s Performance in Terms of its Country Risk Analysis in Comparison to Europe and the World

Exhibit 2: Performance Overview (Score: 0–100)

Exhibit 3: Broad Categories and Weights Behind the Index

Exhibit 4: Bulgaria Stock Exchange Index – SOFIX Index (October 2024 – October 2025)

Exhibit 5: Key Sectors’ Contribution to the Economy (2020–27f)

Exhibit 6: FDI Flows and FDI Stock (2020–24)

Exhibit 7: Greenfield FDI Projects and Net Cross-border M&A Deals (2020–24)

Exhibit 8: Key Infrastructure Indicators

Exhibit 9: Real GDP and Household Consumption Growth Rate (2020–27f)

Exhibit 10: Real GDP Growth Rate Comparison (2024)

Exhibit 11: Volume of Exports and Imports Growth (2020–27f)

Exhibit 12: Current Account Balance (2020–27f)

Exhibit 13: Top Three Commodity Exports, % of Total Exports (2020–24)

Exhibit 14: : Exports of Electrical Machinery and Equipment and parts thereof, % Share of the World’s Total (2024)

Exhibit 15: Interest Rate (October 2020 – October 2025)

Exhibit 16: Exchange Rate and Inflation Rate (2020–27f)

Exhibit 17: Public Finance (2020–27f)

Exhibit 18: General Government Debt (2020–27f)

Exhibit 19: Unemployment Rate (2020–27f)

Exhibit 20: Labor Cost Index (2020–27f)

Exhibit 21: Average Annual Wages (2020–27f)

Exhibit 22: Rural/Urban Share of Total Population (2015, 2020, 2025f, 2030f)

Exhibit 23: Age-group Share of Total Population (2015, 2020, 2025f, 2030f)

Exhibit 24: Gender Split (2015, 2020, 2025f, 2030f)

Exhibit 25: Internet Users as a % of Total Population, Mobile Penetration Rate, and Broadband Penetration Rate (2024)

Exhibit 26: Number of Patents Granted Per Million Population (2024)

Exhibit 27: High-technology Exports, % of Manufactured Exports (2023)

Exhibit 28: Rule of Law Index (Rankings) 2024

Exhibit 29: Corruption Perceptions Index (Rankings) (2024)

Exhibit 30: Renewable Electricity, Installed Capacity (2020–24)

Exhibit 31: CO2e Emissions (2020–24)

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