Bulgaria: Selected Issues and Statistical Appendix

International Monetary Fund

doi:10.5089/9781451804553.002.A006

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Bulgaria: Selected Issues and Statistical Appendix

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International Monetary Fund

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Publication Date:: 08 Aug 2006

eISBN:: 9781451804553

Language:: English

Keywords:: ISCR; CR; Bulgaria; bank; net; EU budget; net incurrence; net change; inflow from financing activity; broad money; net profit; Social security contributions; Securities; Employee contributions; Wages

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This paper discusses Bulgaria’s prospects for converging to the living standards of the more advanced members of the European Union (EU). The unfavorable economic environment of the early 1990s and the economic crisis in 1996–97 hurt Bulgaria’s output, employment, and investment. Following the crisis, structural reforms and a sound macroeconomic framework set the stage for a sustained recovery. The structure of the Bulgaria economy has shifted markedly over the last decade, and investment has become the main engine of growth.

Abstract

Table A1.

Bulgaria: National Accounts 2001–05

(NCEA, based on NACE, Rev. 1)

Source: National Statistical Institute.

^{^1/}Data for 2005 are preliminary.

^{^2/}Incl. hotels and restaurants; real estate, renting and business activities, health and education; public administration and defense.

Table A1.

Bulgaria: National Accounts 2001–05

(NCEA, based on NACE, Rev. 1)

			2001	2002	2003	2004	2005 ^1/
			(Gross value added)
			(In current prices, in millions of leva)
Agriculture and forestry			3,533	3,459	3,498	3,590	3,341
	Agriculture, forestry and hunting		3,520	3,445	3,485	3,576	3,327
	Fishing		13	14	14	14	14
Industry			7,804	8,289	8,972	9,909	10,969
	Mining and quarrying		403	412	440	530	566
	Manufacturing		4,606	4,966	5,516	5,989	6,750
	Electricity, gas and water supply		1,591	1,634	1,652	1,722	1,626
	Construction		1,203	1,276	1,364	1,668	2,026
Services			15,019	16,777	17,757	19,671	21,713
	Trade, repair of motor vehicles, personal and household appliances		1,937	2,105	2,186	2,506	2,950
	Transport		1,953	2,131	2,195	2,365	2,634
	Communications		1,433	1,819	1,971	2,205	2,318
	Financial intermediation and insurance		831	986	1,147	1,382	1,682
	Other services ^2/		8,865	9,737	10,258	11,213	12,130
Total of economic activity groupings			26,356	28,526	30,227	33,169	36,023
Adjustments			3,354	3,809	4,319	5,106	5,925
GDP at market prices			29,709	32,335	34,547	38,275	41,948
Household consumption			20,642	22,238	23,759	26,098	29,375
Government consumption			5,177	5,832	6,555	7,125	7,789
Gross fixed capital formation			5,415	5,909	6,694	7,969	9,971
Changes in inventories			726	497	816	1,006	1,774
Net exports			-2,250	-2,140	-3,279	-3,923	-6,943
	Exports of goods and services		16,510	17,180	18,500	22,192	25,506
	Imports of goods and services		18,760	19,321	21,779	26,115	32,449
Statistical discrepancy			0	0	0	0	-18
			(Growth rate in prices of previous year, in percent)
GDP at market prices			4.1	4.9	4.5	5.7	5.5
Agriculture and forestry			0.3	5.5	-1.0	3.0	-8.6
Industry			4.1	4.6	6.8	5.8	7.3
Services			4.7	5.1	4.0	5.7	6.6
Household consumption			5.2	3.5	6.4	5.5	7.6
Government consumption			1.4	4.1	7.6	3.8	3.8
Gross fixed capital formation			23.3	8.5	13.9	13.5	19.0
			(Percent change)
Implicit GDP deflator			6.7	3.8	2.3	4.8	3.8
			(In percent of GDP)
Agriculture and forestry			11.9	10.7	10.1	9.4	8.0
Industry			26.3	25.6	26.0	25.9	26.1
Services			50.6	51.9	51.4	51.4	51.8
Total of economic activity groupings			88.8	88.2	87.5	86.7	85.9
Adjustments			11.2	11.8	12.5	13.3	14.1
GDP at market prices			100.0	100.0	100.0	100.0	100.0
Final consumption			86.9	86.8	87.7	86.8	88.6
	Individual consumption		77.4	76.8	77.7	76.6	78.8
		Households expenditures	69.0	68.4	68.3	67.7	69.6
		NPISHs expenditures	0.4	0.4	0.5	0.5	0.4
		Government expenditures	8.0	8.0	8.9	8.4	8.8
	Collective consumption		9.5	10.0	10.0	10.2	9.8
Gross fixed capital formation			18.3	18.3	19.3	20.8	23.8
Changes in inventories			2.4	1.5	2.4	2.6	4.2
Net exports			-7.6	-6.6	-9.4	-10.2	-16.6
	Exports of goods and services		55.6	53.1	53.6	58.0	60.8
	Imports of goods and services		63.2	59.7	63.0	68.2	77.4
Statistical discrepancy			0.0	0.0	0.0	0.0	0.0

Source: National Statistical Institute.

^{^1/}Data for 2005 are preliminary.

^{^2/}Incl. hotels and restaurants; real estate, renting and business activities, health and education; public administration and defense.

Table A1.

Bulgaria: National Accounts 2001–05

(NCEA, based on NACE, Rev. 1)

			2001	2002	2003	2004	2005 ^1/
			(Gross value added)
			(In current prices, in millions of leva)
Agriculture and forestry			3,533	3,459	3,498	3,590	3,341
	Agriculture, forestry and hunting		3,520	3,445	3,485	3,576	3,327
	Fishing		13	14	14	14	14
Industry			7,804	8,289	8,972	9,909	10,969
	Mining and quarrying		403	412	440	530	566
	Manufacturing		4,606	4,966	5,516	5,989	6,750
	Electricity, gas and water supply		1,591	1,634	1,652	1,722	1,626
	Construction		1,203	1,276	1,364	1,668	2,026
Services			15,019	16,777	17,757	19,671	21,713
	Trade, repair of motor vehicles, personal and household appliances		1,937	2,105	2,186	2,506	2,950
	Transport		1,953	2,131	2,195	2,365	2,634
	Communications		1,433	1,819	1,971	2,205	2,318
	Financial intermediation and insurance		831	986	1,147	1,382	1,682
	Other services ^2/		8,865	9,737	10,258	11,213	12,130
Total of economic activity groupings			26,356	28,526	30,227	33,169	36,023
Adjustments			3,354	3,809	4,319	5,106	5,925
GDP at market prices			29,709	32,335	34,547	38,275	41,948
Household consumption			20,642	22,238	23,759	26,098	29,375
Government consumption			5,177	5,832	6,555	7,125	7,789
Gross fixed capital formation			5,415	5,909	6,694	7,969	9,971
Changes in inventories			726	497	816	1,006	1,774
Net exports			-2,250	-2,140	-3,279	-3,923	-6,943
	Exports of goods and services		16,510	17,180	18,500	22,192	25,506
	Imports of goods and services		18,760	19,321	21,779	26,115	32,449
Statistical discrepancy			0	0	0	0	-18
			(Growth rate in prices of previous year, in percent)
GDP at market prices			4.1	4.9	4.5	5.7	5.5
Agriculture and forestry			0.3	5.5	-1.0	3.0	-8.6
Industry			4.1	4.6	6.8	5.8	7.3
Services			4.7	5.1	4.0	5.7	6.6
Household consumption			5.2	3.5	6.4	5.5	7.6
Government consumption			1.4	4.1	7.6	3.8	3.8
Gross fixed capital formation			23.3	8.5	13.9	13.5	19.0
			(Percent change)
Implicit GDP deflator			6.7	3.8	2.3	4.8	3.8
			(In percent of GDP)
Agriculture and forestry			11.9	10.7	10.1	9.4	8.0
Industry			26.3	25.6	26.0	25.9	26.1
Services			50.6	51.9	51.4	51.4	51.8
Total of economic activity groupings			88.8	88.2	87.5	86.7	85.9
Adjustments			11.2	11.8	12.5	13.3	14.1
GDP at market prices			100.0	100.0	100.0	100.0	100.0
Final consumption			86.9	86.8	87.7	86.8	88.6
	Individual consumption		77.4	76.8	77.7	76.6	78.8
		Households expenditures	69.0	68.4	68.3	67.7	69.6
		NPISHs expenditures	0.4	0.4	0.5	0.5	0.4
		Government expenditures	8.0	8.0	8.9	8.4	8.8
	Collective consumption		9.5	10.0	10.0	10.2	9.8
Gross fixed capital formation			18.3	18.3	19.3	20.8	23.8
Changes in inventories			2.4	1.5	2.4	2.6	4.2
Net exports			-7.6	-6.6	-9.4	-10.2	-16.6
	Exports of goods and services		55.6	53.1	53.6	58.0	60.8
	Imports of goods and services		63.2	59.7	63.0	68.2	77.4
Statistical discrepancy			0.0	0.0	0.0	0.0	0.0

Source: National Statistical Institute.

^{^1/}Data for 2005 are preliminary.

^{^2/}Incl. hotels and restaurants; real estate, renting and business activities, health and education; public administration and defense.

Table A2.

Bulgaria: Gross Value Added in the Industrial Sector, 2001–05

(NCEA, based on NACE, Rev. 1)

Source: National Statistical Institute.

^{^1/}Data for 2005 are preliminary.

Table A2.

Bulgaria: Gross Value Added in the Industrial Sector, 2001–05

(NCEA, based on NACE, Rev. 1)

		2001	2002	2003	2004	2005 ^1/
		(In current prices, in millions of leva)
Total		7,804	8,289	8,972	9,909	10,969
	Mining and quarrying	403	412	440	530	566
	Manufacturing	4,606	4,966	5,516	5,989	6,750
	Electricity, gas and water supply	1,591	1,634	1,652	1,722	1,626
	Construction	1,203	1,276	1,364	1,668	2,026
Public		2,255	2,163	2,006	1,911	1,661
	Mining and quarrying	219	206	227	212	192
	Manufacturing	415	311	269	236	242
	Electricity, gas and water supply	1,511	1,539	1,425	1,378	1,151
	Construction	110	108	84	85	75
Private		5,548	6,126	6,966	7,998	9,308
	Mining and quarrying	184	206	213	317	374
	Manufacturing	4,191	4,656	5,247	5,753	6,508
	Electricity, gas and water supply	80	96	227	345	475
	Construction	1,093	1,168	1,279	1,583	1,950
		(Growth rate in prices of previous year, in percent)
Total		4.1	4.6	6.8	5.8	7.3
	Mining and quarrying	-2.1	0.8	6.2	6.8	0.4
	Manufacturing	4.3	6.5	11.4	3.7	10.3
	Electricity, gas and water supply	5.2	1.0	-5.5	5.0	-7.9
	Construction	3.9	3.3	4.6	14.9	14.1
Public		-7.0	-5.4	-13.2	-5.6	-16.6
	Mining and quarrying	-10.5	-9.2	6.4	-11.5	-13.3
	Manufacturing	-18.7	-26.6	-14.7	-16.9	0.7
	Electricity, gas and water supply	0.9	0.9	-14.5	-2.6	-20.0
	Construction	-35.0	-4.1	-28.4	-4.6	-18.0
Private		9.4	8.7	13.8	9.1	13.0
	Mining and quarrying	9.6	12.5	6.1	26.3	9.6
	Manufacturing	7.4	9.8	13.2	4.8	10.7
	Electricity, gas and water supply	308.4	2.9	137.7	52.7	40.4
	Construction	10.7	4.0	7.6	16.1	15.8
		(In percent of gross value added)
Share of economy		29.6	29.1	29.7	29.9	30.4
Total		29.6	29.1	29.7	29.9	30.4
	Mining and quarrying	1.5	1.5	1.5	1.6	1.6
	Manufacturing	17.5	17.4	18.2	18.1	18.7
	Electricity, gas and water supply	6.0	5.7	5.5	5.2	4.5
	Construction	4.6	4.5	4.5	5.0	5.6
Share of public sector in total industry		28.9	26.1	22.4	19.3	15.1
	Mining and quarrying	54.3	49.9	51.6	40.1	33.9
	Manufacturing	9.0	6.3	4.9	3.9	3.6
	Electricity, gas and water supply	95.0	94.1	86.2	80.0	70.8
Construction		9.2	8.5	6.2	5.1	3.7
Share of private sector in total industry		71.1	73.9	77.6	80.7	84.9
	Mining and quarrying	45.7	50.1	48.4	59.9	66.1
	Manufacturing	91.0	93.7	95.1	96.1	96.4
	Electricity, gas and water supply	5.0	5.9	13.8	20.0	29.2
	Construction	90.8	91.5	93.8	94.9	96.3

Source: National Statistical Institute.

^{^1/}Data for 2005 are preliminary.

Table A2.

Bulgaria: Gross Value Added in the Industrial Sector, 2001–05

(NCEA, based on NACE, Rev. 1)

		2001	2002	2003	2004	2005 ^1/
		(In current prices, in millions of leva)
Total		7,804	8,289	8,972	9,909	10,969
	Mining and quarrying	403	412	440	530	566
	Manufacturing	4,606	4,966	5,516	5,989	6,750
	Electricity, gas and water supply	1,591	1,634	1,652	1,722	1,626
	Construction	1,203	1,276	1,364	1,668	2,026
Public		2,255	2,163	2,006	1,911	1,661
	Mining and quarrying	219	206	227	212	192
	Manufacturing	415	311	269	236	242
	Electricity, gas and water supply	1,511	1,539	1,425	1,378	1,151
	Construction	110	108	84	85	75
Private		5,548	6,126	6,966	7,998	9,308
	Mining and quarrying	184	206	213	317	374
	Manufacturing	4,191	4,656	5,247	5,753	6,508
	Electricity, gas and water supply	80	96	227	345	475
	Construction	1,093	1,168	1,279	1,583	1,950
		(Growth rate in prices of previous year, in percent)
Total		4.1	4.6	6.8	5.8	7.3
	Mining and quarrying	-2.1	0.8	6.2	6.8	0.4
	Manufacturing	4.3	6.5	11.4	3.7	10.3
	Electricity, gas and water supply	5.2	1.0	-5.5	5.0	-7.9
	Construction	3.9	3.3	4.6	14.9	14.1
Public		-7.0	-5.4	-13.2	-5.6	-16.6
	Mining and quarrying	-10.5	-9.2	6.4	-11.5	-13.3
	Manufacturing	-18.7	-26.6	-14.7	-16.9	0.7
	Electricity, gas and water supply	0.9	0.9	-14.5	-2.6	-20.0
	Construction	-35.0	-4.1	-28.4	-4.6	-18.0
Private		9.4	8.7	13.8	9.1	13.0
	Mining and quarrying	9.6	12.5	6.1	26.3	9.6
	Manufacturing	7.4	9.8	13.2	4.8	10.7
	Electricity, gas and water supply	308.4	2.9	137.7	52.7	40.4
	Construction	10.7	4.0	7.6	16.1	15.8
		(In percent of gross value added)
Share of economy		29.6	29.1	29.7	29.9	30.4
Total		29.6	29.1	29.7	29.9	30.4
	Mining and quarrying	1.5	1.5	1.5	1.6	1.6
	Manufacturing	17.5	17.4	18.2	18.1	18.7
	Electricity, gas and water supply	6.0	5.7	5.5	5.2	4.5
	Construction	4.6	4.5	4.5	5.0	5.6
Share of public sector in total industry		28.9	26.1	22.4	19.3	15.1
	Mining and quarrying	54.3	49.9	51.6	40.1	33.9
	Manufacturing	9.0	6.3	4.9	3.9	3.6
	Electricity, gas and water supply	95.0	94.1	86.2	80.0	70.8
Construction		9.2	8.5	6.2	5.1	3.7
Share of private sector in total industry		71.1	73.9	77.6	80.7	84.9
	Mining and quarrying	45.7	50.1	48.4	59.9	66.1
	Manufacturing	91.0	93.7	95.1	96.1	96.4
	Electricity, gas and water supply	5.0	5.9	13.8	20.0	29.2
	Construction	90.8	91.5	93.8	94.9	96.3

Source: National Statistical Institute.

^{^1/}Data for 2005 are preliminary.

Table A3.

Bulgaria: Gross Value Added in the Services Sector, 2001–05

Source: National Statistical Institute

^{^1/}Data for 2005 are preliminary.

^{^2/}Including repairs of motor vehicles and personal and household appliances.

^{^3/}Includes: housing and municipal services; business services; science; education, culture, and art; health and social security, sports, recreation and tourism; finance, credit and insurance; government; and NPISNs.

Table A3.

Bulgaria: Gross Value Added in the Services Sector, 2001–05

		2001	2002	2003	2004	2005 ^1/
		(In current prices, in millions of leva)
Total		15,019	16,777	17,757	19,671	21,713
	Trade ^2/	1,937	2,105	2,186	2,506	2,950
	Transport	1,953	2,131	2,195	2,365	2,634
	Communications	1,433	1,819	1,971	2,205	2,318
	Other ^3/	9,696	10,722	11,405	12,594	13,811
Public		5,224	5,513	5,882	5,602	5,706
	Trade ^2/	26	23	17	17	15
	Transport	668	703	692	723	716
	Communications	710	725	761	93	90
	Other ^3/	3,820	4,061	4,412	4,769	4,886
Private		9,795	11,265	11,875	14,069	16,006
	Trade ^2/	1,911	2,082	2,169	2,489	2,935
	Transport	1,285	1,429	1,503	1,641	1,918
	Communications	723	1,094	1,210	2,113	2,229
	Other ^3/	5,876	6,661	6,993	7,825	8,925
		(Growth rate in prices of previous year, in percent)
Total		4.7	5.1	4.0	5.7	6.6
	Trade ^2/	8.9	5.0	2.1	15.3	15.0
	Transport	3.8	6.8	2.2	4.0	7.1
	Communications	21.4	18.2	8.6	4.1	7.7
	Other ^3/	2.0	2.7	3.9	4.5	4.6
Public		-0.1	-1.9	2.1	-11.0	-1.3
	Trade ^2/	2.7	-13.4	-25.0	3.3	-10.9
	Transport	0.2	0.3	-1.7	4.9	-7.1
	Communications	-0.9	-4.7	3.9	-85.6	-0.8
	Other ^3/	0.0	-1.7	2.7	-0.7	-0.4
Private		7.4	8.7	4.9	14.0	9.7
	Trade ^2/	8.9	5.2	2.4	15.4	15.2
	Transport	5.8	10.1	4.2	3.6	13.4
	Communications	57.4	40.8	11.7	60.6	8.1
	Other ^3/	3.4	5.6	4.7	7.8	7.6
Gross value added		3.9	5.0	4.2	5.4	5.1
		(In percent of gross value added)
Share of economy
Total services		57.0	58.8	58.7	59.3	60.3
	Trade ^2/	7.4	7.4	7.2	7.6	8.2
	Transport	7.4	7.5	7.3	7.1	7.3
	Communications	5.4	6.4	6.5	6.6	6.4
	Other ^3/	36.8	37.5	37.7	38.0	38.4
Share of public sector		34.8	32.9	33.1	28.5	26.3
	Trade ^2/	1.4	1.1	0.8	0.7	0.5
	Transport	34.2	33.0	31.5	30.6	27.2
	Communications	49.5	39.9	38.6	4.2	3.9
	Other ^3/	39.4	37.9	38.7	37.9	35.4
Share of private sector		65.2	67.1	66.9	71.5	73.7
	Trade ^2/	98.6	98.9	99.2	99.3	99.5
	Transport	65.8	67.0	68.5	69.4	72.8
	Communications	50.5	60.1	61.4	95.8	96.1
	Other ^3/	60.6	62.1	61.3	62.1	64.6

Source: National Statistical Institute

^{^1/}Data for 2005 are preliminary.

^{^2/}Including repairs of motor vehicles and personal and household appliances.

Table A3.

Bulgaria: Gross Value Added in the Services Sector, 2001–05

		2001	2002	2003	2004	2005 ^1/
		(In current prices, in millions of leva)
Total		15,019	16,777	17,757	19,671	21,713
	Trade ^2/	1,937	2,105	2,186	2,506	2,950
	Transport	1,953	2,131	2,195	2,365	2,634
	Communications	1,433	1,819	1,971	2,205	2,318
	Other ^3/	9,696	10,722	11,405	12,594	13,811
Public		5,224	5,513	5,882	5,602	5,706
	Trade ^2/	26	23	17	17	15
	Transport	668	703	692	723	716
	Communications	710	725	761	93	90
	Other ^3/	3,820	4,061	4,412	4,769	4,886
Private		9,795	11,265	11,875	14,069	16,006
	Trade ^2/	1,911	2,082	2,169	2,489	2,935
	Transport	1,285	1,429	1,503	1,641	1,918
	Communications	723	1,094	1,210	2,113	2,229
	Other ^3/	5,876	6,661	6,993	7,825	8,925
		(Growth rate in prices of previous year, in percent)
Total		4.7	5.1	4.0	5.7	6.6
	Trade ^2/	8.9	5.0	2.1	15.3	15.0
	Transport	3.8	6.8	2.2	4.0	7.1
	Communications	21.4	18.2	8.6	4.1	7.7
	Other ^3/	2.0	2.7	3.9	4.5	4.6
Public		-0.1	-1.9	2.1	-11.0	-1.3
	Trade ^2/	2.7	-13.4	-25.0	3.3	-10.9
	Transport	0.2	0.3	-1.7	4.9	-7.1
	Communications	-0.9	-4.7	3.9	-85.6	-0.8
	Other ^3/	0.0	-1.7	2.7	-0.7	-0.4
Private		7.4	8.7	4.9	14.0	9.7
	Trade ^2/	8.9	5.2	2.4	15.4	15.2
	Transport	5.8	10.1	4.2	3.6	13.4
	Communications	57.4	40.8	11.7	60.6	8.1
	Other ^3/	3.4	5.6	4.7	7.8	7.6
Gross value added		3.9	5.0	4.2	5.4	5.1
		(In percent of gross value added)
Share of economy
Total services		57.0	58.8	58.7	59.3	60.3
	Trade ^2/	7.4	7.4	7.2	7.6	8.2
	Transport	7.4	7.5	7.3	7.1	7.3
	Communications	5.4	6.4	6.5	6.6	6.4
	Other ^3/	36.8	37.5	37.7	38.0	38.4
Share of public sector		34.8	32.9	33.1	28.5	26.3
	Trade ^2/	1.4	1.1	0.8	0.7	0.5
	Transport	34.2	33.0	31.5	30.6	27.2
	Communications	49.5	39.9	38.6	4.2	3.9
	Other ^3/	39.4	37.9	38.7	37.9	35.4
Share of private sector		65.2	67.1	66.9	71.5	73.7
	Trade ^2/	98.6	98.9	99.2	99.3	99.5
	Transport	65.8	67.0	68.5	69.4	72.8
	Communications	50.5	60.1	61.4	95.8	96.1
	Other ^3/	60.6	62.1	61.3	62.1	64.6

Source: National Statistical Institute

^{^1/}Data for 2005 are preliminary.

^{^2/}Including repairs of motor vehicles and personal and household appliances.

Table A4.

Bulgaria: Gross Output of Services by Branches, 2001–05

(NCEA, based on NACE, Rev.l)

Source: National Statistical Institute.

^{^1/}Data for 2005 are preliminary.

Table A4.

Bulgaria: Gross Output of Services by Branches, 2001–05

(NCEA, based on NACE, Rev.l)

		2001	2002	2003	2004	2005 ^1/	2001	2002	2003	2004	2005 ^1/
		(Growth rate in prices of previous year, in percent)					(In current prices, in millions of leva)
Gross value added - Total services		4.7	5.0	4.0	5.7	6.6	15,019	16,777	17,757	19,671	21,713
Trade, repair of motor vehicles, personal and household appliances		8.9	5.0	2.1	15.3	15.0	1,937	2,105	2,186	2,506	2,950
Hotels and restaurants		3.4	2.8	7.4	8.1	19.6	535	563	625	713	899
Transport and communications		10.7	11.6	5.2	4.1	7.4	3,386	3,950	4,166	4,570	4,952
	Transport	3.8	6.8	2.2	4.0	7.1	1,953	2,131	2,195	2,365	2,634
	Communications	21.4	18.2	8.6	4.1	7.7	1,433	1,819	1,971	2,205	2,318
Financial intermediation and insurance		11.6	11.5	14.0	13.0	14.3	831	986	1,147	1,382	1,682
Real estate, renting and business activities		0.5	0.1	2.8	3.5	1.3	4,391	4,751	4,844	5,189	5,568
of which
	Imputed rent of owner occupied dwellings	-5.3	-1.6	0.7	-4.2	-1.8	3,142	3,298	3,335	3,257	3,462
Public administration and defense, compulsory social security		2.7	3.5	4.0	-0.2	4.1	1,754	1,958	2,132	2,351	2,457
Education		-1.8	-0.7	-1.7	3.4	2.4	1,073	1,127	1,194	1,336	1,404
Health, social work and veterinary activities		0.8	11.2	2.2	0.7	-7.9	661	858	960	998	1,031
Other community, social and personal service activities of NGOs		7.6	3.9	5.7	21.0	20.0	450	480	503	626	771
Intermediate consumption		7.0	6.7	8.8	12.8	10.5	12,062	13,359	14,818	17,455	20,553
Gross output		5.7	5.7	6.1	9.0	8.4	27,081	30,136	32,575	37,125	42,265

Source: National Statistical Institute.

^{^1/}Data for 2005 are preliminary.

Table A4.

Bulgaria: Gross Output of Services by Branches, 2001–05

(NCEA, based on NACE, Rev.l)

		2001	2002	2003	2004	2005 ^1/	2001	2002	2003	2004	2005 ^1/
		(Growth rate in prices of previous year, in percent)					(In current prices, in millions of leva)
Gross value added - Total services		4.7	5.0	4.0	5.7	6.6	15,019	16,777	17,757	19,671	21,713
Trade, repair of motor vehicles, personal and household appliances		8.9	5.0	2.1	15.3	15.0	1,937	2,105	2,186	2,506	2,950
Hotels and restaurants		3.4	2.8	7.4	8.1	19.6	535	563	625	713	899
Transport and communications		10.7	11.6	5.2	4.1	7.4	3,386	3,950	4,166	4,570	4,952
	Transport	3.8	6.8	2.2	4.0	7.1	1,953	2,131	2,195	2,365	2,634
	Communications	21.4	18.2	8.6	4.1	7.7	1,433	1,819	1,971	2,205	2,318
Financial intermediation and insurance		11.6	11.5	14.0	13.0	14.3	831	986	1,147	1,382	1,682
Real estate, renting and business activities		0.5	0.1	2.8	3.5	1.3	4,391	4,751	4,844	5,189	5,568
of which
	Imputed rent of owner occupied dwellings	-5.3	-1.6	0.7	-4.2	-1.8	3,142	3,298	3,335	3,257	3,462
Public administration and defense, compulsory social security		2.7	3.5	4.0	-0.2	4.1	1,754	1,958	2,132	2,351	2,457
Education		-1.8	-0.7	-1.7	3.4	2.4	1,073	1,127	1,194	1,336	1,404
Health, social work and veterinary activities		0.8	11.2	2.2	0.7	-7.9	661	858	960	998	1,031
Other community, social and personal service activities of NGOs		7.6	3.9	5.7	21.0	20.0	450	480	503	626	771
Intermediate consumption		7.0	6.7	8.8	12.8	10.5	12,062	13,359	14,818	17,455	20,553
Gross output		5.7	5.7	6.1	9.0	8.4	27,081	30,136	32,575	37,125	42,265

Source: National Statistical Institute.

^{^1/}Data for 2005 are preliminary.

Table A5.

Bulgaria: Total and Private Agricultural Production, 2001–05 ^1/

Source: National Statistical Institute.

^{^1/}According to National Classification of Economic Activities.

^{^2/}Data for 2005 are preliminary.

Table A5.

Bulgaria: Total and Private Agricultural Production, 2001–05 ^1/

		2001	2002	2003	2004	2005 ^2/
		(In current prices, in millions of leva)
Total agriculture
	Gross output	8,073	7,761	7,721	8,062	7,857
	Crops	2,974	3,158	3,342	3,605	3,394
	Livestock	2,945	2,283	2,057	2,191	2,271
	Services and other	648	606	631	682	723
	Secondary activities of households	1,505	1,713	1,691	1,584	1,469
	Intermediate consumption	4,599	4,370	4,306	4,566	4,621
	Gross value added	3,473	3,391	3,415	3,496	3,237
Private agriculture
	Gross output	7,938	7,631	7,597	7,933	7,857
	Intermediate consumption	4,497	4,273	4,216	4,470	4,621
	Gross value added	3,441	3,357	3,381	3,463	3,237
		(Growth rate in prices of previous year, in percent)
Total agriculture
	Gross output	-0.1	4.2	-1.0	3.1	-5.2
	Crops	7.6	15.5	-1.9	11.9	-8.7
	Livestock	-9.9	-7.8	-3.8	-1.7	-1.1
	Services and other	5.5	-6.6	4.7	3.3	3.1
	Secondary activities of households	2.7	10.1	2.4	-8.7	-6.5
	Intermediate consumption	-0.5	3.2	-0.6	3.3	-2.3
	Gross value added	0.5	5.5	-1.5	2.8	-8.9
Private agriculture
	Gross output	-0.6	4.2	-0.9	3.1	-5.2
	Intermediate consumption	-1.1	3.2	-0.4	3.3	-2.3
	Gross value added	0.2	5.5	-1.5	2.8	-8.9

Source: National Statistical Institute.

^{^1/}According to National Classification of Economic Activities.

^{^2/}Data for 2005 are preliminary.

Table A5.

Bulgaria: Total and Private Agricultural Production, 2001–05 ^1/

		2001	2002	2003	2004	2005 ^2/
		(In current prices, in millions of leva)
Total agriculture
	Gross output	8,073	7,761	7,721	8,062	7,857
	Crops	2,974	3,158	3,342	3,605	3,394
	Livestock	2,945	2,283	2,057	2,191	2,271
	Services and other	648	606	631	682	723
	Secondary activities of households	1,505	1,713	1,691	1,584	1,469
	Intermediate consumption	4,599	4,370	4,306	4,566	4,621
	Gross value added	3,473	3,391	3,415	3,496	3,237
Private agriculture
	Gross output	7,938	7,631	7,597	7,933	7,857
	Intermediate consumption	4,497	4,273	4,216	4,470	4,621
	Gross value added	3,441	3,357	3,381	3,463	3,237
		(Growth rate in prices of previous year, in percent)
Total agriculture
	Gross output	-0.1	4.2	-1.0	3.1	-5.2
	Crops	7.6	15.5	-1.9	11.9	-8.7
	Livestock	-9.9	-7.8	-3.8	-1.7	-1.1
	Services and other	5.5	-6.6	4.7	3.3	3.1
	Secondary activities of households	2.7	10.1	2.4	-8.7	-6.5
	Intermediate consumption	-0.5	3.2	-0.6	3.3	-2.3
	Gross value added	0.5	5.5	-1.5	2.8	-8.9
Private agriculture
	Gross output	-0.6	4.2	-0.9	3.1	-5.2
	Intermediate consumption	-1.1	3.2	-0.4	3.3	-2.3
	Gross value added	0.2	5.5	-1.5	2.8	-8.9

Source: National Statistical Institute.

^{^1/}According to National Classification of Economic Activities.

^{^2/}Data for 2005 are preliminary.

Table A6.

Bulgaria: National Income Accounts, 2001–05

Source: National Statistical Institute.

^{^1/}Data for 2005 are preliminary.

^{^2/}Net taxes on production include: subsidies (-), other taxes on production (+)-- other subsidies on production (-)

^{^3/}Net taxes on products include: - taxes on products (+)-- subsidies on products (-)

Table A6.

Bulgaria: National Income Accounts, 2001–05

				2001	2002	2003	2004	2005 ^1/	2001	2002	2003	2004	2005 ^1/
				(In current prices, in millions of leva)					(In percent)
GDP				29,709	32,335	34,547	38,275	41,948	100.0	100.0	100.0	100.0	100.0
Gross value added at basic prices				26,356	28,526	30,227	33,169	36,023	88.7	88.2	87.5	86.7	85.9
Compensation of employees				10,381	11,034	12,020	12,972	14,454	34.9	34.1	34.8	33.9	34.5
	Wages and salaries			7,785	8,315	9,037	9,766	10,941	26.2	25.7	26.2	25.5	26.1
	Social contributions			2,596	2,719	2,983	3,206	3,513	8.7	8.4	8.6	8.4	8.4
Net taxes on production ^2/				-365	-435	-533	-480	-539	-1.2	-1.3	-1.5	-1.3	-1.3
	Other taxes on production			138	173	183	194	138	0.5	0.5	0.5	0.5	1.0
	Subsidies			503	608	716	674	677	1.7	1.9	2.1	1.8	1.6
Gross operating surplus				16,340	17,927	18,741	20,677	22,108	55.0	55.4	54.2	54.0	52.7
	Consumption of fixed capital			3,365	4,060	4,627	5,145	…	11.3	12.6	13.4	13.4	…
	Net operating surplus			9,616	10,695	10,235	11,186	…	32.4	33.1	29.6	29.2	…
	Mixed income, net			3,359	3,172	3,879	4,346	…	11.3	9.8	11.2	11.4	…
Adjustments				3,354	3,809	4,319	5,106	5,925	11.3	11.8	12.5	13.3	14.1
	Import duties			195	188	231	292	372	0.7	0.6	0.7	0.8	0.9
	FIZIM			-539	-596	-753	-1,043	-1,360	-1.8	-1.8	-2.2	-2.7	-3.2
	VAT			2,641	3,073	3,407	3,867	4,728	8.9	9.5	9.9	10.1	11.3
	Net taxes on products ^3/			1,057	1,143	1,434	1,989	2,185	3.6	3.5	4.2	5.2	5.2
Of which:
Private sector
		GVA at basic prices		18,823	20,813	22,291	25,602	…	71.4	73.0	73.7	77.2	…
		Compensation of employees		4,740	5,322	6,011	7,042	…	45.7	48.2	50.0	54.3	…
			Wages and salaries	3,655	4,123	4,544	5,372	…	46.9	49.6	50.3	55.0	…
			Social contributions	1,085	1,199	1,467	1,670	…	41.8	44.1	49.2	52.1	…
		Net taxes on production ^2/		21	-23	-58	-53	…	-5.7	5.2	10.9	11.0	…
			Other taxes on production	59	88	91	114	…	42.7	50.7	49.9	58.4	…
			Subsidies	38	110	149	166	…	7.6	18.1	20.8	24.6	…
		Gross operating surplus		14,062	15,513	16,338	18,612	…	86.1	86.5	87.2	90.0	…
			Consumption of fixed capital	1,934	2,446	3,001	3,607	…	57.5	60.2	64.9	70.1	…
			Net operating surplus	8,769	9,895	9,458	10,658	…	91.2	92.5	92.4	95.3	…
			Mixed income, net	3,359	3,172	3,879	4,346	…	100.0	100.0	100.0	100.0	…
Gross value added at basic prices				100	100	100	100	…	100.0	100.0	100.0	100.0	…
Compensation of employees				75	74	76	78	…	25.2	25.6	27.0	27.5	…
	Wages and salaries			55	54	57	58	…	19.4	19.8	20.4	21.0	…
	Social contributions			20	20	19	20	…	5.8	5.8	6.6	6.5	…
Net taxes on production ^2/				-5	-5	-6	-6	…	0.1	-0.1	-0.3	-0.2	…
		Other taxes on production		1	1	1	1	…	0.3	0.4	0.4	0.4	…
	Subsidies			6	6	7	7	…	0.2	0.5	0.7	0.6	…
Gross operating surplus				30	31	30	27	…	74.7	74.5	73.3	72.7	…
Consumption of fixed capital				19	21	20	20	…	10.3	11.8	13.5	14.1	…
Net operating surplus				11	10	10	7	…	46.6	47.5	42.4	41.6	…
Mixed income, net				…	…	…	…	…	17.8	15.2	17.4	17.0	…

Source: National Statistical Institute.

^{^1/}Data for 2005 are preliminary.

^{^2/}Net taxes on production include: subsidies (-), other taxes on production (+)-- other subsidies on production (-)

^{^3/}Net taxes on products include: - taxes on products (+)-- subsidies on products (-)

Table A6.

Bulgaria: National Income Accounts, 2001–05

				2001	2002	2003	2004	2005 ^1/	2001	2002	2003	2004	2005 ^1/
				(In current prices, in millions of leva)					(In percent)
GDP				29,709	32,335	34,547	38,275	41,948	100.0	100.0	100.0	100.0	100.0
Gross value added at basic prices				26,356	28,526	30,227	33,169	36,023	88.7	88.2	87.5	86.7	85.9
Compensation of employees				10,381	11,034	12,020	12,972	14,454	34.9	34.1	34.8	33.9	34.5
	Wages and salaries			7,785	8,315	9,037	9,766	10,941	26.2	25.7	26.2	25.5	26.1
	Social contributions			2,596	2,719	2,983	3,206	3,513	8.7	8.4	8.6	8.4	8.4
Net taxes on production ^2/				-365	-435	-533	-480	-539	-1.2	-1.3	-1.5	-1.3	-1.3
	Other taxes on production			138	173	183	194	138	0.5	0.5	0.5	0.5	1.0
	Subsidies			503	608	716	674	677	1.7	1.9	2.1	1.8	1.6
Gross operating surplus				16,340	17,927	18,741	20,677	22,108	55.0	55.4	54.2	54.0	52.7
	Consumption of fixed capital			3,365	4,060	4,627	5,145	…	11.3	12.6	13.4	13.4	…
	Net operating surplus			9,616	10,695	10,235	11,186	…	32.4	33.1	29.6	29.2	…
	Mixed income, net			3,359	3,172	3,879	4,346	…	11.3	9.8	11.2	11.4	…
Adjustments				3,354	3,809	4,319	5,106	5,925	11.3	11.8	12.5	13.3	14.1
	Import duties			195	188	231	292	372	0.7	0.6	0.7	0.8	0.9
	FIZIM			-539	-596	-753	-1,043	-1,360	-1.8	-1.8	-2.2	-2.7	-3.2
	VAT			2,641	3,073	3,407	3,867	4,728	8.9	9.5	9.9	10.1	11.3
	Net taxes on products ^3/			1,057	1,143	1,434	1,989	2,185	3.6	3.5	4.2	5.2	5.2
Of which:
Private sector
		GVA at basic prices		18,823	20,813	22,291	25,602	…	71.4	73.0	73.7	77.2	…
		Compensation of employees		4,740	5,322	6,011	7,042	…	45.7	48.2	50.0	54.3	…
			Wages and salaries	3,655	4,123	4,544	5,372	…	46.9	49.6	50.3	55.0	…
			Social contributions	1,085	1,199	1,467	1,670	…	41.8	44.1	49.2	52.1	…
		Net taxes on production ^2/		21	-23	-58	-53	…	-5.7	5.2	10.9	11.0	…
			Other taxes on production	59	88	91	114	…	42.7	50.7	49.9	58.4	…
			Subsidies	38	110	149	166	…	7.6	18.1	20.8	24.6	…
		Gross operating surplus		14,062	15,513	16,338	18,612	…	86.1	86.5	87.2	90.0	…
			Consumption of fixed capital	1,934	2,446	3,001	3,607	…	57.5	60.2	64.9	70.1	…
			Net operating surplus	8,769	9,895	9,458	10,658	…	91.2	92.5	92.4	95.3	…
			Mixed income, net	3,359	3,172	3,879	4,346	…	100.0	100.0	100.0	100.0	…
Gross value added at basic prices				100	100	100	100	…	100.0	100.0	100.0	100.0	…
Compensation of employees				75	74	76	78	…	25.2	25.6	27.0	27.5	…
	Wages and salaries			55	54	57	58	…	19.4	19.8	20.4	21.0	…
	Social contributions			20	20	19	20	…	5.8	5.8	6.6	6.5	…
Net taxes on production ^2/				-5	-5	-6	-6	…	0.1	-0.1	-0.3	-0.2	…
		Other taxes on production		1	1	1	1	…	0.3	0.4	0.4	0.4	…
	Subsidies			6	6	7	7	…	0.2	0.5	0.7	0.6	…
Gross operating surplus				30	31	30	27	…	74.7	74.5	73.3	72.7	…
Consumption of fixed capital				19	21	20	20	…	10.3	11.8	13.5	14.1	…
Net operating surplus				11	10	10	7	…	46.6	47.5	42.4	41.6	…
Mixed income, net				…	…	…	…	…	17.8	15.2	17.4	17.0	…

Source: National Statistical Institute.

^{^1/}Data for 2005 are preliminary.

^{^2/}Net taxes on production include: subsidies (-), other taxes on production (+)-- other subsidies on production (-)

^{^3/}Net taxes on products include: - taxes on products (+)-- subsidies on products (-)

Table A7.

Bulgaria: Acquisition of Tangible Fixed Assets, 2001–05

Source: National Statistical Institute.

^{^1/}Data for 2005 are preliminary.

Table A7.

Bulgaria: Acquisition of Tangible Fixed Assets, 2001–05

			2001	2002	2003	2004	2005 ^1/
			(In current prices, in millions of leva)
Total			6,694	7,221	8,503	9,950	10,395
	Agriculture		146	205	268	376	309
	Mining and quarrying		103	115	120	157	288
	Manufacturing		1,549	1,921	2,004	2,086	2,187
	Construction		419	410	491	763	862
	Electricity, gas, and water supply		528	503	1,024	1,054	919
	Transport		1,740	1,379	1,468	1,759	2,162
	Trade		880	1,151	1,323	1,486	1,305
	Hotels and restaurants		337	439	509	704	656
	Financial intermediation		160	130	139	174	297
	Real estate, renting, and business activities		368	451	523	717	662
	Public administration; compulsory social security		166	129	178	234	256
	Housing, municipal, and consumer services		…	…	…	…	…
	Of which:
		Health/sport/leisure	109	104	136	137	177
		Education	44	63	64	69	125
		Other community, social, and personal service activities	145	221	256	234	190
			(In percent of GDP)
Total			22.5	22.3	24.6	26.0	24.8
	Agriculture		0.5	0.6	0.8	1.0	0.7
	Mining and quarrying		0.3	0.4	0.3	0.4	0.7
	Manufacturing		5.2	5.9	5.8	5.4	5.2
	Construction		1.4	1.3	1.4	2.0	2.1
	Electricity, gas, and water supply		1.8	1.6	3.0	2.8	2.2
	Transport		5.9	4.3	4.2	4.6	5.2
	Trade		3.0	3.6	3.8	3.9	3.1
	Hotels and restaurants		1.1	1.4	1.5	1.8	1.6
	Financial intermediation		0.5	0.4	0.4	0.5	0.7
	Real estate, renting, and business activities		1.2	1.4	1.5	1.9	1.6
	Public administration; compulsory		0.6	0.4	0.5	0.6	0.6
	social security		0.0	0.0	0.0	0.0	0.0
	Housing, municipal, and		0.0	0.0	0.0	0.0	0.0
	consumer services		…
		Of which:
		Health/sport/leisure	0.4	0.3	0.4	0.4	0.4
		Education	0.1	0.2	0.2	0.2	0.3
		Other community, social, and personal service activities	0.5	0.7	0.7	0.6	0.5
Memorandum item:
	GDP in millions of leva		29,709	32,335	34,547	38,275	41,948

Source: National Statistical Institute.

^{^1/}Data for 2005 are preliminary.

Table A7.

Bulgaria: Acquisition of Tangible Fixed Assets, 2001–05

			2001	2002	2003	2004	2005 ^1/
			(In current prices, in millions of leva)
Total			6,694	7,221	8,503	9,950	10,395
	Agriculture		146	205	268	376	309
	Mining and quarrying		103	115	120	157	288
	Manufacturing		1,549	1,921	2,004	2,086	2,187
	Construction		419	410	491	763	862
	Electricity, gas, and water supply		528	503	1,024	1,054	919
	Transport		1,740	1,379	1,468	1,759	2,162
	Trade		880	1,151	1,323	1,486	1,305
	Hotels and restaurants		337	439	509	704	656
	Financial intermediation		160	130	139	174	297
	Real estate, renting, and business activities		368	451	523	717	662
	Public administration; compulsory social security		166	129	178	234	256
	Housing, municipal, and consumer services		…	…	…	…	…
	Of which:
		Health/sport/leisure	109	104	136	137	177
		Education	44	63	64	69	125
		Other community, social, and personal service activities	145	221	256	234	190
			(In percent of GDP)
Total			22.5	22.3	24.6	26.0	24.8
	Agriculture		0.5	0.6	0.8	1.0	0.7
	Mining and quarrying		0.3	0.4	0.3	0.4	0.7
	Manufacturing		5.2	5.9	5.8	5.4	5.2
	Construction		1.4	1.3	1.4	2.0	2.1
	Electricity, gas, and water supply		1.8	1.6	3.0	2.8	2.2
	Transport		5.9	4.3	4.2	4.6	5.2
	Trade		3.0	3.6	3.8	3.9	3.1
	Hotels and restaurants		1.1	1.4	1.5	1.8	1.6
	Financial intermediation		0.5	0.4	0.4	0.5	0.7
	Real estate, renting, and business activities		1.2	1.4	1.5	1.9	1.6
	Public administration; compulsory		0.6	0.4	0.5	0.6	0.6
	social security		0.0	0.0	0.0	0.0	0.0
	Housing, municipal, and		0.0	0.0	0.0	0.0	0.0
	consumer services		…
		Of which:
		Health/sport/leisure	0.4	0.3	0.4	0.4	0.4
		Education	0.1	0.2	0.2	0.2	0.3
		Other community, social, and personal service activities	0.5	0.7	0.7	0.6	0.5
Memorandum item:
	GDP in millions of leva		29,709	32,335	34,547	38,275	41,948

Source: National Statistical Institute.

^{^1/}Data for 2005 are preliminary.

Table A8.

Bulgaria: Average Monthly Earnings in the Public and Private Sector, 2001-05

Source: National Statistical Institute.

^{^1/}Data for 2005 are preliminary.

Table A8.

Bulgaria: Average Monthly Earnings in the Public and Private Sector, 2001-05

	2001	2002	2003	2004	2005 ^1/	2000	2001	2002	2003	2004	2005 ^1/
	(In leva)					(Percent change, deflated by CPI)
Total	240	258	273	292	320	1.2	-0.4	1.4	3.7	0.8	4.0
Agriculture, hunting and forestry & fishing	185	192	202	216	240	-0.5	-4.4	-2.1	2.9	0.6	5.8
Mining and quarrying of energy-producing materials	410	439	451	503	540	12.6	-0.9	1.1	0.4	5.2	2.2
Mining and quarrying, except energy producing materials	360	387	402	463	504	6.4	-2.2	1.5	1.5	8.7	3.6
Manufacture of food products, beverages and tobacco	226	232	245	262	298	-1.9	-4.0	-2.9	2.9	0.8	8.5
Manufacture of textiles and textile products	155	164	172	187	206	0.7	-1.5	-0.3	3.0	2.3	4.6
Manufacture of leather and leather products	146	157	160	170	183	-2.4	-4.1	1.5	-0.2	-0.2	2.4
Manufacture of wood and wood products	160	172	189	199	232	1.2	-3.0	2.0	7.3	-0.9	10.9
Manufacture of pulp, paper and paper products; publishing and printing	259	273	286	293	321	2.3	3.4	-0.4	2.5	-3.4	4.3
Manufacture of coke, refined petroleum products and nuclear fuel	580	618	666	751	898	1.8	0.0	0.6	5.3	6.3	13.8
Manufacture of chemicals, chemical products and man-made fibres	333	350	376	394	437	0.3	-2.4	-0.6	4.8	-1.2	5.7
Manufacture of rubber and plastic products	200	215	216	227	244	-6.6	-5.1	1.4	-2.0	-0.7	2.4
Manufacture of other non-metallic mineral products	258	281	303	317	354	-2.9	-2.7	2.9	5.3	-1.4	6.3
Manufacture of basic metals and fabricated metal products	301	320	326	353	380	0.4	-4.3	0.6	-0.6	2.0	2.5
Manufacture of machinery and equipment ne.c.	248	268	285	310	339	2.2	-0.4	1.9	4.0	2.5	4.0
Manufacture of electrical and optical equipment	246	253	272	286	307	3.8	3.7	-3.0	5.0	-1.0	2.4
Manufacture of transport equipment	265	281	303	342	408	-1.6	-3.7	0.2	5.1	6.5	13.6
Manufacturing ne.c.	159	167	181	195	228	-1.3	-2.7	-0.7	5.7	1.5	11.2
Electricity, gas and water supply	444	464	511	541	565	-8.0	0.5	-1.2	7.6	-0.4	-0.5
Construction	213	215	232	245	270	-8.9	-3.1	-4.5	5.6	-0.6	5.0
Wholesale and retail trade; repair of motor vehicles, motorcycles and personal and household goods	167	180	201	217	226	-5.1	-1.1	1.8	9.0	1.9	-1.1
Hotels and restaurants	150	155	162	172	206	-13.5	0.0	-2.6	2.5	-0.2	13.9
Transport, storage and communication	294	310	342	355	404	-1.3	0.9	-0.3	8.0	-2.4	8.5
Financial intermediation	510	553	626	680	758	11.0	7.6	2.6	10.5	2.5	6.0
Real estate, renting and business activities	228	240	249	271	300	7.0	0.1	-0.7	1.3	2.7	5.3
Public administration and defense; compulsory social security	336	395	432	470	477	13.5	2.8	11.0	7.0	2.6	-3.4
Education	232	269	297	322	339	12.9	1.3	9.6	8.0	1.9	0.5
Health and social work	218	255	297	330	371	10.4	6.9	10.6	13.9	4.6	7.1
Other community, social and personal service activities	209	227	194	206	244	15.4	4.3	2.6	-16.6	0.2	12.9

Source: National Statistical Institute.

^{^1/}Data for 2005 are preliminary.

Table A8.

Bulgaria: Average Monthly Earnings in the Public and Private Sector, 2001-05

	2001	2002	2003	2004	2005 ^1/	2000	2001	2002	2003	2004	2005 ^1/
	(In leva)					(Percent change, deflated by CPI)
Total	240	258	273	292	320	1.2	-0.4	1.4	3.7	0.8	4.0
Agriculture, hunting and forestry & fishing	185	192	202	216	240	-0.5	-4.4	-2.1	2.9	0.6	5.8
Mining and quarrying of energy-producing materials	410	439	451	503	540	12.6	-0.9	1.1	0.4	5.2	2.2
Mining and quarrying, except energy producing materials	360	387	402	463	504	6.4	-2.2	1.5	1.5	8.7	3.6
Manufacture of food products, beverages and tobacco	226	232	245	262	298	-1.9	-4.0	-2.9	2.9	0.8	8.5
Manufacture of textiles and textile products	155	164	172	187	206	0.7	-1.5	-0.3	3.0	2.3	4.6
Manufacture of leather and leather products	146	157	160	170	183	-2.4	-4.1	1.5	-0.2	-0.2	2.4
Manufacture of wood and wood products	160	172	189	199	232	1.2	-3.0	2.0	7.3	-0.9	10.9
Manufacture of pulp, paper and paper products; publishing and printing	259	273	286	293	321	2.3	3.4	-0.4	2.5	-3.4	4.3
Manufacture of coke, refined petroleum products and nuclear fuel	580	618	666	751	898	1.8	0.0	0.6	5.3	6.3	13.8
Manufacture of chemicals, chemical products and man-made fibres	333	350	376	394	437	0.3	-2.4	-0.6	4.8	-1.2	5.7
Manufacture of rubber and plastic products	200	215	216	227	244	-6.6	-5.1	1.4	-2.0	-0.7	2.4
Manufacture of other non-metallic mineral products	258	281	303	317	354	-2.9	-2.7	2.9	5.3	-1.4	6.3
Manufacture of basic metals and fabricated metal products	301	320	326	353	380	0.4	-4.3	0.6	-0.6	2.0	2.5
Manufacture of machinery and equipment ne.c.	248	268	285	310	339	2.2	-0.4	1.9	4.0	2.5	4.0
Manufacture of electrical and optical equipment	246	253	272	286	307	3.8	3.7	-3.0	5.0	-1.0	2.4
Manufacture of transport equipment	265	281	303	342	408	-1.6	-3.7	0.2	5.1	6.5	13.6
Manufacturing ne.c.	159	167	181	195	228	-1.3	-2.7	-0.7	5.7	1.5	11.2
Electricity, gas and water supply	444	464	511	541	565	-8.0	0.5	-1.2	7.6	-0.4	-0.5
Construction	213	215	232	245	270	-8.9	-3.1	-4.5	5.6	-0.6	5.0
Wholesale and retail trade; repair of motor vehicles, motorcycles and personal and household goods	167	180	201	217	226	-5.1	-1.1	1.8	9.0	1.9	-1.1
Hotels and restaurants	150	155	162	172	206	-13.5	0.0	-2.6	2.5	-0.2	13.9
Transport, storage and communication	294	310	342	355	404	-1.3	0.9	-0.3	8.0	-2.4	8.5
Financial intermediation	510	553	626	680	758	11.0	7.6	2.6	10.5	2.5	6.0
Real estate, renting and business activities	228	240	249	271	300	7.0	0.1	-0.7	1.3	2.7	5.3
Public administration and defense; compulsory social security	336	395	432	470	477	13.5	2.8	11.0	7.0	2.6	-3.4
Education	232	269	297	322	339	12.9	1.3	9.6	8.0	1.9	0.5
Health and social work	218	255	297	330	371	10.4	6.9	10.6	13.9	4.6	7.1
Other community, social and personal service activities	209	227	194	206	244	15.4	4.3	2.6	-16.6	0.2	12.9

Source: National Statistical Institute.

^{^1/}Data for 2005 are preliminary.

Table A9.

Bulgaria: Labor Force, Employment, and Unemployment, 2001–05

Sources: National Statistical Institute; and National Employment Agency.

^{^1/}End of period.

^{^2/}Average annual data from the labor force survey; data for 2001 and 2002 are calculated as simple average of the data from the surveys carried out in Mach, June, September and December.

^{^3/}Labor force as a proportion of the population aged 15 and over.

^{^4/}For 2001 - recalculated with 2001 Population Census data.

Table A9.

Bulgaria: Labor Force, Employment, and Unemployment, 2001–05

		2001	2002	2003	2004	2005
		(In thousands)
Population ^1/		7,891	7,846	7,801	7,761	7,719
Total labor force ^2/		3,363	3,332	3,283	3,322	3,314
Activity rate (in percent) ^3/		50	49	49	50	50
Employment ^2/		2,699	2,740	2,834	2,922	2,980
	Public	1,080	1,016	982	909	865
	Private	1,607	1,713	1,844	2,006	2,109
	Unknown	12	11	9	7	7
Share of total employment (in percent)
	Public	40	37	35	31	29
	Private	60	63	65	69	71
	Unknown	1	0	0	0	0
Unemployed persons ^2/		664	592	449	400	334
Unemployment rate (in percent) ^2/		20	18	14	12	10
Registered unemployed ^1/		662	603	501	451	397
Official unemployment rate (in percent) ^1/, ^4/		18	16	14	12	11
Unemployment beneficiaries ^1/		161	116	87	82	79
	In percent of registered unemployed	24	19	17	18	20
	In percent of labor force (LFS)	5	4	3	3	2
		(Percent change)
Population		-3.2	-0.6	-0.6	-0.5	-0.5
Labor force		0.0	-0.9	-1.5	1.2	-0.2
Employment		-3.4	1.5	3.4	3.1	2.0
	Of which: Private	8.5	6.6	7.6	8.8	5.1

Sources: National Statistical Institute; and National Employment Agency.

^{^1/}End of period.

^{^2/}Average annual data from the labor force survey; data for 2001 and 2002 are calculated as simple average of the data from the surveys carried out in Mach, June, September and December.

^{^3/}Labor force as a proportion of the population aged 15 and over.

^{^4/}For 2001 - recalculated with 2001 Population Census data.

Table A9.

Bulgaria: Labor Force, Employment, and Unemployment, 2001–05

		2001	2002	2003	2004	2005
		(In thousands)
Population ^1/		7,891	7,846	7,801	7,761	7,719
Total labor force ^2/		3,363	3,332	3,283	3,322	3,314
Activity rate (in percent) ^3/		50	49	49	50	50
Employment ^2/		2,699	2,740	2,834	2,922	2,980
	Public	1,080	1,016	982	909	865
	Private	1,607	1,713	1,844	2,006	2,109
	Unknown	12	11	9	7	7
Share of total employment (in percent)
	Public	40	37	35	31	29
	Private	60	63	65	69	71
	Unknown	1	0	0	0	0
Unemployed persons ^2/		664	592	449	400	334
Unemployment rate (in percent) ^2/		20	18	14	12	10
Registered unemployed ^1/		662	603	501	451	397
Official unemployment rate (in percent) ^1/, ^4/		18	16	14	12	11
Unemployment beneficiaries ^1/		161	116	87	82	79
	In percent of registered unemployed	24	19	17	18	20
	In percent of labor force (LFS)	5	4	3	3	2
		(Percent change)
Population		-3.2	-0.6	-0.6	-0.5	-0.5
Labor force		0.0	-0.9	-1.5	1.2	-0.2
Employment		-3.4	1.5	3.4	3.1	2.0
	Of which: Private	8.5	6.6	7.6	8.8	5.1

Sources: National Statistical Institute; and National Employment Agency.

^{^1/}End of period.

^{^2/}Average annual data from the labor force survey; data for 2001 and 2002 are calculated as simple average of the data from the surveys carried out in Mach, June, September and December.

^{^3/}Labor force as a proportion of the population aged 15 and over.

^{^4/}For 2001 - recalculated with 2001 Population Census data.

Table A10.

Bulgaria: Price Indices of Food, Non-Food, and Services, 2001–05

(1995=100)

Source: National Statistical Institute.

Table A10.

Bulgaria: Price Indices of Food, Non-Food, and Services, 2001–05

(1995=100)

		Food Price Index	Monthly Change (In percent)	Non-Food Price Index	Monthly Change (In percent)	Services Price Index	Monthly Change (In percent)
2001	January	3,253	0.7	3,186	0.0	5,792	1.2
	February	3,244	-0.3	3,211	0.8	5,843	0.9
	March	3,237	-0.2	3,213	0.1	5,872	0.5
	April	3,211	-0.8	3,242	0.9	5,853	-0.3
	May	3,194	-0.5	3,257	0.4	5,892	0.7
	June	3,184	-0.3	3,250	-0.2	5,919	0.5
	July	3,150	-1.1	3,278	0.9	5,926	0.1
	August	3,127	-0.7	3,345	2.0	5,937	0.2
	September	3,196	2.2	3,378	1.0	5,945	0.1
	October	3,222	0.8	3,366	-0.4	6,292	5.8
	November	3,236	0.4	3,363	-0.1	6,303	0.2
	December	3,317	2.5	3,363	0.0	6,189	-1.8
2002	January	3,415	2.9	3,450	2.6	6,346	2.5
	February	3,448	1.0	3,587	4.0	6,377	0.5
	March	3,454	0.2	3,669	2.3	6,394	0.3
	April	3,425	-0.8	3,694	0.7	6,412	0.3
	May	3,266	-4.6	3,681	-0.3	6,436	0.4
	June	3,146	-3.7	3,670	-0.3	6,434	0.0
	July	3,033	-3.6	3,665	-0.1	6,852	6.5
	August	2,995	-1.3	3,642	-0.6	6,854	0.0
	September	3,040	1.5	3,661	0.5	6,859	0.1
	October	3,096	1.8	3,683	0.6	6,873	0.2
	November	3,090	-0.2	3,685	0.1	6,925	0.8
	December	3,176	2.8	3,712	0.7	6,896	-0.4
2003	January	3,193	0.5	3,733	0.6	6,953	0.8
	February	3,207	0.4	3,720	-0.3	6,960	0.1
	March	3,227	0.6	3,731	0.3	6,970	0.1
	April	3,255	0.8	3,704	-0.7	7,004	0.5
	May	3,229	-0.8	3,658	-1.2	7,011	0.1
	June	3,061	-5.2	3,635	-0.6	7,036	0.4
	July	3,005	-1.8	3,638	0.1	7,424	5.5
	August	3,046	1.4	3,652	0.4	7,455	0.4
	September	3,113	2.2	3,667	0.4	7,453	0.0
	October	3,155	1.4	3,686	0.5	7,457	0.1
	November	3,304	4.7	3,691	0.1	7,438	-0.2
	December	3,441	4.2	3,702	0.3	7,437	0.0
2004	January	3,486	1.3	3,792	2.4	7,467	0.4
	February	3,498	0.3	3,826	0.9	7,452	-0.2
	March	3,488	-0.3	3,825	0.0	7,463	0.1
	April	3,503	0.4	3,826	0.0	7,491	0.4
	May	3,452	-1.5	3,849	0.6	7,612	1.6
	June	3,306	-4.2	3,829	-0.5	7,624	0.2
	July	3,306	0.0	3,835	0.2	7,933	4.0
	August	3,249	-1.7	3,852	0.4	7,946	0.2
	September	3,324	2.3	3,862	0.3	7,947	0.0
	October	3,308	-0.5	3,896	0.9	7,971	0.3
	November	3,358	1.5	3,886	-0.3	8,003	0.4
	December	3,473	3.4	3,876	-0.2	8,009	0.1
2005	January	3,516	1.2	3,884	0.2	8,063	0.7
	February	3,550	1.0	3,923	1.0	8,110	0.6
	March	3,563	0.4	3,941	0.4	8,121	0.1
	April	3,610	1.3	3,960	0.5	8,239	1.5
	May	3,554	-1.5	3,970	0.2	8,243	0.1
	June	3,414	-3.9	3,990	0.5	8,250	0.1
	July	3,391	-0.7	4,008	0.5	8,314	0.8
	August	3,415	0.7	4,042	0.9	8,326	0.1
	September	3,507	2.7	4,093	1.3	8,328	0.0
	October	3,588	2.3	4,113	0.5	8,360	0.4
	November	3,644	1.6	4,110	-0.1	8,477	1.4
	December	3,707	1.7	4,123	0.3	8,491	0.2

Source: National Statistical Institute.

Table A10.

Bulgaria: Price Indices of Food, Non-Food, and Services, 2001–05

(1995=100)

		Food Price Index	Monthly Change (In percent)	Non-Food Price Index	Monthly Change (In percent)	Services Price Index	Monthly Change (In percent)
2001	January	3,253	0.7	3,186	0.0	5,792	1.2
	February	3,244	-0.3	3,211	0.8	5,843	0.9
	March	3,237	-0.2	3,213	0.1	5,872	0.5
	April	3,211	-0.8	3,242	0.9	5,853	-0.3
	May	3,194	-0.5	3,257	0.4	5,892	0.7
	June	3,184	-0.3	3,250	-0.2	5,919	0.5
	July	3,150	-1.1	3,278	0.9	5,926	0.1
	August	3,127	-0.7	3,345	2.0	5,937	0.2
	September	3,196	2.2	3,378	1.0	5,945	0.1
	October	3,222	0.8	3,366	-0.4	6,292	5.8
	November	3,236	0.4	3,363	-0.1	6,303	0.2
	December	3,317	2.5	3,363	0.0	6,189	-1.8
2002	January	3,415	2.9	3,450	2.6	6,346	2.5
	February	3,448	1.0	3,587	4.0	6,377	0.5
	March	3,454	0.2	3,669	2.3	6,394	0.3
	April	3,425	-0.8	3,694	0.7	6,412	0.3
	May	3,266	-4.6	3,681	-0.3	6,436	0.4
	June	3,146	-3.7	3,670	-0.3	6,434	0.0
	July	3,033	-3.6	3,665	-0.1	6,852	6.5
	August	2,995	-1.3	3,642	-0.6	6,854	0.0
	September	3,040	1.5	3,661	0.5	6,859	0.1
	October	3,096	1.8	3,683	0.6	6,873	0.2
	November	3,090	-0.2	3,685	0.1	6,925	0.8
	December	3,176	2.8	3,712	0.7	6,896	-0.4
2003	January	3,193	0.5	3,733	0.6	6,953	0.8
	February	3,207	0.4	3,720	-0.3	6,960	0.1
	March	3,227	0.6	3,731	0.3	6,970	0.1
	April	3,255	0.8	3,704	-0.7	7,004	0.5
	May	3,229	-0.8	3,658	-1.2	7,011	0.1
	June	3,061	-5.2	3,635	-0.6	7,036	0.4
	July	3,005	-1.8	3,638	0.1	7,424	5.5
	August	3,046	1.4	3,652	0.4	7,455	0.4
	September	3,113	2.2	3,667	0.4	7,453	0.0
	October	3,155	1.4	3,686	0.5	7,457	0.1
	November	3,304	4.7	3,691	0.1	7,438	-0.2
	December	3,441	4.2	3,702	0.3	7,437	0.0
2004	January	3,486	1.3	3,792	2.4	7,467	0.4
	February	3,498	0.3	3,826	0.9	7,452	-0.2
	March	3,488	-0.3	3,825	0.0	7,463	0.1
	April	3,503	0.4	3,826	0.0	7,491	0.4
	May	3,452	-1.5	3,849	0.6	7,612	1.6
	June	3,306	-4.2	3,829	-0.5	7,624	0.2
	July	3,306	0.0	3,835	0.2	7,933	4.0
	August	3,249	-1.7	3,852	0.4	7,946	0.2
	September	3,324	2.3	3,862	0.3	7,947	0.0
	October	3,308	-0.5	3,896	0.9	7,971	0.3
	November	3,358	1.5	3,886	-0.3	8,003	0.4
	December	3,473	3.4	3,876	-0.2	8,009	0.1
2005	January	3,516	1.2	3,884	0.2	8,063	0.7
	February	3,550	1.0	3,923	1.0	8,110	0.6
	March	3,563	0.4	3,941	0.4	8,121	0.1
	April	3,610	1.3	3,960	0.5	8,239	1.5
	May	3,554	-1.5	3,970	0.2	8,243	0.1
	June	3,414	-3.9	3,990	0.5	8,250	0.1
	July	3,391	-0.7	4,008	0.5	8,314	0.8
	August	3,415	0.7	4,042	0.9	8,326	0.1
	September	3,507	2.7	4,093	1.3	8,328	0.0
	October	3,588	2.3	4,113	0.5	8,360	0.4
	November	3,644	1.6	4,110	-0.1	8,477	1.4
	December	3,707	1.7	4,123	0.3	8,491	0.2

Source: National Statistical Institute.

Table A11.

Bulgaria: Consumer and Producer Price Indices, 2001–05

Source: National Statistical Institute.

^{^1/}Since January 2003 National Statistical Institute has changed the base year for the producer price index. The new base year is 2000 and all historical data was recalculated back to 1995 following internationally accepted technique.

Table A11.

Bulgaria: Consumer and Producer Price Indices, 2001–05

			1995=100			2000=100
		Consumer Price Index	Monthly Change in Percent	12-month Change in Percent	Producer Price Index ^1/	Monthly Change in Percent	12-month Change in Percent
2001
	January	3,657	0.6	9.3	102	-1.5	8.9
	February	3,670	0.3	8.5	103	1.5	9.9
	March	3,671	0.1	8.9	104	0.4	7.3
	April	3,665	-0.2	9.8	104	-0.1	7.7
	May	3,667	0.1	9.7	104	0.4	5.7
	June	3,664	-0.1	9.4	104	0.1	6.0
	July	3,657	-0.2	8.5	104	-0.2	3.6
	August	3,668	0.3	5.7	104	0.3	3.6
	September	3,715	1.3	4.7	105	0.9	0.0
	October	3,779	1.7	5.2	104	-1.1	-2.5
	November	3,787	0.2	4.6	104	-0.6	-2.0
	December	3,810	0.6	4.8	102	-1.8	-1.8
2002
	January	3,913	2.7	7.0	102	0.3	0.0
	February	3,977	1.6	8.4	103	1.2	-0.3
	March	4,008	0.8	9.2	104	0.9	0.2
	April	4,003	-0.1	9.2	105	1.0	1.4
	May	3,920	-2.1	6.9	104	-0.6	0.3
	June	3,854	-1.7	5.2	104	-0.5	-0.3
	July	3,858	0.1	5.5	104	0.4	0.3
	August	3,832	-0.7	4.5	105	0.7	0.8
	September	3,863	0.8	4.0	106	1.2	1.1
	October	3,901	1.0	3.2	107	0.5	2.8
	November	3,907	0.2	3.2	107	-0.5	2.9
	December	3,956	1.2	3.8	108	1.4	6.3
2003
	January	3,981	0.6	1.7	110	1.8	7.8
	February	3,986	0.1	0.2	111	1.3	8.0
	March	4,001	0.4	-0.2	112	1.0	8.1
	April	4,013	0.3	0.2	108	-3.7	3.1
	May	3,988	-0.6	1.7	107	-1.1	2.6
	June	3,902	-2.2	1.2	108	1.2	4.3
	July	3,937	0.9	2.0	109	0.4	4.3
	August	3,966	0.8	3.5	110	0.8	4.3
	September	4,004	0.9	3.6	110	0.7	3.8
	October	4,031	0.7	3.3	111	0.9	4.1
	November	4,106	1.8	5.1	112	0.2	4.8
	December	4,179	1.8	5.6	113	0.9	4.3
2004
	January	4,236	1.4	6.4	113	0.7	3.2
	February	4,251	0.3	6.6	113	-0.8	1.0
	March	4,248	-0.1	6.2	114	1.4	1.4
	April	4,259	0.3	6.1	115	0.9	6.3
	May	4,261	0.0	6.8	116	1.1	8.6
	June	4,186	-1.8	7.3	116	-0.5	6.9
	July	4,236	1.2	7.6	118	1.6	8.2
	August	4,217	-0.4	6.3	118	0.2	7.6
	September	4,257	0.9	6.3	119	1.0	7.8
	October	4,264	0.2	5.8	121	1.4	8.4
	November	4,291	0.6	4.5	120	-0.8	7.3
	December	4,345	1.3	4.0	118	-1.2	5.1
2005
	January	4,377	0.7	3.3	119	0.4	4.8
	February	4,415	0.9	3.9	120	0.8	6.5
	March	4,429	0.3	4.3	123	2.4	7.6
	April	4,477	1.1	5.1	124	1.1	7.7
	May	4,456	-0.5	4.6	123	-0.6	5.9
	June	4,397	-1.3	5.1	124	0.7	7.1
	July	4,401	0.1	3.9	125	1.1	6.6
	August	4,427	0.6	5.0	126	0.2	6.6
	September	4,489	1.4	5.4	127	1.3	6.9
	October	4,542	1.2	6.5	128	0.8	6.2
	November	4,587	1.0	6.9	129	0.4	7.5
	December	4,625	0.8	6.5	130	0.7	9.6

Source: National Statistical Institute.

Table A11.

Bulgaria: Consumer and Producer Price Indices, 2001–05

			1995=100			2000=100
		Consumer Price Index	Monthly Change in Percent	12-month Change in Percent	Producer Price Index ^1/	Monthly Change in Percent	12-month Change in Percent
2001
	January	3,657	0.6	9.3	102	-1.5	8.9
	February	3,670	0.3	8.5	103	1.5	9.9
	March	3,671	0.1	8.9	104	0.4	7.3
	April	3,665	-0.2	9.8	104	-0.1	7.7
	May	3,667	0.1	9.7	104	0.4	5.7
	June	3,664	-0.1	9.4	104	0.1	6.0
	July	3,657	-0.2	8.5	104	-0.2	3.6
	August	3,668	0.3	5.7	104	0.3	3.6
	September	3,715	1.3	4.7	105	0.9	0.0
	October	3,779	1.7	5.2	104	-1.1	-2.5
	November	3,787	0.2	4.6	104	-0.6	-2.0
	December	3,810	0.6	4.8	102	-1.8	-1.8
2002
	January	3,913	2.7	7.0	102	0.3	0.0
	February	3,977	1.6	8.4	103	1.2	-0.3
	March	4,008	0.8	9.2	104	0.9	0.2
	April	4,003	-0.1	9.2	105	1.0	1.4
	May	3,920	-2.1	6.9	104	-0.6	0.3
	June	3,854	-1.7	5.2	104	-0.5	-0.3
	July	3,858	0.1	5.5	104	0.4	0.3
	August	3,832	-0.7	4.5	105	0.7	0.8
	September	3,863	0.8	4.0	106	1.2	1.1
	October	3,901	1.0	3.2	107	0.5	2.8
	November	3,907	0.2	3.2	107	-0.5	2.9
	December	3,956	1.2	3.8	108	1.4	6.3
2003
	January	3,981	0.6	1.7	110	1.8	7.8
	February	3,986	0.1	0.2	111	1.3	8.0
	March	4,001	0.4	-0.2	112	1.0	8.1
	April	4,013	0.3	0.2	108	-3.7	3.1
	May	3,988	-0.6	1.7	107	-1.1	2.6
	June	3,902	-2.2	1.2	108	1.2	4.3
	July	3,937	0.9	2.0	109	0.4	4.3
	August	3,966	0.8	3.5	110	0.8	4.3
	September	4,004	0.9	3.6	110	0.7	3.8
	October	4,031	0.7	3.3	111	0.9	4.1
	November	4,106	1.8	5.1	112	0.2	4.8
	December	4,179	1.8	5.6	113	0.9	4.3
2004
	January	4,236	1.4	6.4	113	0.7	3.2
	February	4,251	0.3	6.6	113	-0.8	1.0
	March	4,248	-0.1	6.2	114	1.4	1.4
	April	4,259	0.3	6.1	115	0.9	6.3
	May	4,261	0.0	6.8	116	1.1	8.6
	June	4,186	-1.8	7.3	116	-0.5	6.9
	July	4,236	1.2	7.6	118	1.6	8.2
	August	4,217	-0.4	6.3	118	0.2	7.6
	September	4,257	0.9	6.3	119	1.0	7.8
	October	4,264	0.2	5.8	121	1.4	8.4
	November	4,291	0.6	4.5	120	-0.8	7.3
	December	4,345	1.3	4.0	118	-1.2	5.1
2005
	January	4,377	0.7	3.3	119	0.4	4.8
	February	4,415	0.9	3.9	120	0.8	6.5
	March	4,429	0.3	4.3	123	2.4	7.6
	April	4,477	1.1	5.1	124	1.1	7.7
	May	4,456	-0.5	4.6	123	-0.6	5.9
	June	4,397	-1.3	5.1	124	0.7	7.1
	July	4,401	0.1	3.9	125	1.1	6.6
	August	4,427	0.6	5.0	126	0.2	6.6
	September	4,489	1.4	5.4	127	1.3	6.9
	October	4,542	1.2	6.5	128	0.8	6.2
	November	4,587	1.0	6.9	129	0.4	7.5
	December	4,625	0.8	6.5	130	0.7	9.6

Source: National Statistical Institute.

Table A12.

Bulgaria: Financial Performance of State-Owned Enterprises, 2001–05

Sources: National Statistical Institute and Ministry of Finance.

^{^1/}Data for 2005 are preliminary.

Table A12.

Bulgaria: Financial Performance of State-Owned Enterprises, 2001–05

			2001	2002	2003	2004	2005 ^1/
			(In millions of leva)
Revenues			13,682	12,966	13,396	12,016	10,032
	Operational		12,740	12,335	12,576	11,695	9,875
	Financial		460	623	796	319	146
	Extraordinary		483	9	23	3	11
Expenditures			13,409	11,986	12,229	11,663	9,849
	Operational		12,371	11,597	11,892	11,384	9,567
	Financial		627	373	329	275	276
		Interest paid on credits	137	107	…	…	…
	Extraordinary		411	17	9	4	6
Operational surplus			369	738	684	311	308
Net financial revenues			-167	251	467	44	-130
Net extraordinary			72	-8	14	-1	5
Net revenues			273	980	1,166	354	183
Total losses			683	275	579	238	299
Total profits			955	1,256	1,745	591	482
			(In percent of GDP)
Revenue			46.1	40.1	38.9	31.4	23.9
	Operational		42.9	38.2	36.5	30.6	23.5
	Financial		1.5	1.9	2.3	0.8	0.3
	Extraordinary		1.6	0.0	0.1	0.0	0.0
Expenditures			45.1	37.1	35.5	30.5	23.5
	Operational		41.6	35.9	34.6	29.7	22.8
	Financial		2.1	1.2	1.0	0.7	0.7
	Extraordinary		1.4	0.1	0.0	0.0	0.0
Operational surplus			1.2	2.3	2.0	0.8	0.7
Net financial revenues			-0.6	0.8	1.4	0.1	-0.3
Net extraordinary revenues			0.2	0.0	0.0	0.0	0.0
Net revenues			0.9	3.0	3.4	0.9	0.4
Total losses			2.3	0.9	1.7	0.6	0.7
Total profits			3.2	3.9	5.1	1.5	1.1
Memorandum item:
	GDP (million leva)		29,709	32,324	34,410	38,275	41,948

Sources: National Statistical Institute and Ministry of Finance.

^{^1/}Data for 2005 are preliminary.

Table A12.

Bulgaria: Financial Performance of State-Owned Enterprises, 2001–05

			2001	2002	2003	2004	2005 ^1/
			(In millions of leva)
Revenues			13,682	12,966	13,396	12,016	10,032
	Operational		12,740	12,335	12,576	11,695	9,875
	Financial		460	623	796	319	146
	Extraordinary		483	9	23	3	11
Expenditures			13,409	11,986	12,229	11,663	9,849
	Operational		12,371	11,597	11,892	11,384	9,567
	Financial		627	373	329	275	276
		Interest paid on credits	137	107	…	…	…
	Extraordinary		411	17	9	4	6
Operational surplus			369	738	684	311	308
Net financial revenues			-167	251	467	44	-130
Net extraordinary			72	-8	14	-1	5
Net revenues			273	980	1,166	354	183
Total losses			683	275	579	238	299
Total profits			955	1,256	1,745	591	482
			(In percent of GDP)
Revenue			46.1	40.1	38.9	31.4	23.9
	Operational		42.9	38.2	36.5	30.6	23.5
	Financial		1.5	1.9	2.3	0.8	0.3
	Extraordinary		1.6	0.0	0.1	0.0	0.0
Expenditures			45.1	37.1	35.5	30.5	23.5
	Operational		41.6	35.9	34.6	29.7	22.8
	Financial		2.1	1.2	1.0	0.7	0.7
	Extraordinary		1.4	0.1	0.0	0.0	0.0
Operational surplus			1.2	2.3	2.0	0.8	0.7
Net financial revenues			-0.6	0.8	1.4	0.1	-0.3
Net extraordinary revenues			0.2	0.0	0.0	0.0	0.0
Net revenues			0.9	3.0	3.4	0.9	0.4
Total losses			2.3	0.9	1.7	0.6	0.7
Total profits			3.2	3.9	5.1	1.5	1.1
Memorandum item:
	GDP (million leva)		29,709	32,324	34,410	38,275	41,948

Sources: National Statistical Institute and Ministry of Finance.

^{^1/}Data for 2005 are preliminary.

Table A13.

Bulgaria: Bank and Nonbank Liabilities of State-Owned Enterprises, 2001–05

Sources: National Statistical Institute; Ministry of Finance; and Bulgarian National Bank.

^{^1/}Data for 2005 are preliminary.

Table A13.

Bulgaria: Bank and Nonbank Liabilities of State-Owned Enterprises, 2001–05

		2001	2002	2003	2004	2005 ^1/
		(Change from previous year, in millions of leva)
Total change in liabilities		907	-1,564	-113	-503	-919
	(in percent of GDP)	3.1	-4.8	-0.3	-1.3	-2.2
Changes in bank credit		640	-457	20	24	252
	(in percent of GDP)	2.2	-1.4	0.1	0.1	0.6
	(in percent of bank liabilities)	33.6	-31.5	1.4	1.6	14.4
Short-term loans		8	-83	16	11	9
	Of which: Arrears	-60	-79	2	-2	4
Long-term loans		632	-374	4	13	242
	Of which: Arrears	156	-203	5	-5	1
Other loans		-151	226	-178	-330	-284
Total change in arrears to banks		96	-282	7	-7	5
	(in percent of bank credit)	5.0	-19.5	0.4	-0.5	0.3
Total change in nonbank liabilities		419	-1,334	45	-370	-370
	(in percent of GDP)	1.4	-4.1	0.1	-1.0	-0.9
	(in percent of nonbank liabilities)	9.9	-45.8	1.5	-14.3	-16.7
Suppliers		919	-737	81	-116	-153
Personnel		38	-58	-8	16	-57
Taxes		-109	-94	-96	-95	-91
Pensions		-5	-14	14	-21	-49
Other		-424	-431	55	-154	-20
		(Stocks in millions of leva)
Total stocks		6,879	5,314	5,202	4,526	4,123
	(in percent of GDP)	23.2	16.4	15.1	11.8	9.8
Bank credit		1,905	1,449	1,469	1,493	1,744
	(in percent of GDP)	6.4	4.5	4.3	3.9	4.2
	(in percent of total stocks)	27.7	27.3	28.2	33.0	42.3
Short-term loans		339	256	273	283	293
	Of which: Arrears	79	…	2	…	4
Long-term loans		1,567	1,192	1,196	1,209	1,452
	Of which: Arrears	203	…	5	…	1
Other loans		729	955	777	447	163
Total arrears		282	0	…	7	5
	(in percent of bank credit)	14.8	0.0	0.4	…	0.3
Liabilities to non-banks		4,244	2,911	2,956	2,586	2,216
	(in percent of GDP)	14.3	9.0	8.6	6.8	5.3
	(in percent of total stocks)	61.7	54.8	56.8	57.1	53.7
Suppliers		2,055	1,318	1,399	1,283	1,130
Personnel		274	216	208	224	167
Taxes		641	547	450	356	264
Pensions		166	152	167	145	96
Other		1,108	677	732	579	559
	GDP (In billions of leva)	29,709	32,324	34,410	38,275	41,948

Sources: National Statistical Institute; Ministry of Finance; and Bulgarian National Bank.

^{^1/}Data for 2005 are preliminary.

Table A13.

Bulgaria: Bank and Nonbank Liabilities of State-Owned Enterprises, 2001–05

		2001	2002	2003	2004	2005 ^1/
		(Change from previous year, in millions of leva)
Total change in liabilities		907	-1,564	-113	-503	-919
	(in percent of GDP)	3.1	-4.8	-0.3	-1.3	-2.2
Changes in bank credit		640	-457	20	24	252
	(in percent of GDP)	2.2	-1.4	0.1	0.1	0.6
	(in percent of bank liabilities)	33.6	-31.5	1.4	1.6	14.4
Short-term loans		8	-83	16	11	9
	Of which: Arrears	-60	-79	2	-2	4
Long-term loans		632	-374	4	13	242
	Of which: Arrears	156	-203	5	-5	1
Other loans		-151	226	-178	-330	-284
Total change in arrears to banks		96	-282	7	-7	5
	(in percent of bank credit)	5.0	-19.5	0.4	-0.5	0.3
Total change in nonbank liabilities		419	-1,334	45	-370	-370
	(in percent of GDP)	1.4	-4.1	0.1	-1.0	-0.9
	(in percent of nonbank liabilities)	9.9	-45.8	1.5	-14.3	-16.7
Suppliers		919	-737	81	-116	-153
Personnel		38	-58	-8	16	-57
Taxes		-109	-94	-96	-95	-91
Pensions		-5	-14	14	-21	-49
Other		-424	-431	55	-154	-20
		(Stocks in millions of leva)
Total stocks		6,879	5,314	5,202	4,526	4,123
	(in percent of GDP)	23.2	16.4	15.1	11.8	9.8
Bank credit		1,905	1,449	1,469	1,493	1,744
	(in percent of GDP)	6.4	4.5	4.3	3.9	4.2
	(in percent of total stocks)	27.7	27.3	28.2	33.0	42.3
Short-term loans		339	256	273	283	293
	Of which: Arrears	79	…	2	…	4
Long-term loans		1,567	1,192	1,196	1,209	1,452
	Of which: Arrears	203	…	5	…	1
Other loans		729	955	777	447	163
Total arrears		282	0	…	7	5
	(in percent of bank credit)	14.8	0.0	0.4	…	0.3
Liabilities to non-banks		4,244	2,911	2,956	2,586	2,216
	(in percent of GDP)	14.3	9.0	8.6	6.8	5.3
	(in percent of total stocks)	61.7	54.8	56.8	57.1	53.7
Suppliers		2,055	1,318	1,399	1,283	1,130
Personnel		274	216	208	224	167
Taxes		641	547	450	356	264
Pensions		166	152	167	145	96
Other		1,108	677	732	579	559
	GDP (In billions of leva)	29,709	32,324	34,410	38,275	41,948

Sources: National Statistical Institute; Ministry of Finance; and Bulgarian National Bank.

^{^1/}Data for 2005 are preliminary.

Table A14.

Bulgaria: Privatization of State-Owned Enterprises, 2001–05

Source: Privatization Agency.

Table A14.

Bulgaria: Privatization of State-Owned Enterprises, 2001–05

		2001	2002	2003	2004	2005
Number of Privatization transactions 1/
In the state sector		231	103	118	208	39
Of which:
	Privatization agency	83	76	116	208	39
	Ministries/Committees	148	27	2	0	0
Privatization proceeds (US$ million) 2/		178	198	268	1,429	478
Of which:
	Payments contracted	176	163	267	1,340	478
	Corporate Liabilities assumed	3	35	1	89	0
	Corporate Liabilities paid	0	0	0	0	0
Long-term assets privatized (billion leva)		6	7	8	15	9
By privatization agency		4	6	8	15	9
By Ministries/Committees		2	1	0	0	0
By Center for Mass Privatization 3/		0	0	0	0	0
Long-term assets privatized (percent of total)		1.0	1.2	1.4	2.6	1.5
By privatization agency		0.6	1.0	1.4	2.6	1.5
By Ministries/Committees		0.4	0.2	0.0	0.0	0.0
By Center for Mass Privatization 3/		0.0	0.0	0.0	0.0	0.0

Source: Privatization Agency.

Table A14.

Bulgaria: Privatization of State-Owned Enterprises, 2001–05

		2001	2002	2003	2004	2005
Number of Privatization transactions 1/
In the state sector		231	103	118	208	39
Of which:
	Privatization agency	83	76	116	208	39
	Ministries/Committees	148	27	2	0	0
Privatization proceeds (US$ million) 2/		178	198	268	1,429	478
Of which:
	Payments contracted	176	163	267	1,340	478
	Corporate Liabilities assumed	3	35	1	89	0
	Corporate Liabilities paid	0	0	0	0	0
Long-term assets privatized (billion leva)		6	7	8	15	9
By privatization agency		4	6	8	15	9
By Ministries/Committees		2	1	0	0	0
By Center for Mass Privatization 3/		0	0	0	0	0
Long-term assets privatized (percent of total)		1.0	1.2	1.4	2.6	1.5
By privatization agency		0.6	1.0	1.4	2.6	1.5
By Ministries/Committees		0.4	0.2	0.0	0.0	0.0
By Center for Mass Privatization 3/		0.0	0.0	0.0	0.0	0.0

Source: Privatization Agency.

Table A15.

Bulgaria: General Government, 2001–05 ^1/

Source: Bulgarian Ministry of Finance.

^{^1/}Excluding social insurance contributions paid by the general government on behalf of its employees. Cash basis.

Table A15.

Bulgaria: General Government, 2001–05 ^1/

				2001	2002	2003	2004	2005
				(In millions of leva)
Total revenue ^1/				11,124	11,750	13,107	14,918	17,030
	Of which: Tax revenue			8,518	8,882	10,269	11,869	13,579
		BNB transfers		175	173	133	171	149
Total expenditure ^1/				11,384	12,025	13,255	14,333	16,047
	Of which: Total non-interest			10,278	11,312	12,531	13,635	15,362
		Interest		1,106	713	724	697	686
			External	853	544	561	517	494
			Domestic	253	169	163	181	192
Primary balance				847	438	575	1,283	1,668
Primary balance excluding BNB transfers				672	265	443	1,112	1,519
Overall balance				-259	-275	-149	586	983
Financing				259	275	149	-586	-983
	External financing (net)			-96	481	-2	-622	-2,410
	Domestic financing (net)			-506	-492	-250	-1,116	54
		Banking system		-506	-492	-265	-1,122	55
		Nonbank				16	6	-1
	Net acquisition and net lending			181	286	188	565	1,247
		o.w.: revenue from privatization		181	286	189	591	1,320
	GSM license and BCC divident (net)			236	…	…	…	…
	Receipts from BCC related to bank privatization			444	…	212	587	127
				(In percent of GDP)
Total revenue ^1/				37.4	36.3	37.9	39.0	40.6
	Of which: Tax revenue			28.7	27.5	29.7	31.0	32.4
Total expenditure ^1/				38.3	37.2	38.4	37.4	38.3
	Of which: Total non-interest			34.6	35.0	36.3	35.6	36.6
		Interest		3.7	2.2	2.1	1.8	1.6
			External	2.9	1.7	1.6	1.3	1.2
			Domestic	0.9	0.5	0.5	0.5	0.5
Primary balance				2.8	1.4	1.7	3.4	4.0
Primary balance excluding BNB transfers				2.3	0.8	1.3	2.9	3.6
Overall balance				-0.9	-0.9	-0.4	1.5	2.3
Financing				0.9	0.9	0.4	-1.5	-2.3
	External financing (net)			-0.3	1.5	0.0	-1.6	-5.7
	Domestic financing (net)			-1.7	-1.5	-0.7	-2.9	0.1
		Banking system		-1.7	-1.5	-0.8	-2.9	0.1
		Nonbank				0.0	0.0	0.0
	Net acquisition and net lending			0.6	0.9	0.5	1.5	3.0
		o.w.: revenue from privatization		0.6	0.9	0.5	1.5	3.1
	GSM license and BCC divident (net)			0.8	…	…	…	…
	Receipts from BCC related to bank privatization			1.5	…	0.6	1.5	0.3
Memorandum items:
	Government social insurance contributions
		(in millions of leva)		713	774	963	937	961
		(in percent of GDP)		2.4	2.4	2.8	2.4	2.3
	Nominal GDP (in millions of leva)			29,709	32,335	34,547	38,275	41,948

Source: Bulgarian Ministry of Finance.

^{^1/}Excluding social insurance contributions paid by the general government on behalf of its employees. Cash basis.

Table A15.

Bulgaria: General Government, 2001–05 ^1/

				2001	2002	2003	2004	2005
				(In millions of leva)
Total revenue ^1/				11,124	11,750	13,107	14,918	17,030
	Of which: Tax revenue			8,518	8,882	10,269	11,869	13,579
		BNB transfers		175	173	133	171	149
Total expenditure ^1/				11,384	12,025	13,255	14,333	16,047
	Of which: Total non-interest			10,278	11,312	12,531	13,635	15,362
		Interest		1,106	713	724	697	686
			External	853	544	561	517	494
			Domestic	253	169	163	181	192
Primary balance				847	438	575	1,283	1,668
Primary balance excluding BNB transfers				672	265	443	1,112	1,519
Overall balance				-259	-275	-149	586	983
Financing				259	275	149	-586	-983
	External financing (net)			-96	481	-2	-622	-2,410
	Domestic financing (net)			-506	-492	-250	-1,116	54
		Banking system		-506	-492	-265	-1,122	55
		Nonbank				16	6	-1
	Net acquisition and net lending			181	286	188	565	1,247
		o.w.: revenue from privatization		181	286	189	591	1,320
	GSM license and BCC divident (net)			236	…	…	…	…
	Receipts from BCC related to bank privatization			444	…	212	587	127
				(In percent of GDP)
Total revenue ^1/				37.4	36.3	37.9	39.0	40.6
	Of which: Tax revenue			28.7	27.5	29.7	31.0	32.4
Total expenditure ^1/				38.3	37.2	38.4	37.4	38.3
	Of which: Total non-interest			34.6	35.0	36.3	35.6	36.6
		Interest		3.7	2.2	2.1	1.8	1.6
			External	2.9	1.7	1.6	1.3	1.2
			Domestic	0.9	0.5	0.5	0.5	0.5
Primary balance				2.8	1.4	1.7	3.4	4.0
Primary balance excluding BNB transfers				2.3	0.8	1.3	2.9	3.6
Overall balance				-0.9	-0.9	-0.4	1.5	2.3
Financing				0.9	0.9	0.4	-1.5	-2.3
	External financing (net)			-0.3	1.5	0.0	-1.6	-5.7
	Domestic financing (net)			-1.7	-1.5	-0.7	-2.9	0.1
		Banking system		-1.7	-1.5	-0.8	-2.9	0.1
		Nonbank				0.0	0.0	0.0
	Net acquisition and net lending			0.6	0.9	0.5	1.5	3.0
		o.w.: revenue from privatization		0.6	0.9	0.5	1.5	3.1
	GSM license and BCC divident (net)			0.8	…	…	…	…
	Receipts from BCC related to bank privatization			1.5	…	0.6	1.5	0.3
Memorandum items:
	Government social insurance contributions
		(in millions of leva)		713	774	963	937	961
		(in percent of GDP)		2.4	2.4	2.8	2.4	2.3
	Nominal GDP (in millions of leva)			29,709	32,335	34,547	38,275	41,948

Source: Bulgarian Ministry of Finance.

^{^1/}Excluding social insurance contributions paid by the general government on behalf of its employees. Cash basis.

Table A16.

Bulgaria: General Government Revenue, 2001–05 ^1/

Source: Bulgarian Ministry of Finance.

^{^1/}Excluding social insurance contributions paid by the general government on behalf of its employees. Cash basis.

Table A16.

Bulgaria: General Government Revenue, 2001–05 ^1/

				2001	2002	2003	2004	2005
				(In millions of leva)
Total revenue ^1/				11,124	11,750	13,107	14,918	17,030
	Tax revenue ^1/			8,518	8,882	10,269	11,869	13,579
		Profit taxes		1,150	976	1,085	973	1,028
			Nonfinancial enterprises	812	871	952	854	901
			Financial enterprises	339	105	133	119	127
		Income taxes		1,063	1,052	1,140	1,248	1,249
		VAT		2,454	2,688	3,101	3,891	4,798
		Excise duties		1,107	1,314	1,544	1,885	2,188
		Customs duties		195	188	231	293	372
		Social insurance contributions		2,312	2,361	2,808	3,171	3,505
			Pension fund	1,823	1,848	2,194	2,456	2,696
			Health insurance fund	489	513	614	715	809
		Other taxes		236	303	359	409	440
	Nontax revenues			2,243	2,566	2,527	2,595	2,935
		BNB transfers		175	173	133	171	149
		Other		2,069	2,393	2,394	2,424	2,786
	Assistance			363	302	311	455	516
				(In percent of GDP)
Total revenue ^1/				37.4	36.3	37.9	39.0	40.6
	Tax revenue ^1/			28.7	27.5	29.7	31.0	32.4
		Profit taxes		3.9	3.0	3.1	2.5	2.5
			Nonfinancial enterprises	2.7	2.7	2.8	2.2	2.1
			Financial enterprises	1.1	0.3	0.4	0.3	0.3
		Income taxes		3.6	3.3	3.3	3.3	3.0
		VAT		8.3	8.3	9.0	10.2	11.4
		Excise duties		3.7	4.1	4.5	4.9	5.2
		Customs duties		0.7	0.6	0.7	0.8	0.9
		Social insurance contributions		7.8	7.3	8.1	8.3	8.4
			Pension fund	6.1	5.7	6.4	6.4	6.4
			Health insurance fund	1.6	1.6	1.8	1.9	1.9
		Other taxes		0.8	0.9	1.0	1.1	1.0
	Nontax revenues			7.6	7.9	7.3	6.8	7.0
		BNB transfers		0.6	0.5	0.4	0.4	0.4
		Other		7.0	7.4	6.9	6.3	6.6
	Assistance			1.2	0.9	0.9	1.2	1.2

Source: Bulgarian Ministry of Finance.

^{^1/}Excluding social insurance contributions paid by the general government on behalf of its employees. Cash basis.

Table A16.

Bulgaria: General Government Revenue, 2001–05 ^1/

				2001	2002	2003	2004	2005
				(In millions of leva)
Total revenue ^1/				11,124	11,750	13,107	14,918	17,030
	Tax revenue ^1/			8,518	8,882	10,269	11,869	13,579
		Profit taxes		1,150	976	1,085	973	1,028
			Nonfinancial enterprises	812	871	952	854	901
			Financial enterprises	339	105	133	119	127
		Income taxes		1,063	1,052	1,140	1,248	1,249
		VAT		2,454	2,688	3,101	3,891	4,798
		Excise duties		1,107	1,314	1,544	1,885	2,188
		Customs duties		195	188	231	293	372
		Social insurance contributions		2,312	2,361	2,808	3,171	3,505
			Pension fund	1,823	1,848	2,194	2,456	2,696
			Health insurance fund	489	513	614	715	809
		Other taxes		236	303	359	409	440
	Nontax revenues			2,243	2,566	2,527	2,595	2,935
		BNB transfers		175	173	133	171	149
		Other		2,069	2,393	2,394	2,424	2,786
	Assistance			363	302	311	455	516
				(In percent of GDP)
Total revenue ^1/				37.4	36.3	37.9	39.0	40.6
	Tax revenue ^1/			28.7	27.5	29.7	31.0	32.4
		Profit taxes		3.9	3.0	3.1	2.5	2.5
			Nonfinancial enterprises	2.7	2.7	2.8	2.2	2.1
			Financial enterprises	1.1	0.3	0.4	0.3	0.3
		Income taxes		3.6	3.3	3.3	3.3	3.0
		VAT		8.3	8.3	9.0	10.2	11.4
		Excise duties		3.7	4.1	4.5	4.9	5.2
		Customs duties		0.7	0.6	0.7	0.8	0.9
		Social insurance contributions		7.8	7.3	8.1	8.3	8.4
			Pension fund	6.1	5.7	6.4	6.4	6.4
			Health insurance fund	1.6	1.6	1.8	1.9	1.9
		Other taxes		0.8	0.9	1.0	1.1	1.0
	Nontax revenues			7.6	7.9	7.3	6.8	7.0
		BNB transfers		0.6	0.5	0.4	0.4	0.4
		Other		7.0	7.4	6.9	6.3	6.6
	Assistance			1.2	0.9	0.9	1.2	1.2

Source: Bulgarian Ministry of Finance.

^{^1/}Excluding social insurance contributions paid by the general government on behalf of its employees. Cash basis.

Table A17.

Bulgaria: General Government Expenditure, 2001–05 ^1/

Source: Bulgarian Ministry of Finance.

^{^1/}Excluding social insurance contributions paid by the general government on behalf of its employees. Cash basis.

^{^2/}Includes additional compulsory social security contributions (for the second pillar of the pension system) for public sector employees.

Table A17.

Bulgaria: General Government Expenditure, 2001–05 ^1/

					2001	2002	2003	2004	2005
					(In millions of leva)
Total expenditure ^1/					11,384	12,025	13,255	14,333	16,047
	Total non-interest expenditure				10,278	11,312	12,531	13,635	15,362
		Current non-interest expenditure			9,002	10,080	11,140	12,008	13,041
			Compensation ^1/		1,748	2,015	2,205	2,381	2,506
				Wages and salaries	1,711	1,974	2,159	2,335	2,459
				Scholarships	37	41	45	46	46
			Maintenance and operations		2,355	2,573	2,851	3,178	3,519
			Subsidies		292	303	439	444	462
			Subsidies for health activities		417	470	502	425	415
			Social expenditure		4,190	4,720	5,144	5,580	6,140
				Pensions	2,702	2,944	3,161	3,517	3,775
				Assistance	858	1,007	1,004	941	1,032
				Other social security expenditure ^2/	226	204	224	269	293
				Health insurance fund	404	565	755	853	1,040
			Net lending		79	66	150	71	46
			Capital expenditure		1,197	1,166	1,241	1,556	2,275
	Interest				1,106	713	724	697	686
		External			853	544	561	517	494
		Domestic			253	169	163	181	192
					(In percent of GDP)
Total expenditure ^1/					38.3	37.2	38.4	37.4	38.3
	Total non-interest expenditure				34.6	35.0	36.3	35.6	36.6
		Current non-interest expenditure			30.3	31.2	32.2	31.4	31.1
			Compensation ^1/		5.9	6.2	6.4	6.2	6.0
				Wages and salaries	5.8	6.1	6.2	6.1	5.9
				Scholarships	0.1	0.1	0.1	0.1	0.1
			Maintenance and operations		7.9	8.0	8.3	8.3	8.4
			Subsidies		1.0	0.9	1.3	1.2	1.1
			Subsidies for healt activities		1.4	1.5	1.5	1.1	1.0
			Social expenditure		14.1	14.6	14.9	14.6	14.6
				Pensions	9.1	9.1	9.2	9.2	9.0
				Assistance	2.9	3.1	2.9	2.5	2.5
				Other social security expenditure ^2/	0.8	0.6	0.6	0.7	0.7
				Health insurance fund	1.4	1.7	2.2	2.2	2.5
			Net lending		0.3	0.2	0.4	0.2	0.1
			Capital expenditure		4.0	3.6	3.6	4.1	5.4
	Interest				3.7	2.2	2.1	1.8	1.6
		External			2.9	1.7	1.6	1.3	1.2
		Domestic			0.9	0.5	0.5	0.5	0.5

Source: Bulgarian Ministry of Finance.

^{^1/}Excluding social insurance contributions paid by the general government on behalf of its employees. Cash basis.

^{^2/}Includes additional compulsory social security contributions (for the second pillar of the pension system) for public sector employees.

Table A17.

Bulgaria: General Government Expenditure, 2001–05 ^1/

					2001	2002	2003	2004	2005
					(In millions of leva)
Total expenditure ^1/					11,384	12,025	13,255	14,333	16,047
	Total non-interest expenditure				10,278	11,312	12,531	13,635	15,362
		Current non-interest expenditure			9,002	10,080	11,140	12,008	13,041
			Compensation ^1/		1,748	2,015	2,205	2,381	2,506
				Wages and salaries	1,711	1,974	2,159	2,335	2,459
				Scholarships	37	41	45	46	46
			Maintenance and operations		2,355	2,573	2,851	3,178	3,519
			Subsidies		292	303	439	444	462
			Subsidies for health activities		417	470	502	425	415
			Social expenditure		4,190	4,720	5,144	5,580	6,140
				Pensions	2,702	2,944	3,161	3,517	3,775
				Assistance	858	1,007	1,004	941	1,032
				Other social security expenditure ^2/	226	204	224	269	293
				Health insurance fund	404	565	755	853	1,040
			Net lending		79	66	150	71	46
			Capital expenditure		1,197	1,166	1,241	1,556	2,275
	Interest				1,106	713	724	697	686
		External			853	544	561	517	494
		Domestic			253	169	163	181	192
					(In percent of GDP)
Total expenditure ^1/					38.3	37.2	38.4	37.4	38.3
	Total non-interest expenditure				34.6	35.0	36.3	35.6	36.6
		Current non-interest expenditure			30.3	31.2	32.2	31.4	31.1
			Compensation ^1/		5.9	6.2	6.4	6.2	6.0
				Wages and salaries	5.8	6.1	6.2	6.1	5.9
				Scholarships	0.1	0.1	0.1	0.1	0.1
			Maintenance and operations		7.9	8.0	8.3	8.3	8.4
			Subsidies		1.0	0.9	1.3	1.2	1.1
			Subsidies for healt activities		1.4	1.5	1.5	1.1	1.0
			Social expenditure		14.1	14.6	14.9	14.6	14.6
				Pensions	9.1	9.1	9.2	9.2	9.0
				Assistance	2.9	3.1	2.9	2.5	2.5
				Other social security expenditure ^2/	0.8	0.6	0.6	0.7	0.7
				Health insurance fund	1.4	1.7	2.2	2.2	2.5
			Net lending		0.3	0.2	0.4	0.2	0.1
			Capital expenditure		4.0	3.6	3.6	4.1	5.4
	Interest				3.7	2.2	2.1	1.8	1.6
		External			2.9	1.7	1.6	1.3	1.2
		Domestic			0.9	0.5	0.5	0.5	0.5

Source: Bulgarian Ministry of Finance.

^{^1/}Excluding social insurance contributions paid by the general government on behalf of its employees. Cash basis.

^{^2/}Includes additional compulsory social security contributions (for the second pillar of the pension system) for public sector employees.

Table A18.

Bulgaria: Consolidated General Government Expenditure by Function, 2001–05 ^1/

Source: Bulgarian Ministry of Finance.

^{^1/}Includes social insurance contributions paid by the general government on behalf of its employees. Cash basis.

Table A18.

Bulgaria: Consolidated General Government Expenditure by Function, 2001–05 ^1/

			2001	2002	2003	2004	2005
			(In millions of leva)
Total expenditure			12,097	12,798	14,218	15,267	17,008
Primary expenditure			10,991	12,085	13,495	14,569	16,323
	General public services		960	951	1,098	1,115	1,268
	Defense and security		1,454	1,707	1,788	1,947	2,080
		Defense	734	828	826	875	922
		Police, internal order, and security	565	674	727	780	824
		Judicial authority	110	145	175	226	266
		Administration of prisons	45	59	61	65	68
	Education		1,192	1,353	1,505	1,652	1,815
	Health care		1,196	1,437	1,698	1,769	2,009
	Social protection		4,026	4,340	4,805	5,238	5,625
	Construction, public works, utilities, environmental protection		532	503	537	606	726
	Recreation, resorts, culture, and religion		217	223	316	304	348
	Economic activities and services		1,436	1,505	1,748	1,937	2,452
	Expenditures not classified in the other functions		1,083	778	724	698	686
		o/w interest spending	1,106	713	724	697	686
			(In percent of GDP)
Total expenditure			40.7	39.6	41.2	39.9	40.5
Primary expenditure			37.0	37.4	39.1	38.1	38.9
	General public services		3.2	2.9	3.2	2.9	3.0
	Defense and security		4.9	5.3	5.2	5.1	5.0
		Defense	2.5	2.6	2.4	2.3	2.2
		Police, internal order, and security	1.9	2.1	2.1	2.0	2.0
		Judicial authority	0.4	0.4	0.5	0.6	0.6
		Administration of prisons	0.2	0.2	0.2	0.2	0.2
	Education		4.0	4.2	4.4	4.3	4.3
	Health care		4.0	4.4	4.9	4.6	4.8
	Social protection		13.6	13.4	13.9	13.7	13.4
	Construction, public works, utilities, environmental protection		1.8	1.6	1.6	1.6	1.7
	Recreation, resorts, culture, and religion		0.7	0.7	0.9	0.8	0.8
	Economic activities and services		4.8	4.7	5.1	5.1	5.8
	Expenditures not classified in the other functions		3.6	2.4	2.1	1.8	1.6
		o/w interest spending	3.7	2.2	2.1	1.8	1.6

Source: Bulgarian Ministry of Finance.

^{^1/}Includes social insurance contributions paid by the general government on behalf of its employees. Cash basis.

Table A18.

Bulgaria: Consolidated General Government Expenditure by Function, 2001–05 ^1/

			2001	2002	2003	2004	2005
			(In millions of leva)
Total expenditure			12,097	12,798	14,218	15,267	17,008
Primary expenditure			10,991	12,085	13,495	14,569	16,323
	General public services		960	951	1,098	1,115	1,268
	Defense and security		1,454	1,707	1,788	1,947	2,080
		Defense	734	828	826	875	922
		Police, internal order, and security	565	674	727	780	824
		Judicial authority	110	145	175	226	266
		Administration of prisons	45	59	61	65	68
	Education		1,192	1,353	1,505	1,652	1,815
	Health care		1,196	1,437	1,698	1,769	2,009
	Social protection		4,026	4,340	4,805	5,238	5,625
	Construction, public works, utilities, environmental protection		532	503	537	606	726
	Recreation, resorts, culture, and religion		217	223	316	304	348
	Economic activities and services		1,436	1,505	1,748	1,937	2,452
	Expenditures not classified in the other functions		1,083	778	724	698	686
		o/w interest spending	1,106	713	724	697	686
			(In percent of GDP)
Total expenditure			40.7	39.6	41.2	39.9	40.5
Primary expenditure			37.0	37.4	39.1	38.1	38.9
	General public services		3.2	2.9	3.2	2.9	3.0
	Defense and security		4.9	5.3	5.2	5.1	5.0
		Defense	2.5	2.6	2.4	2.3	2.2
		Police, internal order, and security	1.9	2.1	2.1	2.0	2.0
		Judicial authority	0.4	0.4	0.5	0.6	0.6
		Administration of prisons	0.2	0.2	0.2	0.2	0.2
	Education		4.0	4.2	4.4	4.3	4.3
	Health care		4.0	4.4	4.9	4.6	4.8
	Social protection		13.6	13.4	13.9	13.7	13.4
	Construction, public works, utilities, environmental protection		1.8	1.6	1.6	1.6	1.7
	Recreation, resorts, culture, and religion		0.7	0.7	0.9	0.8	0.8
	Economic activities and services		4.8	4.7	5.1	5.1	5.8
	Expenditures not classified in the other functions		3.6	2.4	2.1	1.8	1.6
		o/w interest spending	3.7	2.2	2.1	1.8	1.6

Source: Bulgarian Ministry of Finance.

^{^1/}Includes social insurance contributions paid by the general government on behalf of its employees. Cash basis.

Table A19.

Bulgaria: Public Expenditure by Function and Type of Government Body, 2001–05

(In percent of GDP) ^1/

Sources: Bulgarian Ministry of Finance; IMF staff calculations.

^{^1/}Includes social insurance contributions paid by the general government on behalf of its employees. Cash basis.

Table A19.

Bulgaria: Public Expenditure by Function and Type of Government Body, 2001–05

(In percent of GDP) ^1/

		2001	2002	2003	2004	2005
		(In percent of GDP)
Total expenditure (consolidated)		40.7	39.6	41.2	39.9	40.5
	Central government	21.0	19.3	21.2	20.4	20.7
	Local government	6.6	7.4	6.5	6.2	6.5
	Social security	13.1	12.9	13.4	13.3	13.3
General public services (consolidated)		3.2	2.9	3.2	2.9	3.0
	Central government	2.5	2.1	2.4	2.1	2.2
	Local government	0.7	0.8	0.8	0.8	0.9
	Social security	0.0	0.0	0.0	0.0	0.0
Defense and security (consolidated)		4.9	5.3	5.2	5.1	5.0
	Central government	4.8	5.2	5.1	5.0	4.9
	Local government	0.1	0.1	0.1	0.1	0.1
	Social security	0.0	0.0	0.0	0.0	0.0
Education (consolidated)		4.0	4.2	4.4	4.3	4.3
	Central government	1.8	1.8	1.9	1.9	2.0
	Local government	2.2	2.4	2.5	2.5	2.4
	Social security	0.0	0.0	0.0	0.0	0.0
Health care (consolidated)		4.0	4.4	4.9	4.6	4.8
	Central government	2.0	2.0	2.0	2.0	1.9
	Local government	0.6	0.6	0.6	0.3	0.3
	Social security	1.4	1.8	2.2	2.3	2.5
Social protection (consolidated)		13.6	13.4	13.9	13.7	13.4
	Central government	0.5	1.0	2.2	2.2	2.2
	Local government	1.3	1.4	0.5	0.5	0.4
	Social security	11.7	11.1	11.2	11.0	10.7
Construction, public works, utilities, environmental protection (consolidated)		1.8	1.6	1.6	1.6	1.7
	Central government	0.7	0.3	0.4	0.3	0.2
	Local government	1.0	1.2	1.2	1.3	1.5
	Social security	0.0	0.0	0.0	0.0	0.0
Recreation, resorts, culture, and religion (consolidated)		0.7	0.7	0.9	0.8	0.8
	Central government	0.5	0.5	0.6	0.5	0.5
	Local government	0.2	0.2	0.3	0.3	0.3
	Social security	0.0	0.0	0.0	0.0	0.0
Economic activities and services (consolidated)		4.8	4.7	5.1	5.1	5.8
	Central government	4.3	4.1	4.5	4.5	5.2
	Local government	0.5	0.6	0.6	0.5	0.6
	Social security	0.0	0.0	0.0	0.0	0.0
Expenditures not classified in the other functions (consolidated)		3.6	2.4	2.1	1.8	1.6
	Central government	3.7	2.4	2.1	1.8	1.6
	Local government	0.0	0.0	0.0	0.0	0.0
	Social security	0.0	0.0	0.0	0.0	0.0

Sources: Bulgarian Ministry of Finance; IMF staff calculations.

^{^1/}Includes social insurance contributions paid by the general government on behalf of its employees. Cash basis.

Table A19.

Bulgaria: Public Expenditure by Function and Type of Government Body, 2001–05

(In percent of GDP) ^1/

		2001	2002	2003	2004	2005
		(In percent of GDP)
Total expenditure (consolidated)		40.7	39.6	41.2	39.9	40.5
	Central government	21.0	19.3	21.2	20.4	20.7
	Local government	6.6	7.4	6.5	6.2	6.5
	Social security	13.1	12.9	13.4	13.3	13.3
General public services (consolidated)		3.2	2.9	3.2	2.9	3.0
	Central government	2.5	2.1	2.4	2.1	2.2
	Local government	0.7	0.8	0.8	0.8	0.9
	Social security	0.0	0.0	0.0	0.0	0.0
Defense and security (consolidated)		4.9	5.3	5.2	5.1	5.0
	Central government	4.8	5.2	5.1	5.0	4.9
	Local government	0.1	0.1	0.1	0.1	0.1
	Social security	0.0	0.0	0.0	0.0	0.0
Education (consolidated)		4.0	4.2	4.4	4.3	4.3
	Central government	1.8	1.8	1.9	1.9	2.0
	Local government	2.2	2.4	2.5	2.5	2.4
	Social security	0.0	0.0	0.0	0.0	0.0
Health care (consolidated)		4.0	4.4	4.9	4.6	4.8
	Central government	2.0	2.0	2.0	2.0	1.9
	Local government	0.6	0.6	0.6	0.3	0.3
	Social security	1.4	1.8	2.2	2.3	2.5
Social protection (consolidated)		13.6	13.4	13.9	13.7	13.4
	Central government	0.5	1.0	2.2	2.2	2.2
	Local government	1.3	1.4	0.5	0.5	0.4
	Social security	11.7	11.1	11.2	11.0	10.7
Construction, public works, utilities, environmental protection (consolidated)		1.8	1.6	1.6	1.6	1.7
	Central government	0.7	0.3	0.4	0.3	0.2
	Local government	1.0	1.2	1.2	1.3	1.5
	Social security	0.0	0.0	0.0	0.0	0.0
Recreation, resorts, culture, and religion (consolidated)		0.7	0.7	0.9	0.8	0.8
	Central government	0.5	0.5	0.6	0.5	0.5
	Local government	0.2	0.2	0.3	0.3	0.3
	Social security	0.0	0.0	0.0	0.0	0.0
Economic activities and services (consolidated)		4.8	4.7	5.1	5.1	5.8
	Central government	4.3	4.1	4.5	4.5	5.2
	Local government	0.5	0.6	0.6	0.5	0.6
	Social security	0.0	0.0	0.0	0.0	0.0
Expenditures not classified in the other functions (consolidated)		3.6	2.4	2.1	1.8	1.6
	Central government	3.7	2.4	2.1	1.8	1.6
	Local government	0.0	0.0	0.0	0.0	0.0
	Social security	0.0	0.0	0.0	0.0	0.0

Sources: Bulgarian Ministry of Finance; IMF staff calculations.

^{^1/}Includes social insurance contributions paid by the general government on behalf of its employees. Cash basis.

Table A20.

Bulgaria: Cash Flow Statement—Consolidated General Government

(GFSM 2001 Definition) 2001–05

Source: Bulgarian Ministry of Finance.

Table A20.

Bulgaria: Cash Flow Statement—Consolidated General Government

(GFSM 2001 Definition) 2001–05

		2001	2002	2003	2004	2005
		(In millions of leva)
CASH FLOWS FROM OPERATING ACTIVITIES
Cash receipts from operating activities		11,467	12,415	13,817	15,662	17,607
	Taxes	6,206	6,666	7,634	8,903	10,293
	Social contributions	2,498	3,075	3,654	4,080	4,410
	Grants	348	284	297	440	498
	Other receipts	2,416	2,390	2,232	2,239	2,407
Cash payments for operating activities		10,413	11,662	12,907	13,911	14,957
	Compensation of employees	1,483	1,946	2,313	2,575	2,690
	Purchases of goods and services	2,718	3,292	3,509	3,830	4,135
	Interest	1,106	712	724	697	686
	Subsidies	….	772	940	868	876
	Grants	51	0	0	0	0
	Social benefits	….	4,696	5,128	5,542	6,098
	Other payments	….	244	293	399	472
Net cash inflow from operating activities		1,055	753	910	1,751	2,650
CASH FLOWS FROM INVESTMENTS IN NONFINANCIAL ASSETS
Net cash outflow from investments in nonfinancial assets		994	961	909	1,094	1,317
	Fixed assets	834	978	985	1,138	1,402
	Change in inventories	-1	13	-13	-8	-14
	Valuables	0	0	0	0	0
	Nonproduced assets	13	-30	-63	-36	-71
Cash surplus/deficit		60	-208	1	657	1,334
CASH FLOWS FROM FINANCING ACTIVITIES
Net Acquisition of Financial Assets other than Cash		-557	-1,223	-312	-1,230	-1,337
	Domestic	-530	-211	-250	-742	-1,329
	Foreign	-26	-1,012	-62	-487	-8
	Monetary gold and SDRs	0	0	0	0	0
Net Incurrence of Liabilities		-323	-383	237	-754	-2,931
	Domestic	-201	132	324	360	-505
	Foreign	-122	-514	-87	-1,114	-2,426
Net cash inflow from financing activities		234	840	549	476	-1,594
Net change in the stock of cash		294	632	550	1,132	-260
		(In percent of GDP)
CASH FLOWS FROM OPERATING ACTIVITIES
Cash receipts from operating activities		38.6	38.4	40.0	40.9	42.0
	Taxes	20.9	20.6	22.1	23.3	24.5
	Social contributions	8.4	9.5	10.6	10.7	10.5
	Grants	1.2	0.9	0.9	1.1	1.2
	Other receipts	8.1	7.3	6.5	5.8	5.7
Cash payments for operating activities		35.0	36.1	37.4	36.3	35.7
	Compensation of employees	5.0	6.0	6.7	6.7	6.4
	Purchases of goods and services	9.1	10.2	10.2	10.0	9.9
	Interest	3.7	2.2	2.1	1.8	1.6
	Subsidies	….	2.4	2.7	2.3	2.1
	Grants	0.2	0.0	0.0	0.0	0.0
	Social benefits	….	14.5	14.8	14.5	14.5
	Other payments	….	0.8	0.8	1.0	1.1
Net cash inflow from operating activities		3.5	2.3	2.6	4.6	6.3
CASH FLOWS FROM INVESTMENTS IN NONFINANCIAL ASSETS
Net cash outflow from investments in nonfinancial assets		3.3	3.0	2.6	2.9	3.1
	Fixed assets	2.8	3.0	2.9	3.0	3.3
	Change in inventories	0.0	0.0	0.0	0.0	0.0
	Valuables	0.0	0.0	0.0	0.0	0.0
	Nonproduced assets	0.0	-0.1	-0.2	-0.1	-0.2
Cash surplus/deficit		0.2	-0.6	0.0	1.7	3.2
CASH FLOWS FROM FINANCING ACTIVITIES
Net Acquisition of Financial Assets other than Cash		-1.9	-3.8	-0.9	-3.2	-3.2
	Domestic	-1.8	-0.7	-0.7	-1.9	-3.2
	Foreign	-0.1	-3.1	-0.2	-1.3	0.0
	Monetary gold and SDRs	0.0	0.0	0.0	0.0	0.0
Net Incurrence of Liabilities		-1.1	-1.2	0.7	-2.0	-7.0
	Domestic	-0.7	0.4	0.9	0.9	-1.2
	Foreign	-0.4	-1.6	-0.3	-2.9	-5.8
Net cash inflow from financing activities		0.8	2.6	1.6	1.2	-3.8
Net change in the stock of cash		1.0	2.0	1.6	3.0	-0.6
Nominal GDP (in millions of leva)		29,709	32,335	34,547	38,275	41,948

Source: Bulgarian Ministry of Finance.

Table A20.

Bulgaria: Cash Flow Statement—Consolidated General Government

(GFSM 2001 Definition) 2001–05

		2001	2002	2003	2004	2005
		(In millions of leva)
CASH FLOWS FROM OPERATING ACTIVITIES
Cash receipts from operating activities		11,467	12,415	13,817	15,662	17,607
	Taxes	6,206	6,666	7,634	8,903	10,293
	Social contributions	2,498	3,075	3,654	4,080	4,410
	Grants	348	284	297	440	498
	Other receipts	2,416	2,390	2,232	2,239	2,407
Cash payments for operating activities		10,413	11,662	12,907	13,911	14,957
	Compensation of employees	1,483	1,946	2,313	2,575	2,690
	Purchases of goods and services	2,718	3,292	3,509	3,830	4,135
	Interest	1,106	712	724	697	686
	Subsidies	….	772	940	868	876
	Grants	51	0	0	0	0
	Social benefits	….	4,696	5,128	5,542	6,098
	Other payments	….	244	293	399	472
Net cash inflow from operating activities		1,055	753	910	1,751	2,650
CASH FLOWS FROM INVESTMENTS IN NONFINANCIAL ASSETS
Net cash outflow from investments in nonfinancial assets		994	961	909	1,094	1,317
	Fixed assets	834	978	985	1,138	1,402
	Change in inventories	-1	13	-13	-8	-14
	Valuables	0	0	0	0	0
	Nonproduced assets	13	-30	-63	-36	-71
Cash surplus/deficit		60	-208	1	657	1,334
CASH FLOWS FROM FINANCING ACTIVITIES
Net Acquisition of Financial Assets other than Cash		-557	-1,223	-312	-1,230	-1,337
	Domestic	-530	-211	-250	-742	-1,329
	Foreign	-26	-1,012	-62	-487	-8
	Monetary gold and SDRs	0	0	0	0	0
Net Incurrence of Liabilities		-323	-383	237	-754	-2,931
	Domestic	-201	132	324	360	-505
	Foreign	-122	-514	-87	-1,114	-2,426
Net cash inflow from financing activities		234	840	549	476	-1,594
Net change in the stock of cash		294	632	550	1,132	-260
		(In percent of GDP)
CASH FLOWS FROM OPERATING ACTIVITIES
Cash receipts from operating activities		38.6	38.4	40.0	40.9	42.0
	Taxes	20.9	20.6	22.1	23.3	24.5
	Social contributions	8.4	9.5	10.6	10.7	10.5
	Grants	1.2	0.9	0.9	1.1	1.2
	Other receipts	8.1	7.3	6.5	5.8	5.7
Cash payments for operating activities		35.0	36.1	37.4	36.3	35.7
	Compensation of employees	5.0	6.0	6.7	6.7	6.4
	Purchases of goods and services	9.1	10.2	10.2	10.0	9.9
	Interest	3.7	2.2	2.1	1.8	1.6
	Subsidies	….	2.4	2.7	2.3	2.1
	Grants	0.2	0.0	0.0	0.0	0.0
	Social benefits	….	14.5	14.8	14.5	14.5
	Other payments	….	0.8	0.8	1.0	1.1
Net cash inflow from operating activities		3.5	2.3	2.6	4.6	6.3
CASH FLOWS FROM INVESTMENTS IN NONFINANCIAL ASSETS
Net cash outflow from investments in nonfinancial assets		3.3	3.0	2.6	2.9	3.1
	Fixed assets	2.8	3.0	2.9	3.0	3.3
	Change in inventories	0.0	0.0	0.0	0.0	0.0
	Valuables	0.0	0.0	0.0	0.0	0.0
	Nonproduced assets	0.0	-0.1	-0.2	-0.1	-0.2
Cash surplus/deficit		0.2	-0.6	0.0	1.7	3.2
CASH FLOWS FROM FINANCING ACTIVITIES
Net Acquisition of Financial Assets other than Cash		-1.9	-3.8	-0.9	-3.2	-3.2
	Domestic	-1.8	-0.7	-0.7	-1.9	-3.2
	Foreign	-0.1	-3.1	-0.2	-1.3	0.0
	Monetary gold and SDRs	0.0	0.0	0.0	0.0	0.0
Net Incurrence of Liabilities		-1.1	-1.2	0.7	-2.0	-7.0
	Domestic	-0.7	0.4	0.9	0.9	-1.2
	Foreign	-0.4	-1.6	-0.3	-2.9	-5.8
Net cash inflow from financing activities		0.8	2.6	1.6	1.2	-3.8
Net change in the stock of cash		1.0	2.0	1.6	3.0	-0.6
Nominal GDP (in millions of leva)		29,709	32,335	34,547	38,275	41,948

Source: Bulgarian Ministry of Finance.

Table A21.

Bulgaria: Cash Flow Statement—Consolidated Central Government (GFSM 2001 Definition) 2001–05

Source: Bulgarian Ministry of Finance.

Table A21.

Bulgaria: Cash Flow Statement—Consolidated Central Government (GFSM 2001 Definition) 2001–05

		2001	2002	2003	2004	2005
		(In millions of leva)
CASH FLOWS FROM OPERATING ACTIVITIES
Cash receipts from operating activities		10,199	11,116	12,484	14,950	16,877
	Taxes	5,185	5,438	6,527	8,474	9,829
	Social contributions	2,498	3,075	3,654	4,080	4,410
	Grants	394	423	298	439	497
	Other receipts	2,122	2,179	2,005	1,957	2,141
Cash payments for operating activities		9,293	10,533	11,712	13,426	14,396
	Compensation of employees	783	1,123	1,356	1,528	1,620
	Purchases of goods and services	2,088	2,535	2,740	2,915	3,116
	Interest	1,096	701	721	693	680
	Subsidies	543	587	738	778	770
	Grants	723	1,011	758	1,590	1,664
	Social benefits	3,945	4,349	5,122	5,537	6,093
	Other payments	115	227	276	384	453
Net cash inflow from operating activities		906	583	773	1,524	2,481
CASH FLOWS FROM INVESTMENTS IN NONFINANCIAL ASSETS
Net cash outflow from investments in nonfinancial assets		846	759	706	898	1,007
	Fixed assets	834	748	721	864	951
	Change in inventories	-1	13	-12	-8	-14
	Nonproduced assets	13	-1	-3	42	70
Cash surplus/deficit		60	-177	67	625	1,474
CASH FLOWS FROM FINANCING ACTIVITIES
Net Acquisition of Financial Assets other than Cash		-500	-1,167	-257	-1,183	-1,279
	Domestic	-474	-156	-196	-696	-1,271
	Foreign	-26	-1,012	-62	-487	-8
Net Incurrence of Liabilities		-277	-366	204	-780	-3,031
	Domestic	-224	125	306	358	-581
	Foreign	-52	-491	-102	-1,138	-2,450
Net cash inflow from financing activities		224	801	462	403	-1,752
Net change in the stock of cash		283	624	529	1,029	-279
		(In percent of GDP)
CASH FLOWS FROM OPERATING ACTIVITIES
Cash receipts from operating activities		34.3	34.4	36.1	39.1	40.2
	Taxes	17.5	16.8	18.9	22.1	23.4
	Social contributions	8.4	9.5	10.6	10.7	10.5
	Grants	1.3	1.3	0.9	1.1	1.2
	Other receipts	7.1	6.7	5.8	5.1	5.1
Cash payments for operating activities		31.3	32.6	33.9	35.1	34.3
	Compensation of employees	2.6	3.5	3.9	4.0	3.9
	Purchases of goods and services	7.0	7.8	7.9	7.6	7.4
	Interest	3.7	2.2	2.1	1.8	1.6
	Subsidies	1.8	1.8	2.1	2.0	1.8
	Grants	2.4	3.1	2.2	4.2	4.0
	Social benefits	13.3	13.5	14.8	14.5	14.5
	Other payments	0.4	0.7	0.8	1.0	1.1
Net cash inflow from operating activities		3.0	1.8	2.2	4.0	5.9
CASH FLOWS FROM INVESTMENTS IN NONFINANCIAL ASSETS
Net cash outflow from investments in nonfinancial assets		2.8	2.3	2.0	2.3	2.4
	Fixed assets	2.8	2.3	2.1	2.3	2.3
	Change in inventories	0.0	0.0	0.0	0.0	0.0
	Nonproduced assets	0.0	0.0	0.0	0.1	0.2
Cash surplus/deficit (1-2-31)		0.2	-0.5	0.2	1.6	3.5
CASH FLOWS FROM FINANCING ACTIVITIES
Net Acquisition of Financial Assets other than Cash		-1.7	-3.6	-0.7	-3.1	-3.0
	Domestic	-1.6	-0.5	-0.6	-1.8	-3.0
	Foreign	-0.1	-3.1	-0.2	-1.3	0.0
Net Incurrence of Liabilities		-0.9	-1.1	0.6	-2.0	-7.2
	Domestic	-0.8	0.4	0.9	0.9	-1.4
	Foreign	-0.2	-1.5	-0.3	-3.0	-5.8
Net cash inflow from financing activities		0.8	2.5	1.3	1.1	-4.2
Net change in the stock of cash		1.0	1.9	1.5	2.7	-0.7
Memorandum item
	Nominal GDP (in millions of leva)	29,709	32,335	34,547	38,275	41,948

Source: Bulgarian Ministry of Finance.

Table A21.

Bulgaria: Cash Flow Statement—Consolidated Central Government (GFSM 2001 Definition) 2001–05

		2001	2002	2003	2004	2005
		(In millions of leva)
CASH FLOWS FROM OPERATING ACTIVITIES
Cash receipts from operating activities		10,199	11,116	12,484	14,950	16,877
	Taxes	5,185	5,438	6,527	8,474	9,829
	Social contributions	2,498	3,075	3,654	4,080	4,410
	Grants	394	423	298	439	497
	Other receipts	2,122	2,179	2,005	1,957	2,141
Cash payments for operating activities		9,293	10,533	11,712	13,426	14,396
	Compensation of employees	783	1,123	1,356	1,528	1,620
	Purchases of goods and services	2,088	2,535	2,740	2,915	3,116
	Interest	1,096	701	721	693	680
	Subsidies	543	587	738	778	770
	Grants	723	1,011	758	1,590	1,664
	Social benefits	3,945	4,349	5,122	5,537	6,093
	Other payments	115	227	276	384	453
Net cash inflow from operating activities		906	583	773	1,524	2,481
CASH FLOWS FROM INVESTMENTS IN NONFINANCIAL ASSETS
Net cash outflow from investments in nonfinancial assets		846	759	706	898	1,007
	Fixed assets	834	748	721	864	951
	Change in inventories	-1	13	-12	-8	-14
	Nonproduced assets	13	-1	-3	42	70
Cash surplus/deficit		60	-177	67	625	1,474
CASH FLOWS FROM FINANCING ACTIVITIES
Net Acquisition of Financial Assets other than Cash		-500	-1,167	-257	-1,183	-1,279
	Domestic	-474	-156	-196	-696	-1,271
	Foreign	-26	-1,012	-62	-487	-8
Net Incurrence of Liabilities		-277	-366	204	-780	-3,031
	Domestic	-224	125	306	358	-581
	Foreign	-52	-491	-102	-1,138	-2,450
Net cash inflow from financing activities		224	801	462	403	-1,752
Net change in the stock of cash		283	624	529	1,029	-279
		(In percent of GDP)
CASH FLOWS FROM OPERATING ACTIVITIES
Cash receipts from operating activities		34.3	34.4	36.1	39.1	40.2
	Taxes	17.5	16.8	18.9	22.1	23.4
	Social contributions	8.4	9.5	10.6	10.7	10.5
	Grants	1.3	1.3	0.9	1.1	1.2
	Other receipts	7.1	6.7	5.8	5.1	5.1
Cash payments for operating activities		31.3	32.6	33.9	35.1	34.3
	Compensation of employees	2.6	3.5	3.9	4.0	3.9
	Purchases of goods and services	7.0	7.8	7.9	7.6	7.4
	Interest	3.7	2.2	2.1	1.8	1.6
	Subsidies	1.8	1.8	2.1	2.0	1.8
	Grants	2.4	3.1	2.2	4.2	4.0
	Social benefits	13.3	13.5	14.8	14.5	14.5
	Other payments	0.4	0.7	0.8	1.0	1.1
Net cash inflow from operating activities		3.0	1.8	2.2	4.0	5.9
CASH FLOWS FROM INVESTMENTS IN NONFINANCIAL ASSETS
Net cash outflow from investments in nonfinancial assets		2.8	2.3	2.0	2.3	2.4
	Fixed assets	2.8	2.3	2.1	2.3	2.3
	Change in inventories	0.0	0.0	0.0	0.0	0.0
	Nonproduced assets	0.0	0.0	0.0	0.1	0.2
Cash surplus/deficit (1-2-31)		0.2	-0.5	0.2	1.6	3.5
CASH FLOWS FROM FINANCING ACTIVITIES
Net Acquisition of Financial Assets other than Cash		-1.7	-3.6	-0.7	-3.1	-3.0
	Domestic	-1.6	-0.5	-0.6	-1.8	-3.0
	Foreign	-0.1	-3.1	-0.2	-1.3	0.0
Net Incurrence of Liabilities		-0.9	-1.1	0.6	-2.0	-7.2
	Domestic	-0.8	0.4	0.9	0.9	-1.4
	Foreign	-0.2	-1.5	-0.3	-3.0	-5.8
Net cash inflow from financing activities		0.8	2.5	1.3	1.1	-4.2
Net change in the stock of cash		1.0	1.9	1.5	2.7	-0.7
Memorandum item
	Nominal GDP (in millions of leva)	29,709	32,335	34,547	38,275	41,948

Source: Bulgarian Ministry of Finance.

Table A22.

Bulgaria: Revenue—Consolidated Central Government (GFSM 2001 Definition), 2001–05

Source: Bulgarian Ministry of Finance.

Table A22.

Bulgaria: Revenue—Consolidated Central Government (GFSM 2001 Definition), 2001–05

			2001	2002	2003	2004	2005
			(In millions of leva)
Revenue			10,199	11,116	12,484	14,950	16,877
Taxes			5,185	5,438	6,527	8,474	9,829
	Taxes on income, profits, and capital gains		1,277	1,088	1,477	2,186	2,271
	Taxes on goods and services		3,604	4,159	4,813	5,988	7,179
		General taxes on goods and services	2,454	2,688	3,101	3,891	4,798
		Excises	1,107	1,314	1,544	1,885	2,188
		Taxes on specific services	43	25	24	35	6
		Other taxes on goods and services	0	132	144	178	187
	Taxes on international trade and transactions		195	188	231	292	372
	Other taxes		109	3	6	7	8
Social contributions			2,498	3,075	3,654	4,080	4,410
	Social security contributions		2,310	3,075	3,654	4,080	4,410
		Employee contributions	453	588	665	735	949
		Employer contributions	1,439	2,126	2,576	2,863	2,913
		Self-employed or nonemployed contributions	189	360	412	483	548
		Unallocable contributions	228	0	0	0	0
	Other social contributions		188	0	0	0	0
Grants			394	423	298	439	497
	From foreign governments		348	0	0	0	0
	From international organizations		0	282	296	439	497
	From other general government units		46	140	2	0	0
Other revenue			2,122	2,179	2,005	1,957	2,141
	Property income		973	825	765	687	512
	Sales of goods and services		837	557	500	540	883
	Fines, penalties, and forfeits		270	295	247	246	260
	Miscellaneous and unidentified revenue		42	493	486	475	466
			(In percent of GDP)
Revenue			34.3	34.4	36.1	39.1	40.2
Taxes			17.5	16.8	18.9	22.1	23.4
	Taxes on income, profits, and capital gains		4.3	3.4	4.3	5.7	5.4
	Taxes on goods and services		12.1	12.9	13.9	15.6	17.1
		General taxes on goods and services	8.3	8.3	9.0	10.2	11.4
		Excises	3.7	4.1	4.5	4.9	5.2
		Taxes on specific services	0.1	0.1	0.1	0.1	0.0
		Taxes on use of goods and on permission to use goods	0.0	0.0	0.0	0.0	0.0
		Other taxes on goods and services	0.0	0.4	0.4	0.5	0.4
	Taxes on international trade and transactions		0.7	0.6	0.7	0.8	0.9
	Other taxes		0.4	0.0	0.0	0.0	0.0
Social contributions			8.4	9.5	10.6	10.7	10.5
	Social security contributions		7.8	9.5	10.6	10.7	10.5
		Employee contributions	1.5	1.8	1.9	1.9	2.3
		Employer contributions	4.8	6.6	7.5	7.5	6.9
		Self-employed or nonemployed contributions	0.6	1.1	1.2	1.3	1.3
		Unallocable contributions	0.8	0.0	0.0	0.0	0.0
	Other social contributions		0.6	0.0	0.0	0.0	0.0
Grants			1.3	1.3	0.9	1.1	1.2
	From foreign governments		1.2	0.0	0.0	0.0	0.0
	From international organizations		0.0	0.9	0.9	1.1	1.2
	From other general government units		0.2	0.4	0.0	0.0	0.0
Other revenue			7.1	6.7	5.8	5.1	5.1
	Property income		3.3	2.6	2.2	1.8	1.2
	Sales of goods and services		2.8	1.7	1.4	1.4	2.1
	Fines, penalties, and forfeits		0.9	0.9	0.7	0.6	0.6
	Miscellaneous and unidentified revenue		0.1	1.5	1.4	1.2	1.1
Memorandum item
	Nominal GDP (in millions of leva)		29,709	32,335	34,547	38,275	41,948

Source: Bulgarian Ministry of Finance.

Table A22.

Bulgaria: Revenue—Consolidated Central Government (GFSM 2001 Definition), 2001–05

			2001	2002	2003	2004	2005
			(In millions of leva)
Revenue			10,199	11,116	12,484	14,950	16,877
Taxes			5,185	5,438	6,527	8,474	9,829
	Taxes on income, profits, and capital gains		1,277	1,088	1,477	2,186	2,271
	Taxes on goods and services		3,604	4,159	4,813	5,988	7,179
		General taxes on goods and services	2,454	2,688	3,101	3,891	4,798
		Excises	1,107	1,314	1,544	1,885	2,188
		Taxes on specific services	43	25	24	35	6
		Other taxes on goods and services	0	132	144	178	187
	Taxes on international trade and transactions		195	188	231	292	372
	Other taxes		109	3	6	7	8
Social contributions			2,498	3,075	3,654	4,080	4,410
	Social security contributions		2,310	3,075	3,654	4,080	4,410
		Employee contributions	453	588	665	735	949
		Employer contributions	1,439	2,126	2,576	2,863	2,913
		Self-employed or nonemployed contributions	189	360	412	483	548
		Unallocable contributions	228	0	0	0	0
	Other social contributions		188	0	0	0	0
Grants			394	423	298	439	497
	From foreign governments		348	0	0	0	0
	From international organizations		0	282	296	439	497
	From other general government units		46	140	2	0	0
Other revenue			2,122	2,179	2,005	1,957	2,141
	Property income		973	825	765	687	512
	Sales of goods and services		837	557	500	540	883
	Fines, penalties, and forfeits		270	295	247	246	260
	Miscellaneous and unidentified revenue		42	493	486	475	466
			(In percent of GDP)
Revenue			34.3	34.4	36.1	39.1	40.2
Taxes			17.5	16.8	18.9	22.1	23.4
	Taxes on income, profits, and capital gains		4.3	3.4	4.3	5.7	5.4
	Taxes on goods and services		12.1	12.9	13.9	15.6	17.1
		General taxes on goods and services	8.3	8.3	9.0	10.2	11.4
		Excises	3.7	4.1	4.5	4.9	5.2
		Taxes on specific services	0.1	0.1	0.1	0.1	0.0
		Taxes on use of goods and on permission to use goods	0.0	0.0	0.0	0.0	0.0
		Other taxes on goods and services	0.0	0.4	0.4	0.5	0.4
	Taxes on international trade and transactions		0.7	0.6	0.7	0.8	0.9
	Other taxes		0.4	0.0	0.0	0.0	0.0
Social contributions			8.4	9.5	10.6	10.7	10.5
	Social security contributions		7.8	9.5	10.6	10.7	10.5
		Employee contributions	1.5	1.8	1.9	1.9	2.3
		Employer contributions	4.8	6.6	7.5	7.5	6.9
		Self-employed or nonemployed contributions	0.6	1.1	1.2	1.3	1.3
		Unallocable contributions	0.8	0.0	0.0	0.0	0.0
	Other social contributions		0.6	0.0	0.0	0.0	0.0
Grants			1.3	1.3	0.9	1.1	1.2
	From foreign governments		1.2	0.0	0.0	0.0	0.0
	From international organizations		0.0	0.9	0.9	1.1	1.2
	From other general government units		0.2	0.4	0.0	0.0	0.0
Other revenue			7.1	6.7	5.8	5.1	5.1
	Property income		3.3	2.6	2.2	1.8	1.2
	Sales of goods and services		2.8	1.7	1.4	1.4	2.1
	Fines, penalties, and forfeits		0.9	0.9	0.7	0.6	0.6
	Miscellaneous and unidentified revenue		0.1	1.5	1.4	1.2	1.1
Memorandum item
	Nominal GDP (in millions of leva)		29,709	32,335	34,547	38,275	41,948

Source: Bulgarian Ministry of Finance.

Table A23.

Bulgaria: Total Outlays—Consolidated Central Government (GFSM 2001 Definition) 2001–05

Source: Bulgarian Ministry of Finance.

Table A23.

Bulgaria: Total Outlays—Consolidated Central Government (GFSM 2001 Definition) 2001–05

				2001	2002	2003	2004	2005
				(In millions of leva)
Total outlays				10,139	11,293	12,417	14,324	15,403
	General public services			2,412	2,339	2,127	3,017	3,063
		Public debt transactions n.e.c.		1,096	702	721	693	680
		Transfers of general character between levels of government		672	1,011	758	1,590	1,664
	Defense			622	821	815	862	906
	Public order and safety			554	865	949	1,056	1,140
	Economic affairs			1,157	1,318	1,477	1,683	1,851
		Agriculture, forestry, fishing and hunting		202	322	368	378	456
		Fuel and energy		96	55	57	41	17
		Mining, manufacturing, and construction		0	0	0	2	8
		Transport		490	515	551	626	634
	Housing and community amenities			193	105	87	101	91
	Health			985	1,228	1,479	1,658	1,878
	Recreation, culture and religion			143	151	195	198	212
	Education			456	568	651	709	825
	Social protection			3,622	3,898	4,637	5,041	5,437
	Statistical discrepancy (sales of nonfinancial assets)
Expense				9,293	10,533	11,711	13,426	14,396
	Compensation of employees			783	1,123	1,356	1,528	1,620
		Wages and salaries		312	856	1,027	1,154	1,243
		Social contributions		471	267	328	374	378
			Actual social contributions	471	267	328	374	378
			Imputed social contributions	0	0	0	….	….
	Use of goods and services			2,088	2,535	2,740	2,915	3,116
	Interest			1,096	701	721	693	680
	Subsidies			543	587	738	778	770
	Grants			723	1,011	758	1,590	1,664
		To foreign governments		51	0	0	0	0
		To other general government units		672	1,011	758	1,590	1,664
	Social benefits			3,945	4,349	5,122	5,537	6,093
		Social security benefits		….	3,672	4,121	4,601	5,068
		Social assistance benefits		….	250	665	555	618
		Employer social benefits		….	427	336	382	408
	Other expense			115	227	276	384	453
Net Acquisition of Nonfinancial Assets				846	759	706	898	1,007
	Fixed assets			834	748	721	864	951
	Change in inventories			-1	13	-12	-8	-14
	Nonproduced assets			13	-1	-3	42	70
				(In percent of GDP)
Total outlays				34.1	34.9	35.9	37.4	36.7
	General public services			8.1	7.2	6.2	7.9	7.3
		Public debt transactions n.e.c.		3.7	2.2	2.1	1.8	1.6
		Transfers of general character between levels of government		2.3	3.1	2.2	4.2	4.0
	Defense			2.1	2.5	2.4	2.3	2.2
	Public order and safety			1.9	2.7	2.7	2.8	2.7
	Economic affairs			3.9	4.1	4.3	4.4	4.4
		Agriculture, forestry, fishing and hunting		0.7	1.0	1.1	1.0	1.1
		Fuel and energy		0.3	0.2	0.2	0.1	0.0
		Mining, manufacturing, and construction		0.0	0.0	0.0	0.0	0.0
		Transport		1.6	1.6	1.6	1.6	1.5
	Housing and community amenities			0.6	0.3	0.3	0.3	0.2
	Health			3.3	3.8	4.3	4.3	4.5
	Recreation, culture and religion			0.5	0.5	0.6	0.5	0.5
	Education			1.5	1.8	1.9	1.9	2.0
	Social protection			12.2	12.1	13.4	13.2	13.0
	Statistical discrepancy (sales of nonfinancial assets)			0.0	0.0	0.0	0.0	0.0
Expense				31.3	32.6	33.9	35.1	34.3
	Compensation of employees			2.6	3.5	3.9	4.0	3.9
		Wages and salaries		1.0	2.6	3.0	3.0	3.0
		Social contributions		1.6	0.8	1.0	1.0	0.9
	Use of goods and services			7.0	7.8	7.9	7.6	7.4
	Interest			3.7	2.2	2.1	1.8	1.6
	Subsidies			1.8	1.8	2.1	2.0	1.8
	Grants			2.4	3.1	2.2	4.2	4.0
		To foreign governments		0.2	0.0	0.0	0.0	0.0
		To international organizations		0.0	0.0	0.0	0.0	0.0
		To other general government units		2.3	3.1	2.2	4.2	4.0
	Social benefits			13.3	13.5	14.8	14.5	14.5
		Social security benefits		….	11.4	11.9	12.0	12.1
		Social assistance benefits		….	0.8	1.9	1.5	1.5
		Employer social benefits		….	1.3	1.0	1.0	1.0
	Other expense			0.4	0.7	0.8	1.0	1.1
Net Acquisition of Nonfinancial Assets				2.8	2.3	2.0	2.3	2.4
	Fixed assets			2.8	2.3	2.1	2.3	2.3
	Change in inventories			0.0	0.0	0.0	0.0	0.0
	Nonproduced assets			0.0	0.0	0.0	0.1	0.2
Memorandum item
	Nominal GDP (in millions of leva)			29,709	32,335	34,547	38,275	41,948

Source: Bulgarian Ministry of Finance.

Table A23.

Bulgaria: Total Outlays—Consolidated Central Government (GFSM 2001 Definition) 2001–05

				2001	2002	2003	2004	2005
				(In millions of leva)
Total outlays				10,139	11,293	12,417	14,324	15,403
	General public services			2,412	2,339	2,127	3,017	3,063
		Public debt transactions n.e.c.		1,096	702	721	693	680
		Transfers of general character between levels of government		672	1,011	758	1,590	1,664
	Defense			622	821	815	862	906
	Public order and safety			554	865	949	1,056	1,140
	Economic affairs			1,157	1,318	1,477	1,683	1,851
		Agriculture, forestry, fishing and hunting		202	322	368	378	456
		Fuel and energy		96	55	57	41	17
		Mining, manufacturing, and construction		0	0	0	2	8
		Transport		490	515	551	626	634
	Housing and community amenities			193	105	87	101	91
	Health			985	1,228	1,479	1,658	1,878
	Recreation, culture and religion			143	151	195	198	212
	Education			456	568	651	709	825
	Social protection			3,622	3,898	4,637	5,041	5,437
	Statistical discrepancy (sales of nonfinancial assets)
Expense				9,293	10,533	11,711	13,426	14,396
	Compensation of employees			783	1,123	1,356	1,528	1,620
		Wages and salaries		312	856	1,027	1,154	1,243
		Social contributions		471	267	328	374	378
			Actual social contributions	471	267	328	374	378
			Imputed social contributions	0	0	0	….	….
	Use of goods and services			2,088	2,535	2,740	2,915	3,116
	Interest			1,096	701	721	693	680
	Subsidies			543	587	738	778	770
	Grants			723	1,011	758	1,590	1,664
		To foreign governments		51	0	0	0	0
		To other general government units		672	1,011	758	1,590	1,664
	Social benefits			3,945	4,349	5,122	5,537	6,093
		Social security benefits		….	3,672	4,121	4,601	5,068
		Social assistance benefits		….	250	665	555	618
		Employer social benefits		….	427	336	382	408
	Other expense			115	227	276	384	453
Net Acquisition of Nonfinancial Assets				846	759	706	898	1,007
	Fixed assets			834	748	721	864	951
	Change in inventories			-1	13	-12	-8	-14
	Nonproduced assets			13	-1	-3	42	70
				(In percent of GDP)
Total outlays				34.1	34.9	35.9	37.4	36.7
	General public services			8.1	7.2	6.2	7.9	7.3
		Public debt transactions n.e.c.		3.7	2.2	2.1	1.8	1.6
		Transfers of general character between levels of government		2.3	3.1	2.2	4.2	4.0
	Defense			2.1	2.5	2.4	2.3	2.2
	Public order and safety			1.9	2.7	2.7	2.8	2.7
	Economic affairs			3.9	4.1	4.3	4.4	4.4
		Agriculture, forestry, fishing and hunting		0.7	1.0	1.1	1.0	1.1
		Fuel and energy		0.3	0.2	0.2	0.1	0.0
		Mining, manufacturing, and construction		0.0	0.0	0.0	0.0	0.0
		Transport		1.6	1.6	1.6	1.6	1.5
	Housing and community amenities			0.6	0.3	0.3	0.3	0.2
	Health			3.3	3.8	4.3	4.3	4.5
	Recreation, culture and religion			0.5	0.5	0.6	0.5	0.5
	Education			1.5	1.8	1.9	1.9	2.0
	Social protection			12.2	12.1	13.4	13.2	13.0
	Statistical discrepancy (sales of nonfinancial assets)			0.0	0.0	0.0	0.0	0.0
Expense				31.3	32.6	33.9	35.1	34.3
	Compensation of employees			2.6	3.5	3.9	4.0	3.9
		Wages and salaries		1.0	2.6	3.0	3.0	3.0
		Social contributions		1.6	0.8	1.0	1.0	0.9
	Use of goods and services			7.0	7.8	7.9	7.6	7.4
	Interest			3.7	2.2	2.1	1.8	1.6
	Subsidies			1.8	1.8	2.1	2.0	1.8
	Grants			2.4	3.1	2.2	4.2	4.0
		To foreign governments		0.2	0.0	0.0	0.0	0.0
		To international organizations		0.0	0.0	0.0	0.0	0.0
		To other general government units		2.3	3.1	2.2	4.2	4.0
	Social benefits			13.3	13.5	14.8	14.5	14.5
		Social security benefits		….	11.4	11.9	12.0	12.1
		Social assistance benefits		….	0.8	1.9	1.5	1.5
		Employer social benefits		….	1.3	1.0	1.0	1.0
	Other expense			0.4	0.7	0.8	1.0	1.1
Net Acquisition of Nonfinancial Assets				2.8	2.3	2.0	2.3	2.4
	Fixed assets			2.8	2.3	2.1	2.3	2.3
	Change in inventories			0.0	0.0	0.0	0.0	0.0
	Nonproduced assets			0.0	0.0	0.0	0.1	0.2
Memorandum item
	Nominal GDP (in millions of leva)			29,709	32,335	34,547	38,275	41,948

Source: Bulgarian Ministry of Finance.

Table A24.

Bulgaria: Cash Flow Statement—Budgetary Central Government (GFSM 2001 Definition) 2001–05

Source: Bulgarian Ministry of Finance.

Table A24.

Bulgaria: Cash Flow Statement—Budgetary Central Government (GFSM 2001 Definition) 2001–05

				2001	2002	2003	2004	2005
				(In millions of leva)
Total outlays				10,139	11,293	12,417	14,324	15,403
	General public services			2,412	2,339	2,127	3,017	3,063
		Public debt transactions n.e.c.		1,096	702	721	693	680
		Transfers of general character between levels of government		672	1,011	758	1,590	1,664
	Defense			622	821	815	862	906
	Public order and safety			554	865	949	1,056	1,140
	Economic affairs			1,157	1,318	1,477	1,683	1,851
		Agriculture, forestry, fishing and hunting		202	322	368	378	456
		Fuel and energy		96	55	57	41	17
		Mining, manufacturing, and construction		0	0	0	2	8
		Transport		490	515	551	626	634
	Housing and community amenities			193	105	87	101	91
	Health			985	1,228	1,479	1,658	1,878
	Recreation, culture and religion			143	151	195	198	212
	Education			456	568	651	709	825
	Social protection			3,622	3,898	4,637	5,041	5,437
	Statistical discrepancy (sales of nonfinancial assets)
Expense				9,293	10,533	11,711	13,426	14,396
	Compensation of employees			783	1,123	1,356	1,528	1,620
		Wages and salaries		312	856	1,027	1,154	1,243
		Social contributions		471	267	328	374	378
			Actual social contributions	471	267	328	374	378
			Imputed social contributions	0	0	0	….	….
	Use of goods and services			2,088	2,535	2,740	2,915	3,116
	Interest			1,096	701	721	693	680
	Subsidies			543	587	738	778	770
	Grants			723	1,011	758	1,590	1,664
		To foreign governments		51	0	0	0	0
		To other general government units		672	1,011	758	1,590	1,664
	Social benefits			3,945	4,349	5,122	5,537	6,093
		Social security benefits		….	3,672	4,121	4,601	5,068
		Social assistance benefits		….	250	665	555	618
		Employer social benefits		….	427	336	382	408
	Other expense			115	227	276	384	453
Net Acquisition of Nonfinancial Assets				846	759	706	898	1,007
	Fixed assets			834	748	721	864	951
	Change in inventories			-1	13	-12	-8	-14
	Nonproduced assets			13	-1	-3	42	70
				(In percent of GDP)
Total outlays				34.1	34.9	35.9	37.4	36.7
	General public services			8.1	7.2	6.2	7.9	7.3
		Public debt transactions n.e.c.		3.7	2.2	2.1	1.8	1.6
		Transfers of general character between levels of government		2.3	3.1	2.2	4.2	4.0
	Defense			2.1	2.5	2.4	2.3	2.2
	Public order and safety			1.9	2.7	2.7	2.8	2.7
	Economic affairs			3.9	4.1	4.3	4.4	4.4
		Agriculture, forestry, fishing and hunting		0.7	1.0	1.1	1.0	1.1
		Fuel and energy		0.3	0.2	0.2	0.1	0.0
		Mining, manufacturing, and construction		0.0	0.0	0.0	0.0	0.0
		Transport		1.6	1.6	1.6	1.6	1.5
	Housing and community amenities			0.6	0.3	0.3	0.3	0.2
	Health			3.3	3.8	4.3	4.3	4.5
	Recreation, culture and religion			0.5	0.5	0.6	0.5	0.5
	Education			1.5	1.8	1.9	1.9	2.0
	Social protection			12.2	12.1	13.4	13.2	13.0
	Statistical discrepancy (sales of nonfinancial assets)			0.0	0.0	0.0	0.0	0.0
Expense				31.3	32.6	33.9	35.1	34.3
	Compensation of employees			2.6	3.5	3.9	4.0	3.9
		Wages and salaries		1.0	2.6	3.0	3.0	3.0
		Social contributions		1.6	0.8	1.0	1.0	0.9
	Use of goods and services			7.0	7.8	7.9	7.6	7.4
	Interest			3.7	2.2	2.1	1.8	1.6
	Subsidies			1.8	1.8	2.1	2.0	1.8
	Grants			2.4	3.1	2.2	4.2	4.0
		To foreign governments		0.2	0.0	0.0	0.0	0.0
		To international organizations		0.0	0.0	0.0	0.0	0.0
		To other general government units		2.3	3.1	2.2	4.2	4.0
	Social benefits			13.3	13.5	14.8	14.5	14.5
		Social security benefits		….	11.4	11.9	12.0	12.1
		Social assistance benefits		….	0.8	1.9	1.5	1.5
		Employer social benefits		….	1.3	1.0	1.0	1.0
	Other expense			0.4	0.7	0.8	1.0	1.1
Net Acquisition of Nonfinancial Assets				2.8	2.3	2.0	2.3	2.4
	Fixed assets			2.8	2.3	2.1	2.3	2.3
	Change in inventories			0.0	0.0	0.0	0.0	0.0
	Nonproduced assets			0.0	0.0	0.0	0.1	0.2
Memorandum item
	Nominal GDP (in millions of leva)			29,709	32,335	34,547	38,275	41,948

Source: Bulgarian Ministry of Finance.

Table A24.

Bulgaria: Cash Flow Statement—Budgetary Central Government (GFSM 2001 Definition) 2001–05

				2001	2002	2003	2004	2005
				(In millions of leva)
Total outlays				10,139	11,293	12,417	14,324	15,403
	General public services			2,412	2,339	2,127	3,017	3,063
		Public debt transactions n.e.c.		1,096	702	721	693	680
		Transfers of general character between levels of government		672	1,011	758	1,590	1,664
	Defense			622	821	815	862	906
	Public order and safety			554	865	949	1,056	1,140
	Economic affairs			1,157	1,318	1,477	1,683	1,851
		Agriculture, forestry, fishing and hunting		202	322	368	378	456
		Fuel and energy		96	55	57	41	17
		Mining, manufacturing, and construction		0	0	0	2	8
		Transport		490	515	551	626	634
	Housing and community amenities			193	105	87	101	91
	Health			985	1,228	1,479	1,658	1,878
	Recreation, culture and religion			143	151	195	198	212
	Education			456	568	651	709	825
	Social protection			3,622	3,898	4,637	5,041	5,437
	Statistical discrepancy (sales of nonfinancial assets)
Expense				9,293	10,533	11,711	13,426	14,396
	Compensation of employees			783	1,123	1,356	1,528	1,620
		Wages and salaries		312	856	1,027	1,154	1,243
		Social contributions		471	267	328	374	378
			Actual social contributions	471	267	328	374	378
			Imputed social contributions	0	0	0	….	….
	Use of goods and services			2,088	2,535	2,740	2,915	3,116
	Interest			1,096	701	721	693	680
	Subsidies			543	587	738	778	770
	Grants			723	1,011	758	1,590	1,664
		To foreign governments		51	0	0	0	0
		To other general government units		672	1,011	758	1,590	1,664
	Social benefits			3,945	4,349	5,122	5,537	6,093
		Social security benefits		….	3,672	4,121	4,601	5,068
		Social assistance benefits		….	250	665	555	618
		Employer social benefits		….	427	336	382	408
	Other expense			115	227	276	384	453
Net Acquisition of Nonfinancial Assets				846	759	706	898	1,007
	Fixed assets			834	748	721	864	951
	Change in inventories			-1	13	-12	-8	-14
	Nonproduced assets			13	-1	-3	42	70
				(In percent of GDP)
Total outlays				34.1	34.9	35.9	37.4	36.7
	General public services			8.1	7.2	6.2	7.9	7.3
		Public debt transactions n.e.c.		3.7	2.2	2.1	1.8	1.6
		Transfers of general character between levels of government		2.3	3.1	2.2	4.2	4.0
	Defense			2.1	2.5	2.4	2.3	2.2
	Public order and safety			1.9	2.7	2.7	2.8	2.7
	Economic affairs			3.9	4.1	4.3	4.4	4.4
		Agriculture, forestry, fishing and hunting		0.7	1.0	1.1	1.0	1.1
		Fuel and energy		0.3	0.2	0.2	0.1	0.0
		Mining, manufacturing, and construction		0.0	0.0	0.0	0.0	0.0
		Transport		1.6	1.6	1.6	1.6	1.5
	Housing and community amenities			0.6	0.3	0.3	0.3	0.2
	Health			3.3	3.8	4.3	4.3	4.5
	Recreation, culture and religion			0.5	0.5	0.6	0.5	0.5
	Education			1.5	1.8	1.9	1.9	2.0
	Social protection			12.2	12.1	13.4	13.2	13.0
	Statistical discrepancy (sales of nonfinancial assets)			0.0	0.0	0.0	0.0	0.0
Expense				31.3	32.6	33.9	35.1	34.3
	Compensation of employees			2.6	3.5	3.9	4.0	3.9
		Wages and salaries		1.0	2.6	3.0	3.0	3.0
		Social contributions		1.6	0.8	1.0	1.0	0.9
	Use of goods and services			7.0	7.8	7.9	7.6	7.4
	Interest			3.7	2.2	2.1	1.8	1.6
	Subsidies			1.8	1.8	2.1	2.0	1.8
	Grants			2.4	3.1	2.2	4.2	4.0
		To foreign governments		0.2	0.0	0.0	0.0	0.0
		To international organizations		0.0	0.0	0.0	0.0	0.0
		To other general government units		2.3	3.1	2.2	4.2	4.0
	Social benefits			13.3	13.5	14.8	14.5	14.5
		Social security benefits		….	11.4	11.9	12.0	12.1
		Social assistance benefits		….	0.8	1.9	1.5	1.5
		Employer social benefits		….	1.3	1.0	1.0	1.0
	Other expense			0.4	0.7	0.8	1.0	1.1
Net Acquisition of Nonfinancial Assets				2.8	2.3	2.0	2.3	2.4
	Fixed assets			2.8	2.3	2.1	2.3	2.3
	Change in inventories			0.0	0.0	0.0	0.0	0.0
	Nonproduced assets			0.0	0.0	0.0	0.1	0.2
Memorandum item
	Nominal GDP (in millions of leva)			29,709	32,335	34,547	38,275	41,948

Source: Bulgarian Ministry of Finance.

Table A25.

Bulgaria: Cash Flow Statement—Extrabudgetary Accounts (GFSM 2001 Definition), 2001–05

Source: Bulgarian Ministry of Finance.

Table A25.

Bulgaria: Cash Flow Statement—Extrabudgetary Accounts (GFSM 2001 Definition), 2001–05

		2001	2002	2003	2004	2005
		(In millions of leva)
CASH FLOWS FROM OPERATING ACTIVITIES
Cash receipts from operating activities		637	390	546	699	862
	Taxes	53	2	0	0	0
	Social contributions	0	0	0	0	0
	Grants	395	364	531	683	789
	Other receipts	189	25	14	16	73
Cash payments for operating activities		281	527	257	360	478
	Compensation of employees	10	7	5	7	8
	Purchases of goods and services	153	88	78	83	93
	Interest	0	0	0	0	0
	Subsidies	40	36	54	89	78
	Grants	38	330	9	3	84
	Social benefits	19	0	0	0	0
	Other payments	22	66	110	178	214
Net cash inflow from operating activities		356	-137	289	339	384
CASH FLOWS FROM INVESTMENTS IN NONFINANCIAL ASSETS
Net cash outflow from investments in nonfinancial assets		151	157	142	181	226
	Fixed assets	153	157	142	180	213
	Change in inventories	0	0	0	0	0
	Nonproduced assets	-1	0	0	1	13
Cash surplus/deficit		205	-294	146	158	158
CASH FLOWS FROM FINANCING ACTIVITIES
Net Acquisition of Financial Assets other than Cash		33	-27	60	-12	-104
	Domestic	33	-27	60	-12	-104
Net Incurrence of Liabilities		40	39	-1	0	0
	Domestic	2	0	-2	0	0
	Foreign	38	39	0	0	0
Net cash inflow from financing activities		7	66	-61	12	104
Net change in the stock of cash		212	-228	85	170	263
		(In percent of GDP)
CASH FLOWS FROM OPERATING ACTIVITIES
Cash receipts from operating activities		2.1	1.2	1.6	1.8	2.1
	Taxes	0.2	0.0	0.0	0.0	0.0
	Social contributions	0.0	0.0	0.0	0.0	0.0
	Grants	1.3	1.1	1.5	1.8	1.9
	Other receipts	0.6	0.1	0.0	0.0	0.2
Cash payments for operating activities		0.9	1.6	0.7	0.9	1.1
	Compensation of employees	0.0	0.0	0.0	0.0	0.0
	Purchases of goods and services	0.5	0.3	0.2	0.2	0.2
	Interest	0.0	0.0	0.0	0.0	0.0
	Subsidies	0.1	0.1	0.2	0.2	0.2
	Grants	0.1	1.0	0.0	0.0	0.2
	Social benefits	0.1	0.0	0.0	0.0	0.0
	Other payments	0.1	0.2	0.3	0.5	0.5
Net cash inflow from operating activities		1.2	-0.4	0.8	0.9	0.9
CASH FLOWS FROM INVESTMENTS IN NONFINANCIAL ASSETS
Net cash outflow from investments in nonfinancial assets		0.5	0.5	0.4	0.5	0.5
	Fixed assets	0.5	0.5	0.4	0.5	0.5
	Change in inventories	0.0	0.0	0.0	0.0	0.0
	Nonproduced assets	0.0	0.0	0.0	0.0	0.0
Cash surplus/deficit		0.7	-0.9	0.4	0.4	0.4
CASH FLOWS FROM FINANCING ACTIVITIES
Net Acquisition of Financial Assets other than Cash		0.1	-0.1	0.2	0.0	-0.2
	Domestic	0.1	-0.1	0.2	0.0	-0.2
Net Incurrence of Liabilities		0.1	0.1	0.0	0.0	0.0
	Domestic	0.0	0.0	0.0	0.0	0.0
	Foreign	0.1	0.1	0.0	0.0	0.0
Net cash inflow from financing activities		0.0	0.2	-0.2	0.0	0.2
Net change in the stock of cash		0.7	-0.7	0.2	0.4	0.6
Memorandum item
	Nominal GDP (in millions of leva)	29,709	32,335	34,547	38,275	41,948

Source: Bulgarian Ministry of Finance.

Table A25.

Bulgaria: Cash Flow Statement—Extrabudgetary Accounts (GFSM 2001 Definition), 2001–05

		2001	2002	2003	2004	2005
		(In millions of leva)
CASH FLOWS FROM OPERATING ACTIVITIES
Cash receipts from operating activities		637	390	546	699	862
	Taxes	53	2	0	0	0
	Social contributions	0	0	0	0	0
	Grants	395	364	531	683	789
	Other receipts	189	25	14	16	73
Cash payments for operating activities		281	527	257	360	478
	Compensation of employees	10	7	5	7	8
	Purchases of goods and services	153	88	78	83	93
	Interest	0	0	0	0	0
	Subsidies	40	36	54	89	78
	Grants	38	330	9	3	84
	Social benefits	19	0	0	0	0
	Other payments	22	66	110	178	214
Net cash inflow from operating activities		356	-137	289	339	384
CASH FLOWS FROM INVESTMENTS IN NONFINANCIAL ASSETS
Net cash outflow from investments in nonfinancial assets		151	157	142	181	226
	Fixed assets	153	157	142	180	213
	Change in inventories	0	0	0	0	0
	Nonproduced assets	-1	0	0	1	13
Cash surplus/deficit		205	-294	146	158	158
CASH FLOWS FROM FINANCING ACTIVITIES
Net Acquisition of Financial Assets other than Cash		33	-27	60	-12	-104
	Domestic	33	-27	60	-12	-104
Net Incurrence of Liabilities		40	39	-1	0	0
	Domestic	2	0	-2	0	0
	Foreign	38	39	0	0	0
Net cash inflow from financing activities		7	66	-61	12	104
Net change in the stock of cash		212	-228	85	170	263
		(In percent of GDP)
CASH FLOWS FROM OPERATING ACTIVITIES
Cash receipts from operating activities		2.1	1.2	1.6	1.8	2.1
	Taxes	0.2	0.0	0.0	0.0	0.0
	Social contributions	0.0	0.0	0.0	0.0	0.0
	Grants	1.3	1.1	1.5	1.8	1.9
	Other receipts	0.6	0.1	0.0	0.0	0.2
Cash payments for operating activities		0.9	1.6	0.7	0.9	1.1
	Compensation of employees	0.0	0.0	0.0	0.0	0.0
	Purchases of goods and services	0.5	0.3	0.2	0.2	0.2
	Interest	0.0	0.0	0.0	0.0	0.0
	Subsidies	0.1	0.1	0.2	0.2	0.2
	Grants	0.1	1.0	0.0	0.0	0.2
	Social benefits	0.1	0.0	0.0	0.0	0.0
	Other payments	0.1	0.2	0.3	0.5	0.5
Net cash inflow from operating activities		1.2	-0.4	0.8	0.9	0.9
CASH FLOWS FROM INVESTMENTS IN NONFINANCIAL ASSETS
Net cash outflow from investments in nonfinancial assets		0.5	0.5	0.4	0.5	0.5
	Fixed assets	0.5	0.5	0.4	0.5	0.5
	Change in inventories	0.0	0.0	0.0	0.0	0.0
	Nonproduced assets	0.0	0.0	0.0	0.0	0.0
Cash surplus/deficit		0.7	-0.9	0.4	0.4	0.4
CASH FLOWS FROM FINANCING ACTIVITIES
Net Acquisition of Financial Assets other than Cash		0.1	-0.1	0.2	0.0	-0.2
	Domestic	0.1	-0.1	0.2	0.0	-0.2
Net Incurrence of Liabilities		0.1	0.1	0.0	0.0	0.0
	Domestic	0.0	0.0	0.0	0.0	0.0
	Foreign	0.1	0.1	0.0	0.0	0.0
Net cash inflow from financing activities		0.0	0.2	-0.2	0.0	0.2
Net change in the stock of cash		0.7	-0.7	0.2	0.4	0.6
Memorandum item
	Nominal GDP (in millions of leva)	29,709	32,335	34,547	38,275	41,948

Source: Bulgarian Ministry of Finance.

Table A26.

Bulgaria: Cash Flow Statement—Social Security Funds (GFSM 2001 Definition), 2001–05

Source: Bulgarian Ministry of Finance.

Table A26.

Bulgaria: Cash Flow Statement—Social Security Funds (GFSM 2001 Definition), 2001–05

		2001	2002	2003	2004	2005
		(In millions of leva)
CASH FLOWS FROM OPERATING ACTIVITIES
Cash receipts from operating activities		4,105	4,264	4,646	5,100	5,549
	Taxes	0	0	0	0	0
	Social contributions	2,498	3,075	3,654	4,080	4,410
	Grants	1,430	1,027	925	927	1,040
	Other receipts	177	162	67	93	99
Cash payments for operating activities		3,869	4,173	4,637	5,073	5,572
	Compensation of employees	41	34	43	53	59
	Purchases of goods and services	34	21	22	53	55
	Interest	2	1	1	1	1
	Grants	0	5	4	5	5
	Social benefits	3,793	4,111	4,568	4,961	5,451
	Other payments	0	0	0	0	0
Net cash inflow from operating activities		235	91	9	27	-23
CASH FLOWS FROM INVESTMENTS IN NONFINANCIAL ASSETS
Net cash outflow from investments in nonfinancial assets		18	4	2	9	9
	Fixed assets	17	4	2	7	8
	Change in inventories	0	0	0	0	0
	Valuables	0	0	0	0	0
	Nonproduced assets	1	0	0	2	1
Cash surplus/deficit		218	87	7	18	-32
CASH FLOWS FROM FINANCING ACTIVITIES
Net Acquisition of Financial Assets other than Cash		0	2	-1	16	7
	Domestic	0	2	-1	11	7
Net Incurrence of Liabilities		1	-1	-9	2	-25
	Domestic	-11	0	2	0	-17
	Foreign	13	-1	-12	2	-8
Net cash inflow from financing activities		1	-3	-8	-14	-32
Net change in the stock of cash		219	84	-1	4	-64
		(In percent of GDP)
CASH FLOWS FROM OPERATING ACTIVITIES
Cash receipts from operating activities		13.8	13.2	13.4	13.3	13.2
	Taxes	0.0	0.0	0.0	0.0	0.0
	Social contributions	8.4	9.5	10.6	10.7	10.5
	Grants	4.8	3.2	2.7	2.4	2.5
	Other receipts	0.6	0.5	0.2	0.2	0.2
Cash payments for operating activities		13.0	12.9	13.4	13.3	13.3
	Compensation of employees	0.1	0.1	0.1	0.1	0.1
	Purchases of goods and services	0.1	0.1	0.1	0.1	0.1
	Interest	0.0	0.0	0.0	0.0	0.0
	Grants	0.0	0.0	0.0	0.0	0.0
	Social benefits	12.8	12.7	13.2	13.0	13.0
	Other payments	0.0	0.0	0.0	0.0	0.0
Net cash inflow from operating activities		0.8	0.3	0.0	0.1	-0.1
CASH FLOWS FROM INVESTMENTS IN NONFINANCIAL ASSETS
Net cash outflow from investments in nonfinancial assets		0.1	0.0	0.0	0.0	0.0
	Fixed assets	0.1	0.0	0.0	0.0	0.0
	Change in inventories	0.0	0.0	0.0	0.0	0.0
	Valuables	0.0	0.0	0.0	0.0	0.0
	Nonproduced assets	0.0	0.0	0.0	0.0	0.0
Cash surplus/deficit		0.7	0.3	0.0	0.0	-0.1
CASH FLOWS FROM FINANCING ACTIVITIES
Net Acquisition of Financial Assets other than Cash		0.0	0.0	0.0	0.0	0.0
	Domestic	0.0	0.0	0.0	0.0	0.0
Net Incurrence of Liabilities		0.0	0.0	0.0	0.0	-0.1
	Domestic	0.0	0.0	0.0	0.0	0.0
	Foreign	0.0	0.0	0.0	0.0	0.0
Net cash inflow from financing activities		0.0	0.0	0.0	0.0	-0.1
Net change in the stock of cash		0.7	0.3	0.0	0.0	-0.2
Memorandum item
	Nominal GDP (in millions of leva)	29,709	32,335	34,547	38,275	41,948

Source: Bulgarian Ministry of Finance.

Table A26.

Bulgaria: Cash Flow Statement—Social Security Funds (GFSM 2001 Definition), 2001–05

		2001	2002	2003	2004	2005
		(In millions of leva)
CASH FLOWS FROM OPERATING ACTIVITIES
Cash receipts from operating activities		4,105	4,264	4,646	5,100	5,549
	Taxes	0	0	0	0	0
	Social contributions	2,498	3,075	3,654	4,080	4,410
	Grants	1,430	1,027	925	927	1,040
	Other receipts	177	162	67	93	99
Cash payments for operating activities		3,869	4,173	4,637	5,073	5,572
	Compensation of employees	41	34	43	53	59
	Purchases of goods and services	34	21	22	53	55
	Interest	2	1	1	1	1
	Grants	0	5	4	5	5
	Social benefits	3,793	4,111	4,568	4,961	5,451
	Other payments	0	0	0	0	0
Net cash inflow from operating activities		235	91	9	27	-23
CASH FLOWS FROM INVESTMENTS IN NONFINANCIAL ASSETS
Net cash outflow from investments in nonfinancial assets		18	4	2	9	9
	Fixed assets	17	4	2	7	8
	Change in inventories	0	0	0	0	0
	Valuables	0	0	0	0	0
	Nonproduced assets	1	0	0	2	1
Cash surplus/deficit		218	87	7	18	-32
CASH FLOWS FROM FINANCING ACTIVITIES
Net Acquisition of Financial Assets other than Cash		0	2	-1	16	7
	Domestic	0	2	-1	11	7
Net Incurrence of Liabilities		1	-1	-9	2	-25
	Domestic	-11	0	2	0	-17
	Foreign	13	-1	-12	2	-8
Net cash inflow from financing activities		1	-3	-8	-14	-32
Net change in the stock of cash		219	84	-1	4	-64
		(In percent of GDP)
CASH FLOWS FROM OPERATING ACTIVITIES
Cash receipts from operating activities		13.8	13.2	13.4	13.3	13.2
	Taxes	0.0	0.0	0.0	0.0	0.0
	Social contributions	8.4	9.5	10.6	10.7	10.5
	Grants	4.8	3.2	2.7	2.4	2.5
	Other receipts	0.6	0.5	0.2	0.2	0.2
Cash payments for operating activities		13.0	12.9	13.4	13.3	13.3
	Compensation of employees	0.1	0.1	0.1	0.1	0.1
	Purchases of goods and services	0.1	0.1	0.1	0.1	0.1
	Interest	0.0	0.0	0.0	0.0	0.0
	Grants	0.0	0.0	0.0	0.0	0.0
	Social benefits	12.8	12.7	13.2	13.0	13.0
	Other payments	0.0	0.0	0.0	0.0	0.0
Net cash inflow from operating activities		0.8	0.3	0.0	0.1	-0.1
CASH FLOWS FROM INVESTMENTS IN NONFINANCIAL ASSETS
Net cash outflow from investments in nonfinancial assets		0.1	0.0	0.0	0.0	0.0
	Fixed assets	0.1	0.0	0.0	0.0	0.0
	Change in inventories	0.0	0.0	0.0	0.0	0.0
	Valuables	0.0	0.0	0.0	0.0	0.0
	Nonproduced assets	0.0	0.0	0.0	0.0	0.0
Cash surplus/deficit		0.7	0.3	0.0	0.0	-0.1
CASH FLOWS FROM FINANCING ACTIVITIES
Net Acquisition of Financial Assets other than Cash		0.0	0.0	0.0	0.0	0.0
	Domestic	0.0	0.0	0.0	0.0	0.0
Net Incurrence of Liabilities		0.0	0.0	0.0	0.0	-0.1
	Domestic	0.0	0.0	0.0	0.0	0.0
	Foreign	0.0	0.0	0.0	0.0	0.0
Net cash inflow from financing activities		0.0	0.0	0.0	0.0	-0.1
Net change in the stock of cash		0.7	0.3	0.0	0.0	-0.2
Memorandum item
	Nominal GDP (in millions of leva)	29,709	32,335	34,547	38,275	41,948

Source: Bulgarian Ministry of Finance.

Table A27.

Bulgaria: Cash Flow Statement—Local Governments

(GFSM 2001 Definition), 2001–05

Source: Bulgarian Ministry of Finance.

Table A27.

Bulgaria: Cash Flow Statement—Local Governments

(GFSM 2001 Definition), 2001–05

		2001	2002	2003	2004	2005
		(In millions of leva)
CASH FLOWS FROM OPERATING ACTIVITIES
Cash receipts from operating activities		1,987	2,451	2,093	2,303	2,394
	Taxes	1,020	1,227	1,107	429	464
	Social contributions	0	0	0	0	0
	Grants	673	1,013	759	1,591	1,665
	Other receipts	294	211	227	282	266
Cash payments for operating activities		1,839	2,281	1,955	2,076	2,225
	Compensation of employees	700	823	957	1,046	1,070
	Purchases of goods and services	630	758	769	915	1,020
	Interest	10	11	2	4	6
	Subsidies	….	185	202	90	105
	Grants	46	141	2	0	0
	Social benefits	….	347	6	5	5
	Other payments	….	17	17	15	19
Net cash inflow from operating activities		149	170	138	227	169
CASH FLOWS FROM INVESTMENTS IN NONFINANCIAL ASSETS
Net cash outflow from investments in nonfinancial assets		148	201	204	196	309
	Fixed assets	0	230	264	274	451
	Nonproduced assets	0	-29	-60	-78	-141
Cash surplus/deficit		1	-31	-66	31	-140
CASH FLOWS FROM FINANCING ACTIVITIES
Net Acquisition of Financial Assets other than Cash		-56	-53	-55	-46	-59
	Domestic	-56	-53	-55	-46	-59
Net Incurrence of Liabilities		-46	-14	33	26	100
	Domestic	24	10	17	3	75
	Foreign	-70	-24	15	24	24
Net cash inflow from financing activities		10	39	87	73	158
Net change in the stock of cash		11	8	21	104	18
		(In percent of GDP)
CASH FLOWS FROM OPERATING ACTIVITIES
Cash receipts from operating activities		6.7	7.6	6.1	6.0	5.7
	Taxes	3.4	3.8	3.2	1.1	1.1
	Social contributions	0.0	0.0	0.0	0.0	0.0
	Grants	2.3	3.2	2.2	4.2	4.0
	Other receipts	1.0	0.6	0.7	0.7	0.6
Cash payments for operating activities		6.2	7.1	5.7	5.4	5.3
	Compensation of employees	2.4	2.5	2.8	2.7	2.6
	Purchases of goods and services	2.1	2.3	2.2	2.4	2.4
	Interest	0.0	0.0	0.0	0.0	0.0
	Subsidies	….	0.6	0.6	0.2	0.3
	Grants	0.2	0.4	0.0	0.0	0.0
	Social benefits	….	1.1	0.0	0.0	0.0
	Other payments	….	0.1	0.0	0.0	0.0
Net cash inflow from operating activities		0.5	0.5	0.4	0.6	0.4
CASH FLOWS FROM INVESTMENTS IN NONFINANCIAL ASSETS
Net cash outflow from investments in nonfinancial assets		0.5	0.6	0.6	0.5	0.7
	Fixed assets	0.0	0.7	0.8	0.7	1.1
	Nonproduced assets	0.0	-0.1	-0.2	-0.2	-0.3
Cash surplus/deficit		0.0	-0.1	-0.2	0.1	-0.3
CASH FLOWS FROM FINANCING ACTIVITIES
Net Acquisition of Financial Assets other than Cash		-0.2	-0.2	-0.2	-0.1	-0.1
	Domestic	-0.2	-0.2	-0.2	-0.1	-0.1
Net Incurrence of Liabilities		-0.2	0.0	0.1	0.1	0.2
	Domestic	0.1	0.0	0.1	0.0	0.2
	Foreign	-0.2	-0.1	0.0	0.1	0.1
Net cash inflow from financing activities		0.0	0.1	0.3	0.2	0.4
Net change in the stock of cash		0.0	0.0	0.1	0.3	0.0
Memorandum item
	Nominal GDP (in millions of leva)	29,709	32,335	34,547	38,275	41,948

Source: Bulgarian Ministry of Finance.

Table A27.

Bulgaria: Cash Flow Statement—Local Governments

(GFSM 2001 Definition), 2001–05

		2001	2002	2003	2004	2005
		(In millions of leva)
CASH FLOWS FROM OPERATING ACTIVITIES
Cash receipts from operating activities		1,987	2,451	2,093	2,303	2,394
	Taxes	1,020	1,227	1,107	429	464
	Social contributions	0	0	0	0	0
	Grants	673	1,013	759	1,591	1,665
	Other receipts	294	211	227	282	266
Cash payments for operating activities		1,839	2,281	1,955	2,076	2,225
	Compensation of employees	700	823	957	1,046	1,070
	Purchases of goods and services	630	758	769	915	1,020
	Interest	10	11	2	4	6
	Subsidies	….	185	202	90	105
	Grants	46	141	2	0	0
	Social benefits	….	347	6	5	5
	Other payments	….	17	17	15	19
Net cash inflow from operating activities		149	170	138	227	169
CASH FLOWS FROM INVESTMENTS IN NONFINANCIAL ASSETS
Net cash outflow from investments in nonfinancial assets		148	201	204	196	309
	Fixed assets	0	230	264	274	451
	Nonproduced assets	0	-29	-60	-78	-141
Cash surplus/deficit		1	-31	-66	31	-140
CASH FLOWS FROM FINANCING ACTIVITIES
Net Acquisition of Financial Assets other than Cash		-56	-53	-55	-46	-59
	Domestic	-56	-53	-55	-46	-59
Net Incurrence of Liabilities		-46	-14	33	26	100
	Domestic	24	10	17	3	75
	Foreign	-70	-24	15	24	24
Net cash inflow from financing activities		10	39	87	73	158
Net change in the stock of cash		11	8	21	104	18
		(In percent of GDP)
CASH FLOWS FROM OPERATING ACTIVITIES
Cash receipts from operating activities		6.7	7.6	6.1	6.0	5.7
	Taxes	3.4	3.8	3.2	1.1	1.1
	Social contributions	0.0	0.0	0.0	0.0	0.0
	Grants	2.3	3.2	2.2	4.2	4.0
	Other receipts	1.0	0.6	0.7	0.7	0.6
Cash payments for operating activities		6.2	7.1	5.7	5.4	5.3
	Compensation of employees	2.4	2.5	2.8	2.7	2.6
	Purchases of goods and services	2.1	2.3	2.2	2.4	2.4
	Interest	0.0	0.0	0.0	0.0	0.0
	Subsidies	….	0.6	0.6	0.2	0.3
	Grants	0.2	0.4	0.0	0.0	0.0
	Social benefits	….	1.1	0.0	0.0	0.0
	Other payments	….	0.1	0.0	0.0	0.0
Net cash inflow from operating activities		0.5	0.5	0.4	0.6	0.4
CASH FLOWS FROM INVESTMENTS IN NONFINANCIAL ASSETS
Net cash outflow from investments in nonfinancial assets		0.5	0.6	0.6	0.5	0.7
	Fixed assets	0.0	0.7	0.8	0.7	1.1
	Nonproduced assets	0.0	-0.1	-0.2	-0.2	-0.3
Cash surplus/deficit		0.0	-0.1	-0.2	0.1	-0.3
CASH FLOWS FROM FINANCING ACTIVITIES
Net Acquisition of Financial Assets other than Cash		-0.2	-0.2	-0.2	-0.1	-0.1
	Domestic	-0.2	-0.2	-0.2	-0.1	-0.1
Net Incurrence of Liabilities		-0.2	0.0	0.1	0.1	0.2
	Domestic	0.1	0.0	0.1	0.0	0.2
	Foreign	-0.2	-0.1	0.0	0.1	0.1
Net cash inflow from financing activities		0.0	0.1	0.3	0.2	0.4
Net change in the stock of cash		0.0	0.0	0.1	0.3	0.0
Memorandum item
	Nominal GDP (in millions of leva)	29,709	32,335	34,547	38,275	41,948

Source: Bulgarian Ministry of Finance.

Table A28.

Bulgaria: Monetary Survey, 2001–05

Source: Bulgarian National Bank.

^{^1/}Long-term deposits include deposits with agreed maturity over 2 years and deposits redeemable at notice over 3 months which are not included in broad money.

^{^2/}Includes net claims on central government and gross claims on local government and SSF’s.

Table A28.

Bulgaria: Monetary Survey, 2001–05

					2001	2002	2003	2004	2005
					(In millions of leva)
Broad money					12,401	13,857	16,566	20,394	25,260
	Currency outside banks				3,081	3,335	3,874	4,628	5,396
	Deposits				9,319	10,519	12,591	15,674	19,841
			in levs		4,400	5,302	6,514	8,873	11,097
			in foreign currency		4,919	5,218	6,077	6,802	8,744
	Repos and debt securities issued				…	3	102	92	23
			in levs		…	3	86	92	23
			in foreign currency		…	0	16	0	0
Long term financial liabilities					2,888	3,402	3,982	4,767	6,216
	Deposits 1/				15	94	202	394	617
			in levs		12	74	118	181	254
			in foreign currency		2	20	84	213	362
	Debt securities issued				6	16	54	177	210
			in levs		0	5	5	44	40
			in foreign currency		6	11	49	133	171
	Capital and reserves				2,867	3,293	3,726	4,196	5,389
Net foreign assets					9,454	9,892	10,049	11,194	13,221
	BNB				5,485	6,982	8,545	11,571	13,343
	DMB				3,969	2,910	1,504	-377	-122
Net domestic assets					5,835	7,368	10,499	13,967	18,255
	Domestic credit				6,009	7,656	10,251	13,757	18,300
		Lev credit			3,002	4,227	5,643	8,131	8,754
			Government (net) 2/		138	472	218	724	-1,079
			Non-government		2,864	3,755	5,425	7,407	9,833
				Nonfinancial corporations	1,960	2,437	3,086	3,346	3,835
				Nonbank financial corporations	15	33	60	168	136
				Households and NPISHs	888	1,285	2,279	3,894	5,862
		Foreign currency credit			3,006	3,430	4,608	5,626	9,546
			Government (net) 2/		1,427	788	546	-1,063	716
			Non-government		1,579	2,642	4,062	6,689	8,830
				Nonfinancial corporations	1,489	2,472	3,646	5,947	7,603
				Nonbank financial corporations	44	70	194	262	160
				Households and NPISHs	46	100	223	480	1,066
	Fixed assets				879	951	1,183	1,337	1,575
	Other items net				-1,052	-1,239	-935	-1,127	-1,620
					(Percent change from previous year)
Broad money					25.8	11.7	19.6	23.1	23.9
	Lev deposits				28.0	20.5	22.9	36.2	25.1
	Foreign currency deposits				21.6	6.1	16.5	11.9	28.6
Domestic credit					26.0	27.4	33.9	34.2	33.0
	Non-government				31.9	31.1	44.5	36.5	32.7
		Nonfinancial corporations			25.3	24.3	26.6	8.4	14.6
		Nonbank financial corporations			81.4	111.7	82.7	179.7	-18.9
		Households and NPISHs			48.4	44.7	77.4	70.8	50.5
					(In millions of euros)
Foreign currency deposits					2,515	2,668	3,107	3,478	4,471
	(In percent of broad money)				39.7	37.7	36.7	33.4	34.6
Net foreign assets					4,834	5,058	5,138	5,723	6,760
	BNB				2,805	3,570	4,369	5,916	6,822
	DMB				2,029	1,488	769	-193	-62

Source: Bulgarian National Bank.

^{^1/}Long-term deposits include deposits with agreed maturity over 2 years and deposits redeemable at notice over 3 months which are not included in broad money.

^{^2/}Includes net claims on central government and gross claims on local government and SSF’s.

Table A28.

Bulgaria: Monetary Survey, 2001–05

					2001	2002	2003	2004	2005
					(In millions of leva)
Broad money					12,401	13,857	16,566	20,394	25,260
	Currency outside banks				3,081	3,335	3,874	4,628	5,396
	Deposits				9,319	10,519	12,591	15,674	19,841
			in levs		4,400	5,302	6,514	8,873	11,097
			in foreign currency		4,919	5,218	6,077	6,802	8,744
	Repos and debt securities issued				…	3	102	92	23
			in levs		…	3	86	92	23
			in foreign currency		…	0	16	0	0
Long term financial liabilities					2,888	3,402	3,982	4,767	6,216
	Deposits 1/				15	94	202	394	617
			in levs		12	74	118	181	254
			in foreign currency		2	20	84	213	362
	Debt securities issued				6	16	54	177	210
			in levs		0	5	5	44	40
			in foreign currency		6	11	49	133	171
	Capital and reserves				2,867	3,293	3,726	4,196	5,389
Net foreign assets					9,454	9,892	10,049	11,194	13,221
	BNB				5,485	6,982	8,545	11,571	13,343
	DMB				3,969	2,910	1,504	-377	-122
Net domestic assets					5,835	7,368	10,499	13,967	18,255
	Domestic credit				6,009	7,656	10,251	13,757	18,300
		Lev credit			3,002	4,227	5,643	8,131	8,754
			Government (net) 2/		138	472	218	724	-1,079
			Non-government		2,864	3,755	5,425	7,407	9,833
				Nonfinancial corporations	1,960	2,437	3,086	3,346	3,835
				Nonbank financial corporations	15	33	60	168	136
				Households and NPISHs	888	1,285	2,279	3,894	5,862
		Foreign currency credit			3,006	3,430	4,608	5,626	9,546
			Government (net) 2/		1,427	788	546	-1,063	716
			Non-government		1,579	2,642	4,062	6,689	8,830
				Nonfinancial corporations	1,489	2,472	3,646	5,947	7,603
				Nonbank financial corporations	44	70	194	262	160
				Households and NPISHs	46	100	223	480	1,066
	Fixed assets				879	951	1,183	1,337	1,575
	Other items net				-1,052	-1,239	-935	-1,127	-1,620
					(Percent change from previous year)
Broad money					25.8	11.7	19.6	23.1	23.9
	Lev deposits				28.0	20.5	22.9	36.2	25.1
	Foreign currency deposits				21.6	6.1	16.5	11.9	28.6
Domestic credit					26.0	27.4	33.9	34.2	33.0
	Non-government				31.9	31.1	44.5	36.5	32.7
		Nonfinancial corporations			25.3	24.3	26.6	8.4	14.6
		Nonbank financial corporations			81.4	111.7	82.7	179.7	-18.9
		Households and NPISHs			48.4	44.7	77.4	70.8	50.5
					(In millions of euros)
Foreign currency deposits					2,515	2,668	3,107	3,478	4,471
	(In percent of broad money)				39.7	37.7	36.7	33.4	34.6
Net foreign assets					4,834	5,058	5,138	5,723	6,760
	BNB				2,805	3,570	4,369	5,916	6,822
	DMB				2,029	1,488	769	-193	-62

Source: Bulgarian National Bank.

^{^1/}Long-term deposits include deposits with agreed maturity over 2 years and deposits redeemable at notice over 3 months which are not included in broad money.

^{^2/}Includes net claims on central government and gross claims on local government and SSF’s.

Table A29.

Bulgaria: Foreign Assets of the Banking System, 2001-06

Source: Bulgarian National Bank.

^{^1/}Includes international reserves and other foreign assets of BNB

^{^2/}International reserves net of outstanding purchases from the IMF.

^{^3/}Includes claims in non-convertible currency and other illiquid assets in addition to claims on nonresident banks.

^{^4/}Includes overnight deposits, deposits with agreed maturity and deposits redeemable at notice in foreign currency with non-residents (to date, the latter category has been zero).

^{^5/}Includes foreign assets of BNB and foreign assets of DMB.

Table A29.

Bulgaria: Foreign Assets of the Banking System, 2001-06

		BNB International Reserves						Deposit Money Banks		Banking System
		Foreign assets 1/	International reserves	IMF purchases	Net reserves 2/	Foreign liabilities	Net foreign assets	Foreign assets 3/	Foreign currency deposits 4/	Foreign assets 5/	Broad money
		(In millions of U.S. dollars)
2001:	March	3,163	3,080	1,284	1,796	1,284	1,879	2,173	1,834	5,336	4,617
	June	3,123	3,040	1,261	1,779	1,261	1,862	2,069	1,826	5,191	4,537
	Sep.	3,203	3,120	1,221	1,899	1,221	1,982	2,154	1,800	5,357	5,183
	Dec.	3,581	3,580	1,109	2,471	1,109	2,472	2,102	1,629	5,683	5,588
2002:	March	3,210	3,210	1,073	2,137	1,073	2,137	2,103	1,626	5,313	5,500
	June	4,034	4,033	1,060	2,974	1,060	2,974	1,882	1,399	5,916	6,173
	Sep.	4,284	4,283	1,065	3,219	1,065	3,219	1,992	1,512	6,276	6,460
	Dec.	4,747	4,747	1,043	3,704	1,043	3,704	2,018	1,479	6,765	7,352
2003:	March	4,793	4,792	1,069	3,724	1,069	3,724	2,108	1,538	6,901	7,611
	June	5,522	5,522	1,085	4,437	1,085	4,438	1,899	1,356	7,422	8,371
	Sep.	5,888	5,887	1,169	4,718	1,169	4,719	2,097	1,443	7,985	9,081
	Dec.	6,705	6,705	1,188	5,517	1,188	5,518	1,939	1,197	8,644	10,698
2004	March	6,573	6,559	1,241	5,318	1,241	5,333	2,029	1,267	8,602	10,504
	June	7,443	7,428	1,190	6,239	1,190	6,253	2,284	1,495	9,726	11,287
	Sep.	7,732	7,717	1,167	6,550	1,167	6,565	2,200	1,465	9,932	11,905
	Dec.	9,238	9,222	1,179	8,043	1,179	8,059	3,126	1,930	12,364	14,203
2005	March	8,763	8,748	1,109	7,639	1,109	7,654	2,969	1,848	11,732	15,381
	June	9,026	9,012	1,005	8,008	1,005	8,021	2,784	1,362	11,810	14,082
	Sep.	8,803	8,789	937	7,852	937	7,866	2,927	1,815	11,730	14,620
	Dec.	8,708	8,695	660	8,035	660	8,048	3,272	2,174	11,980	15,236
2006	March	8,507	8,493	433	8,060	433	8,074	3,836	2,554	12,344	15,817

Source: Bulgarian National Bank.

^{^1/}Includes international reserves and other foreign assets of BNB

^{^2/}International reserves net of outstanding purchases from the IMF.

^{^3/}Includes claims in non-convertible currency and other illiquid assets in addition to claims on nonresident banks.

^{^4/}Includes overnight deposits, deposits with agreed maturity and deposits redeemable at notice in foreign currency with non-residents (to date, the latter category has been zero).

^{^5/}Includes foreign assets of BNB and foreign assets of DMB.

Table A29.

Bulgaria: Foreign Assets of the Banking System, 2001-06

		BNB International Reserves						Deposit Money Banks		Banking System
		Foreign assets 1/	International reserves	IMF purchases	Net reserves 2/	Foreign liabilities	Net foreign assets	Foreign assets 3/	Foreign currency deposits 4/	Foreign assets 5/	Broad money
		(In millions of U.S. dollars)
2001:	March	3,163	3,080	1,284	1,796	1,284	1,879	2,173	1,834	5,336	4,617
	June	3,123	3,040	1,261	1,779	1,261	1,862	2,069	1,826	5,191	4,537
	Sep.	3,203	3,120	1,221	1,899	1,221	1,982	2,154	1,800	5,357	5,183
	Dec.	3,581	3,580	1,109	2,471	1,109	2,472	2,102	1,629	5,683	5,588
2002:	March	3,210	3,210	1,073	2,137	1,073	2,137	2,103	1,626	5,313	5,500
	June	4,034	4,033	1,060	2,974	1,060	2,974	1,882	1,399	5,916	6,173
	Sep.	4,284	4,283	1,065	3,219	1,065	3,219	1,992	1,512	6,276	6,460
	Dec.	4,747	4,747	1,043	3,704	1,043	3,704	2,018	1,479	6,765	7,352
2003:	March	4,793	4,792	1,069	3,724	1,069	3,724	2,108	1,538	6,901	7,611
	June	5,522	5,522	1,085	4,437	1,085	4,438	1,899	1,356	7,422	8,371
	Sep.	5,888	5,887	1,169	4,718	1,169	4,719	2,097	1,443	7,985	9,081
	Dec.	6,705	6,705	1,188	5,517	1,188	5,518	1,939	1,197	8,644	10,698
2004	March	6,573	6,559	1,241	5,318	1,241	5,333	2,029	1,267	8,602	10,504
	June	7,443	7,428	1,190	6,239	1,190	6,253	2,284	1,495	9,726	11,287
	Sep.	7,732	7,717	1,167	6,550	1,167	6,565	2,200	1,465	9,932	11,905
	Dec.	9,238	9,222	1,179	8,043	1,179	8,059	3,126	1,930	12,364	14,203
2005	March	8,763	8,748	1,109	7,639	1,109	7,654	2,969	1,848	11,732	15,381
	June	9,026	9,012	1,005	8,008	1,005	8,021	2,784	1,362	11,810	14,082
	Sep.	8,803	8,789	937	7,852	937	7,866	2,927	1,815	11,730	14,620
	Dec.	8,708	8,695	660	8,035	660	8,048	3,272	2,174	11,980	15,236
2006	March	8,507	8,493	433	8,060	433	8,074	3,836	2,554	12,344	15,817

Source: Bulgarian National Bank.

^{^1/}Includes international reserves and other foreign assets of BNB

^{^2/}International reserves net of outstanding purchases from the IMF.

^{^3/}Includes claims in non-convertible currency and other illiquid assets in addition to claims on nonresident banks.

^{^4/}Includes overnight deposits, deposits with agreed maturity and deposits redeemable at notice in foreign currency with non-residents (to date, the latter category has been zero).

^{^5/}Includes foreign assets of BNB and foreign assets of DMB.

Table A30.

Bulgaria: Composition of Broad Money, 2001-06

Source: Bulgarian National Bank.

Table A30.

Bulgaria: Composition of Broad Money, 2001-06

		Currency outside banks	Overnight deposits			Narrow money (MI)	Deposits with agreed maturity up to 2 years			Deposits redeemable at notice up to 3 months			M2	Repurchase agreements	Debt securities issued up to 2 years	Broad money (M3)
		Currency outside banks	in lev	in foreign currency	total	Narrow money (MI)	in lev	in foreign currency	total	in lev	in foreign currency	total	M2	Repurchase agreements	Debt securities issued up to 2 years	Broad money (M3)
		(In millions of leva)
2001:	March	2,225	1,785	899	2,684	4,909	1,474	2,859	4,333	471	512	983	10,225	…	…	10,225
	June	2,428	1,610	1,001	2,612	5,039	1,804	2,576	4,380	488	557	1,045	10,464	…	…	10,464
	Sep.	2,602	1,672	1,042	2,714	5,316	1,901	2,798	4,699	509	579	1,088	11,102	…	…	11,102
	Dec.	3,081	1,802	1,150	2,952	6,033	2,050	3,085	5,135	548	684	1,232	12,401	…	…	12,401
2002:	March	2,855	1,737	1,069	2,806	5,661	2,075	3,345	5,420	566	682	1,248	12,330	…	…	12,330
	June	2,828	1,573	1,135	2,708	5,537	2,247	3,094	5,342	564	660	1,223	12,101	…	2	12,103
	Sep.	3,022	1,781	1,166	2,947	5,969	2,230	3,314	5,544	590	710	1,300	12,813	…	2	12,815
	Dec.	3,335	2,207	1,154	3,361	6,696	2,449	3,333	5,782	645	731	1,376	13,854	…	3	13,857
2003:	March	3,088	1,999	1,187	3,186	6,274	2,434	3,435	5,870	655	742	1,397	13,542	118	3	13,662
	June	3,356	2,227	1,251	3,479	6,834	2,530	3,385	5,915	687	761	1,448	14,197	128	2	14,328
	Sep.	3,624	2,437	1,356	3,792	7,416	2,646	3,481	6,127	728	802	1,530	15,073	165	5	15,243
	Dec.	3,874	2,927	1,229	4,156	8,030	2,797	4,018	6,815	790	830	1,620	16,465	99	2	16,566
2004:	March	3,723	2,818	1,295	4,112	7,835	2,950	4,187	7,137	829	878	1,707	16,678	125	2	16,806
	June	3,961	2,920	1,541	4,461	8,422	3,081	4,714	7,795	888	927	1,816	18,033	126	2	18,161
	Sep.	4,342	3,332	1,565	4,897	9,239	3,289	4,117	7,407	924	1,104	2,029	18,675	87	2	18,763
	Dec.	4,628	4,122	1,548	5,670	10,298	3,698	4,229	7,927	1,053	1,024	2,077	20,302	92	0	20,394
2005	March	4,487	4,497	2,346	6,843	11,331	4,582	4,971	9,553	1,091	1,201	2,292	23,176	30	0	23,205
	June	4,848	4,198	2,121	6,319	11,167	4,566	4,867	9,433	1,061	1,088	2,150	22,749	28	0	22,778
	Sep.	5,213	4,411	1,942	6,353	11,566	4,848	5,095	9,943	1,099	1,122	2,222	23,730	15	0	23,746
	Dec.	5,396	4,959	2,089	7,047	12,443	4,981	5,502	10,483	1,158	1,153	2,311	25,237	23	0	25,260
2006	March	5,113	4,905	2,354	7,258	12,371	5,049	5,779	10,828	1,166	1,173	2,339	25,538	20	0	25,558
		(In percent of broad money)
2001:	March	21.8	17.5	8.8	26.2	48.0	14.4	28.0	42.4	4.6	5.0	9.6	100.0	…	…	100.0
	June	23.2	15.4	9.6	25.0	48.2	17.2	24.6	41.9	4.7	5.3	10.0	100.0	…	…	100.0
	Sep.	23.4	15.1	9.4	24.4	47.9	17.1	25.2	42.3	4.6	5.2	9.8	100.0	…	…	100.0
	Dec.	24.8	14.5	9.3	23.8	48.7	16.5	24.9	41.4	4.4	5.5	9.9	100.0	…	…	100.0
2002:	March	23.2	14.1	8.7	22.8	45.9	16.8	27.1	44.0	4.6	5.5	10.1	100.0	…	…	100.0
	June	23.4	13.0	9.4	22.4	45.7	18.6	25.6	44.1	4.7	5.5	10.1	100.0	…	0.0	100.0
	Sep.	23.6	13.9	9.1	23.0	46.6	17.4	25.9	43.3	4.6	5.5	10.1	100.0	…	0.0	100.0
	Dec.	24.1	15.9	8.3	24.3	48.3	17.7	24.1	41.7	4.7	5.3	9.9	100.0	…	0.0	100.0
2003:	March	22.6	14.6	8.7	23.3	45.9	17.8	25.1	43.0	4.8	5.4	10.2	99.1	0.9	0.0	100.0
	June	23.4	15.5	8.7	24.3	47.7	17.7	23.6	41.3	4.8	5.3	10.1	99.1	0.9	0.0	100.0
	Sep.	23.8	16.0	8.9	24.9	48.7	17.4	22.8	40.2	4.8	5.3	10.0	98.9	1.1	0.0	100.0
	Dec.	23.4	17.7	7.4	25.1	48.5	16.9	24.3	41.1	4.8	5.0	9.8	99.4	0.6	0.0	100.0
2004:	March	22.2	16.8	7.7	24.5	46.6	17.6	24.9	42.5	4.9	5.2	10.2	99.2	0.7	0.0	100.0
	June	21.8	16.1	8.5	24.6	46.4	17.0	26.0	42.9	4.9	5.1	10.0	99.3	0.7	0.0	100.0
	Sep.	23.1	17.8	8.3	26.1	49.2	17.5	21.9	39.5	4.9	5.9	10.8	99.5	0.5	0.0	100.0
	Dec.	22.7	20.2	7.6	27.8	50.5	18.1	20.7	38.9	5.2	5.0	10.2	99.5	0.5	0.0	100.0
2005:	March	19.3	19.4	10.1	29.5	48.8	19.7	21.4	41.2	4.7	5.2	9.9	99.9	0.1	0.0	100.0
	June	21.3	18.4	9.3	27.7	49.0	20.0	21.4	41.4	4.7	4.8	9.4	99.9	0.1	0.0	100.0
	Sep.	22.0	18.6	8.2	26.8	48.7	20.4	21.5	41.9	4.6	4.7	9.4	99.9	0.1	0.0	100.0
	Dec.	21.4	19.6	8.3	27.9	49.3	19.7	21.8	41.5	4.6	4.6	9.1	99.9	0.1	0.0	100.0
2006:	March	20.0	19.2	9.2	28.4	48.4	19.8	22.6	42.4	4.6	4.6	9.2	99.9	0.1	0.0	100.0

Source: Bulgarian National Bank.

Table A30.

Bulgaria: Composition of Broad Money, 2001-06

		Currency outside banks	Overnight deposits			Narrow money (MI)	Deposits with agreed maturity up to 2 years			Deposits redeemable at notice up to 3 months			M2	Repurchase agreements	Debt securities issued up to 2 years	Broad money (M3)
		Currency outside banks	in lev	in foreign currency	total	Narrow money (MI)	in lev	in foreign currency	total	in lev	in foreign currency	total	M2	Repurchase agreements	Debt securities issued up to 2 years	Broad money (M3)
		(In millions of leva)
2001:	March	2,225	1,785	899	2,684	4,909	1,474	2,859	4,333	471	512	983	10,225	…	…	10,225
	June	2,428	1,610	1,001	2,612	5,039	1,804	2,576	4,380	488	557	1,045	10,464	…	…	10,464
	Sep.	2,602	1,672	1,042	2,714	5,316	1,901	2,798	4,699	509	579	1,088	11,102	…	…	11,102
	Dec.	3,081	1,802	1,150	2,952	6,033	2,050	3,085	5,135	548	684	1,232	12,401	…	…	12,401
2002:	March	2,855	1,737	1,069	2,806	5,661	2,075	3,345	5,420	566	682	1,248	12,330	…	…	12,330
	June	2,828	1,573	1,135	2,708	5,537	2,247	3,094	5,342	564	660	1,223	12,101	…	2	12,103
	Sep.	3,022	1,781	1,166	2,947	5,969	2,230	3,314	5,544	590	710	1,300	12,813	…	2	12,815
	Dec.	3,335	2,207	1,154	3,361	6,696	2,449	3,333	5,782	645	731	1,376	13,854	…	3	13,857
2003:	March	3,088	1,999	1,187	3,186	6,274	2,434	3,435	5,870	655	742	1,397	13,542	118	3	13,662
	June	3,356	2,227	1,251	3,479	6,834	2,530	3,385	5,915	687	761	1,448	14,197	128	2	14,328
	Sep.	3,624	2,437	1,356	3,792	7,416	2,646	3,481	6,127	728	802	1,530	15,073	165	5	15,243
	Dec.	3,874	2,927	1,229	4,156	8,030	2,797	4,018	6,815	790	830	1,620	16,465	99	2	16,566
2004:	March	3,723	2,818	1,295	4,112	7,835	2,950	4,187	7,137	829	878	1,707	16,678	125	2	16,806
	June	3,961	2,920	1,541	4,461	8,422	3,081	4,714	7,795	888	927	1,816	18,033	126	2	18,161
	Sep.	4,342	3,332	1,565	4,897	9,239	3,289	4,117	7,407	924	1,104	2,029	18,675	87	2	18,763
	Dec.	4,628	4,122	1,548	5,670	10,298	3,698	4,229	7,927	1,053	1,024	2,077	20,302	92	0	20,394
2005	March	4,487	4,497	2,346	6,843	11,331	4,582	4,971	9,553	1,091	1,201	2,292	23,176	30	0	23,205
	June	4,848	4,198	2,121	6,319	11,167	4,566	4,867	9,433	1,061	1,088	2,150	22,749	28	0	22,778
	Sep.	5,213	4,411	1,942	6,353	11,566	4,848	5,095	9,943	1,099	1,122	2,222	23,730	15	0	23,746
	Dec.	5,396	4,959	2,089	7,047	12,443	4,981	5,502	10,483	1,158	1,153	2,311	25,237	23	0	25,260
2006	March	5,113	4,905	2,354	7,258	12,371	5,049	5,779	10,828	1,166	1,173	2,339	25,538	20	0	25,558
		(In percent of broad money)
2001:	March	21.8	17.5	8.8	26.2	48.0	14.4	28.0	42.4	4.6	5.0	9.6	100.0	…	…	100.0
	June	23.2	15.4	9.6	25.0	48.2	17.2	24.6	41.9	4.7	5.3	10.0	100.0	…	…	100.0
	Sep.	23.4	15.1	9.4	24.4	47.9	17.1	25.2	42.3	4.6	5.2	9.8	100.0	…	…	100.0
	Dec.	24.8	14.5	9.3	23.8	48.7	16.5	24.9	41.4	4.4	5.5	9.9	100.0	…	…	100.0
2002:	March	23.2	14.1	8.7	22.8	45.9	16.8	27.1	44.0	4.6	5.5	10.1	100.0	…	…	100.0
	June	23.4	13.0	9.4	22.4	45.7	18.6	25.6	44.1	4.7	5.5	10.1	100.0	…	0.0	100.0
	Sep.	23.6	13.9	9.1	23.0	46.6	17.4	25.9	43.3	4.6	5.5	10.1	100.0	…	0.0	100.0
	Dec.	24.1	15.9	8.3	24.3	48.3	17.7	24.1	41.7	4.7	5.3	9.9	100.0	…	0.0	100.0
2003:	March	22.6	14.6	8.7	23.3	45.9	17.8	25.1	43.0	4.8	5.4	10.2	99.1	0.9	0.0	100.0
	June	23.4	15.5	8.7	24.3	47.7	17.7	23.6	41.3	4.8	5.3	10.1	99.1	0.9	0.0	100.0
	Sep.	23.8	16.0	8.9	24.9	48.7	17.4	22.8	40.2	4.8	5.3	10.0	98.9	1.1	0.0	100.0
	Dec.	23.4	17.7	7.4	25.1	48.5	16.9	24.3	41.1	4.8	5.0	9.8	99.4	0.6	0.0	100.0
2004:	March	22.2	16.8	7.7	24.5	46.6	17.6	24.9	42.5	4.9	5.2	10.2	99.2	0.7	0.0	100.0
	June	21.8	16.1	8.5	24.6	46.4	17.0	26.0	42.9	4.9	5.1	10.0	99.3	0.7	0.0	100.0
	Sep.	23.1	17.8	8.3	26.1	49.2	17.5	21.9	39.5	4.9	5.9	10.8	99.5	0.5	0.0	100.0
	Dec.	22.7	20.2	7.6	27.8	50.5	18.1	20.7	38.9	5.2	5.0	10.2	99.5	0.5	0.0	100.0
2005:	March	19.3	19.4	10.1	29.5	48.8	19.7	21.4	41.2	4.7	5.2	9.9	99.9	0.1	0.0	100.0
	June	21.3	18.4	9.3	27.7	49.0	20.0	21.4	41.4	4.7	4.8	9.4	99.9	0.1	0.0	100.0
	Sep.	22.0	18.6	8.2	26.8	48.7	20.4	21.5	41.9	4.6	4.7	9.4	99.9	0.1	0.0	100.0
	Dec.	21.4	19.6	8.3	27.9	49.3	19.7	21.8	41.5	4.6	4.6	9.1	99.9	0.1	0.0	100.0
2006:	March	20.0	19.2	9.2	28.4	48.4	19.8	22.6	42.4	4.6	4.6	9.2	99.9	0.1	0.0	100.0

Source: Bulgarian National Bank.

Table A31.

Bulgaria: Nominal Interest Rates and Exchange Rates, 2001–06

Source: Bulgarian National Bank.

Table A31.

Bulgaria: Nominal Interest Rates and Exchange Rates, 2001–06

		BNB basic rate	DMB lending rate		Time deposit rate		Time deposit	Lev per U.S. dollar
		Annual	Short-term	Long-term	overnight	time deposit	EUR	End-month	Month average
2001:	Jan.	4.4	14.2	16.4	0.4	3.1	3.5	2.1046	2.0848
	Feb.	4.1	12.5	14.4	0.4	3.2	3.4	2.1149	2.1223
	Mar.	4.2	10.6	15.7	0.4	3.1	3.3	2.2145	2.1513
	Apr.	4.3	9.7	14.6	0.4	3.2	3.1	2.1676	2.1919
	May	4.4	10.7	15.5	0.4	3.1	2.9	2.3064	2.2339
	Jun.	4.5	12.2	15.9	0.4	3.3	2.6	2.3064	2.2925
	Jul.	4.5	11.7	14.0	0.4	3.4	2.9	2.2340	2.2730
	Aug.	4.7	12.1	14.1	0.4	3.8	3.0	2.1357	2.1726
	Sep.	4.7	11.8	14.8	0.4	3.0	2.6	2.1420	2.1413
	Oct.	4.6	9.8	15.3	0.4	2.9	2.7	2.1631	2.1593
	Nov.	4.7	11.9	15.5	0.4	2.5	2.3	2.1981	2.2020
	Dec.	4.7	13.2	14.5	0.4	3.4	2.2	2.2193	2.1916
2002:	Jan.	4.8	10.1	15.7	0.4	2.7	2.2	2.2645	2.2147
	Feb.	4.6	9.8	15.7	0.5	2.9	2.2	2.2608	2.2480
	Mar.	4.5	9.7	14.0	0.4	2.4	2.2	2.2419	2.2337
	Apr.	4.1	10.1	14.3	0.5	3.0	2.2	2.1712	2.2096
	May.	3.9	9.6	13.9	0.5	2.9	2.1	2.0836	2.1312
	Jun.	3.7	9.7	14.6	0.5	3.2	2.1	1.9607	2.0478
	Jul.	3.7	10.3	14.5	0.5	3.5	2.2	1.9992	1.9715
	Aug.	3.8	9.9	13.2	0.5	3.0	2.4	1.9891	2.0004
	Sep.	3.8	10.1	14.5	0.5	3.0	2.1	1.9836	1.9954
	Oct.	3.7	8.7	14.0	0.5	3.2	2.2	1.9828	1.9935
	Nov.	3.7	9.0	14.2	0.6	3.1	2.2	1.9702	1.9533
	Dec.	3.4	10.2	14.2	0.5	3.2	2.2	1.8850	1.9245
2003:	Jan.	3.2	8.8	13.6	0.6	3.2	2.1	1.8083	1.8417
	Feb.	2.5	9.8	13.7	0.6	3.2	2.1	1.8140	1.8155
	Mar.	2.5	9.1	13.8	0.6	3.3	2.0	1.7952	1.8103
	Apr.	2.6	8.7	14.3	0.6	3.2	1.9	1.7571	1.8035
	May	3.0	10.5	13.6	0.6	3.2	2.0	1.6544	1.6836
	Jun.	2.9	10.1	14.4	0.6	3.2	2.0	1.7116	1.6772
	Jul.	2.5	8.7	13.1	0.5	3.1	1.9	1.7281	1.7200
	Aug.	2.5	7.8	13.9	0.5	3.2	1.9	1.7899	1.7564
	Sep.	2.6	9.7	13.2	0.6	2.9	1.8	1.6785	1.7455
	Oct.	2.6	8.1	12.8	0.6	2.9	1.9	1.6829	1.6729
	Nov.	2.6	9.3	12.9	0.6	3.0	2.0	1.6307	1.6718
	Dec.	2.7	9.5	12.9	0.5	3.2	2.2	1.5486	1.5931
2004:	Jan.	2.8	8.9	13.0	0.6	3.2	2.1	1.5793	1.5499
	Feb.	2.5	8.9	12.6	0.6	3.2	2.3	1.5750	1.5467
	Mar.	2.4	9.1	12.8	0.6	3.1	2.0	1.6000	1.5945
	Apr.	2.6	8.6	13.0	0.6	3.2	2.1	1.6371	1.6335
	May	2.8	9.1	13.1	0.6	3.2	2.0	1.6034	1.6315
	Jun.	3.8	11.0	13.2	0.6	3.1	2.2	1.6091	1.6114
	Jul.	2.4	8.5	12.8	0.6	3.1	2.1	1.6246	1.5947
	Aug.	2.4	9.1	13.0	0.6	3.3	2.0	1.6149	1.6065
	Sep.	2.4	9.1	12.7	0.6	3.3	2.1	1.5761	1.6001
	Oct.	2.4	9.3	12.4	0.6	3.3	2.1	1.5356	1.5663
	Nov.	2.4	9.6	12.5	0.6	3.2	2.2	1.4711	1.5057
	Dec.	2.4	8.7	12.2	0.6	3.0	2.2	1.4359	1.4606
2005:	Jan.	2.4	8.0	12.6	0.6	3.0	2.1	1.5004	1.4910
	Feb.	1.9	8.0	11.9	0.6	3.0	2.0	1.4753	1.5030
	Mar.	1.9	8.4	10.9	0.8	3.2	2.4	1.5087	1.4823
	Apr.	2.0	9.7	10.7	0.6	3.3	2.0	1.5095	1.5118
	May	2.0	8.8	11.7	0.6	3.2	2.1	1.5861	1.5432
	Jun.	2.1	9.2	11.3	0.6	3.4	2.2	1.6175	1.6079
	Jul.	2.0	7.6	11.6	0.7	3.3	2.3	1.6173	1.6249
	Aug.	2.0	7.4	11.6	0.6	3.3	2.2	1.6034	1.5912
	Sep.	2.0	7.0	11.0	0.7	3.3	2.2	1.6242	1.5973
	Oct.	2.0	7.1	10.4	0.7	3.3	2.2	1.6267	1.6279
	Nov.	2.0	9.1	9.9	0.6	3.3	2.2	1.6619	1.6596
	Dec.	2.1	7.7	9.7	0.6	3.4	2.4	1.6579	1.6498
2006	Jan.	2.2	8.2	10.1	0.6	3.3	2.3	1.6140	1.6140
	Feb.	2.3	9.2	9.9	0.6	3.5	2.4	1.6470	1.6383
	Mar.	2.3	8.3	9.6	0.6	3.6	2.4	1.6159	1.6272

Source: Bulgarian National Bank.

Table A31.

Bulgaria: Nominal Interest Rates and Exchange Rates, 2001–06

		BNB basic rate	DMB lending rate		Time deposit rate		Time deposit	Lev per U.S. dollar
		Annual	Short-term	Long-term	overnight	time deposit	EUR	End-month	Month average
2001:	Jan.	4.4	14.2	16.4	0.4	3.1	3.5	2.1046	2.0848
	Feb.	4.1	12.5	14.4	0.4	3.2	3.4	2.1149	2.1223
	Mar.	4.2	10.6	15.7	0.4	3.1	3.3	2.2145	2.1513
	Apr.	4.3	9.7	14.6	0.4	3.2	3.1	2.1676	2.1919
	May	4.4	10.7	15.5	0.4	3.1	2.9	2.3064	2.2339
	Jun.	4.5	12.2	15.9	0.4	3.3	2.6	2.3064	2.2925
	Jul.	4.5	11.7	14.0	0.4	3.4	2.9	2.2340	2.2730
	Aug.	4.7	12.1	14.1	0.4	3.8	3.0	2.1357	2.1726
	Sep.	4.7	11.8	14.8	0.4	3.0	2.6	2.1420	2.1413
	Oct.	4.6	9.8	15.3	0.4	2.9	2.7	2.1631	2.1593
	Nov.	4.7	11.9	15.5	0.4	2.5	2.3	2.1981	2.2020
	Dec.	4.7	13.2	14.5	0.4	3.4	2.2	2.2193	2.1916
2002:	Jan.	4.8	10.1	15.7	0.4	2.7	2.2	2.2645	2.2147
	Feb.	4.6	9.8	15.7	0.5	2.9	2.2	2.2608	2.2480
	Mar.	4.5	9.7	14.0	0.4	2.4	2.2	2.2419	2.2337
	Apr.	4.1	10.1	14.3	0.5	3.0	2.2	2.1712	2.2096
	May.	3.9	9.6	13.9	0.5	2.9	2.1	2.0836	2.1312
	Jun.	3.7	9.7	14.6	0.5	3.2	2.1	1.9607	2.0478
	Jul.	3.7	10.3	14.5	0.5	3.5	2.2	1.9992	1.9715
	Aug.	3.8	9.9	13.2	0.5	3.0	2.4	1.9891	2.0004
	Sep.	3.8	10.1	14.5	0.5	3.0	2.1	1.9836	1.9954
	Oct.	3.7	8.7	14.0	0.5	3.2	2.2	1.9828	1.9935
	Nov.	3.7	9.0	14.2	0.6	3.1	2.2	1.9702	1.9533
	Dec.	3.4	10.2	14.2	0.5	3.2	2.2	1.8850	1.9245
2003:	Jan.	3.2	8.8	13.6	0.6	3.2	2.1	1.8083	1.8417
	Feb.	2.5	9.8	13.7	0.6	3.2	2.1	1.8140	1.8155
	Mar.	2.5	9.1	13.8	0.6	3.3	2.0	1.7952	1.8103
	Apr.	2.6	8.7	14.3	0.6	3.2	1.9	1.7571	1.8035
	May	3.0	10.5	13.6	0.6	3.2	2.0	1.6544	1.6836
	Jun.	2.9	10.1	14.4	0.6	3.2	2.0	1.7116	1.6772
	Jul.	2.5	8.7	13.1	0.5	3.1	1.9	1.7281	1.7200
	Aug.	2.5	7.8	13.9	0.5	3.2	1.9	1.7899	1.7564
	Sep.	2.6	9.7	13.2	0.6	2.9	1.8	1.6785	1.7455
	Oct.	2.6	8.1	12.8	0.6	2.9	1.9	1.6829	1.6729
	Nov.	2.6	9.3	12.9	0.6	3.0	2.0	1.6307	1.6718
	Dec.	2.7	9.5	12.9	0.5	3.2	2.2	1.5486	1.5931
2004:	Jan.	2.8	8.9	13.0	0.6	3.2	2.1	1.5793	1.5499
	Feb.	2.5	8.9	12.6	0.6	3.2	2.3	1.5750	1.5467
	Mar.	2.4	9.1	12.8	0.6	3.1	2.0	1.6000	1.5945
	Apr.	2.6	8.6	13.0	0.6	3.2	2.1	1.6371	1.6335
	May	2.8	9.1	13.1	0.6	3.2	2.0	1.6034	1.6315
	Jun.	3.8	11.0	13.2	0.6	3.1	2.2	1.6091	1.6114
	Jul.	2.4	8.5	12.8	0.6	3.1	2.1	1.6246	1.5947
	Aug.	2.4	9.1	13.0	0.6	3.3	2.0	1.6149	1.6065
	Sep.	2.4	9.1	12.7	0.6	3.3	2.1	1.5761	1.6001
	Oct.	2.4	9.3	12.4	0.6	3.3	2.1	1.5356	1.5663
	Nov.	2.4	9.6	12.5	0.6	3.2	2.2	1.4711	1.5057
	Dec.	2.4	8.7	12.2	0.6	3.0	2.2	1.4359	1.4606
2005:	Jan.	2.4	8.0	12.6	0.6	3.0	2.1	1.5004	1.4910
	Feb.	1.9	8.0	11.9	0.6	3.0	2.0	1.4753	1.5030
	Mar.	1.9	8.4	10.9	0.8	3.2	2.4	1.5087	1.4823
	Apr.	2.0	9.7	10.7	0.6	3.3	2.0	1.5095	1.5118
	May	2.0	8.8	11.7	0.6	3.2	2.1	1.5861	1.5432
	Jun.	2.1	9.2	11.3	0.6	3.4	2.2	1.6175	1.6079
	Jul.	2.0	7.6	11.6	0.7	3.3	2.3	1.6173	1.6249
	Aug.	2.0	7.4	11.6	0.6	3.3	2.2	1.6034	1.5912
	Sep.	2.0	7.0	11.0	0.7	3.3	2.2	1.6242	1.5973
	Oct.	2.0	7.1	10.4	0.7	3.3	2.2	1.6267	1.6279
	Nov.	2.0	9.1	9.9	0.6	3.3	2.2	1.6619	1.6596
	Dec.	2.1	7.7	9.7	0.6	3.4	2.4	1.6579	1.6498
2006	Jan.	2.2	8.2	10.1	0.6	3.3	2.3	1.6140	1.6140
	Feb.	2.3	9.2	9.9	0.6	3.5	2.4	1.6470	1.6383
	Mar.	2.3	8.3	9.6	0.6	3.6	2.4	1.6159	1.6272

Source: Bulgarian National Bank.

Table A32.

Bulgaria: National Bank Balance Sheet, 2002-06

Source: Bulgarian National Bank.

Table A32.

Bulgaria: National Bank Balance Sheet, 2002-06

			2002				2003				2004				2005				2006
			Mar.	Jun.	Sep.	Dec.	Mar.	Jun.	Sep.	Dec.	Mar.	Jun.	Sep.	Dec.	Mar.	Jun.	Sep.	Dec.	Mar.
			(In millions of leva)
Reserve money			3,794	3,692	3,841	4,482	4,089	4,304	4,605	5,266	4,978	5,236	6,012	7,058	6,662	7,286	7,837	8,351	8,347
	Currency in circulation		3,019	3,023	3,250	3,628	3,329	3,618	3,919	4,264	4,029	4,285	4,694	5,020	4,823	5,221	5,611	5,867	5,529
	DMB reserves (net)		775	669	591	854	760	686	686	1,002	949	952	1,318	2,038	1,839	2,065	2,225	2,484	2,818
Net foreign assets			4,791	5,831	6,385	6,982	6,685	7,596	7,921	8,545	8,532	10,062	10,347	11,571	11,547	12,974	12,775	13,343	13,047
Net domestic assets			-997	-2,139	-2,544	-2,500	-2,596	-3,292	-3,315	-3,278	-3,554	-4,825	-4,335	-4,513 0	-4,885	-5,688	-4,938	-4,992	-4,700
	Government credit (net)		958	-195	-360	-251	-358	-1,051	-1,068	-508	-747	-2,085	-1,985	-1,837	-1,917	-2,670	-2,091	-2,219	-1,993
	Claims on DMBs (FX)		18	18	15	15	6	6	6	6	6	6	6	6	6	5	5	5	5
	Claims on DMBs (leva)		9	9	9	9	0	0	0	0	0	0	0	0	0	0	0	0	0
	Other items net		-1,983	-1,972	-2,208	-2,273	-2,244	-2,247	-2,254	-2,777	-2,814	-2,747	-2,358	-2,683 0	-2,975	-3,023	-2,852	-2,778	-2,712
			(Percent change from previous quarter)
Memorandum items:
	Broad money		-0.6	-1.8	5.9	8.1	-1.4	4.9	6.4	8.7	1.4	8.1	3.3	8.7	13.8	-1.8	4.3	6.4	1.2
	Lev money		-3.3	-0.3	5.7	13.3	-4.0	7.5	7.0	9.8	-0.6	5.1	9.4	13.6	8.1	0.1	6.0	6.0	-1.6
	Reserve money		-5.9	-2.7	4.0	16.7	-8.8	5.2	7.0	14.4	-5.5	5.2	14.8	17.4	-5.6	9.4	7.6	6.6	-0.1
	Contributions to reserve money growth
		NFA	-12.7	21.7	9.5	9.3	-4.3	13.6	4.3	7.9	-0.1	17.9	2.8	11.8	-0.2	12.4	-1.5	4.4	-2.2
		NDA	-31.4	114.6	18.9	-1.7	3.8	26.8	0.7	-1.1	8.4	35.8	-10.1	4.1	8.3	16.4	-13.2	1.1	-5.8
	Reserve money multiplier (Ratio)
	Broad money		3.2	3.3	3.3	3.1	3.3	3.3	3.3	3.1	3.4	3.5	3.1	2.9	3.5	3.1	3.0	3.0	3.1

Source: Bulgarian National Bank.

Table A32.

Bulgaria: National Bank Balance Sheet, 2002-06

			2002				2003				2004				2005				2006
			Mar.	Jun.	Sep.	Dec.	Mar.	Jun.	Sep.	Dec.	Mar.	Jun.	Sep.	Dec.	Mar.	Jun.	Sep.	Dec.	Mar.
			(In millions of leva)
Reserve money			3,794	3,692	3,841	4,482	4,089	4,304	4,605	5,266	4,978	5,236	6,012	7,058	6,662	7,286	7,837	8,351	8,347
	Currency in circulation		3,019	3,023	3,250	3,628	3,329	3,618	3,919	4,264	4,029	4,285	4,694	5,020	4,823	5,221	5,611	5,867	5,529
	DMB reserves (net)		775	669	591	854	760	686	686	1,002	949	952	1,318	2,038	1,839	2,065	2,225	2,484	2,818
Net foreign assets			4,791	5,831	6,385	6,982	6,685	7,596	7,921	8,545	8,532	10,062	10,347	11,571	11,547	12,974	12,775	13,343	13,047
Net domestic assets			-997	-2,139	-2,544	-2,500	-2,596	-3,292	-3,315	-3,278	-3,554	-4,825	-4,335	-4,513 0	-4,885	-5,688	-4,938	-4,992	-4,700
	Government credit (net)		958	-195	-360	-251	-358	-1,051	-1,068	-508	-747	-2,085	-1,985	-1,837	-1,917	-2,670	-2,091	-2,219	-1,993
	Claims on DMBs (FX)		18	18	15	15	6	6	6	6	6	6	6	6	6	5	5	5	5
	Claims on DMBs (leva)		9	9	9	9	0	0	0	0	0	0	0	0	0	0	0	0	0
	Other items net		-1,983	-1,972	-2,208	-2,273	-2,244	-2,247	-2,254	-2,777	-2,814	-2,747	-2,358	-2,683 0	-2,975	-3,023	-2,852	-2,778	-2,712
			(Percent change from previous quarter)
Memorandum items:
	Broad money		-0.6	-1.8	5.9	8.1	-1.4	4.9	6.4	8.7	1.4	8.1	3.3	8.7	13.8	-1.8	4.3	6.4	1.2
	Lev money		-3.3	-0.3	5.7	13.3	-4.0	7.5	7.0	9.8	-0.6	5.1	9.4	13.6	8.1	0.1	6.0	6.0	-1.6
	Reserve money		-5.9	-2.7	4.0	16.7	-8.8	5.2	7.0	14.4	-5.5	5.2	14.8	17.4	-5.6	9.4	7.6	6.6	-0.1
	Contributions to reserve money growth
		NFA	-12.7	21.7	9.5	9.3	-4.3	13.6	4.3	7.9	-0.1	17.9	2.8	11.8	-0.2	12.4	-1.5	4.4	-2.2
		NDA	-31.4	114.6	18.9	-1.7	3.8	26.8	0.7	-1.1	8.4	35.8	-10.1	4.1	8.3	16.4	-13.2	1.1	-5.8
	Reserve money multiplier (Ratio)
	Broad money		3.2	3.3	3.3	3.1	3.3	3.3	3.3	3.1	3.4	3.5	3.1	2.9	3.5	3.1	3.0	3.0	3.1

Source: Bulgarian National Bank.

Table A33.

Bulgaria: Commercial Bank Indicators, 2003-05

Source: Bulgarian National Bank based on audited annual reports of the commercial banks.

^{^1/}Annual closing of accounts.

^{^2/}Primary liquidity is defined as the sum of cash, balances on settlement accounts with BNB, and the minimum reserves over the deposit base.

^{^3/}Secondary liquidity is defined as primary liquidity plus the balances on settlement accounts with other commercial banks, overnight bank deposits, and government securities with maturity of up to 3 months.

^{^4/}Exposures to financial institutions and to NFI and other clients.

Table A33.

Bulgaria: Commercial Bank Indicators, 2003-05

	2003				2004				2005
	Mar.	Jun.	Sep.	Dec. 1/	Mar.	Jun.	Sep.	Dec. 1/	Mar.	Jun.	Sep.	Dec. 1/
Liquidity Ratios and Capital Adequcy
Primary liquidity, percent of deposits 2/	9.0	9.8	9.3	12.0	9.9	9.9	11.5	13.7	10.2	12.3	12.7	12.8
Secondary liquidity, percent of deposits 3/	27.1	26.0	24.3	26.2	24.6	27.1	26.1	31.7	27.7	30.2	29.8	31.3
Capital base (in billions of leva)	1,830	1,959	2,057	2,153	2,286	2,125	2,171	2,321	2,540	2,722	2,870	2,985
Total risk component (in billions of leva)	7,526	8,207	8,954	9,700	10,742	11,584	12,674	13,999	16,521	16,337	18,038	19,475
Total capital adequacy (in percent)	24.3	23.9	23.0	22.2	21.3	18.4	17.1	16.6	15.4	16.7	15.9	15.3
Quality of Credit Portfolio
Total (in billions of leva) 4/	10,286	10,547	11,393	11,957	13,234	14,551	15,639	17,726	22,414	20,721	21,746	24,223
Standard (in percent)	93.9	94.0	94.1	93.7	94.5	94.6	94.4	94.5	94.8	94.1	93.7	94.2
Watch (in percent)	2.8	2.8	2.6	3.0	2.5	3.0	3.1	2.7	2.9	3.1	3.3	3.1
Substandard (in percent)	0.9	0.8	0.9	0.8	0.7	0.5	0.6	1.2	1.0	1.1	1.2	1.1
Non-performing (in percent)	2.4	2.5	2.5	2.5	2.3	1.9	1.9	1.6	1.4	1.7	1.8	1.7
Provisions (in percent)	3.3	3.2	3.2	3.1	2.9	2.7	2.8	2.7	2.4	2.8	2.7	2.7

Source: Bulgarian National Bank based on audited annual reports of the commercial banks.

^{^1/}Annual closing of accounts.

^{^2/}Primary liquidity is defined as the sum of cash, balances on settlement accounts with BNB, and the minimum reserves over the deposit base.

^{^4/}Exposures to financial institutions and to NFI and other clients.

Table A33.

Bulgaria: Commercial Bank Indicators, 2003-05

	2003				2004				2005
	Mar.	Jun.	Sep.	Dec. 1/	Mar.	Jun.	Sep.	Dec. 1/	Mar.	Jun.	Sep.	Dec. 1/
Liquidity Ratios and Capital Adequcy
Primary liquidity, percent of deposits 2/	9.0	9.8	9.3	12.0	9.9	9.9	11.5	13.7	10.2	12.3	12.7	12.8
Secondary liquidity, percent of deposits 3/	27.1	26.0	24.3	26.2	24.6	27.1	26.1	31.7	27.7	30.2	29.8	31.3
Capital base (in billions of leva)	1,830	1,959	2,057	2,153	2,286	2,125	2,171	2,321	2,540	2,722	2,870	2,985
Total risk component (in billions of leva)	7,526	8,207	8,954	9,700	10,742	11,584	12,674	13,999	16,521	16,337	18,038	19,475
Total capital adequacy (in percent)	24.3	23.9	23.0	22.2	21.3	18.4	17.1	16.6	15.4	16.7	15.9	15.3
Quality of Credit Portfolio
Total (in billions of leva) 4/	10,286	10,547	11,393	11,957	13,234	14,551	15,639	17,726	22,414	20,721	21,746	24,223
Standard (in percent)	93.9	94.0	94.1	93.7	94.5	94.6	94.4	94.5	94.8	94.1	93.7	94.2
Watch (in percent)	2.8	2.8	2.6	3.0	2.5	3.0	3.1	2.7	2.9	3.1	3.3	3.1
Substandard (in percent)	0.9	0.8	0.9	0.8	0.7	0.5	0.6	1.2	1.0	1.1	1.2	1.1
Non-performing (in percent)	2.4	2.5	2.5	2.5	2.3	1.9	1.9	1.6	1.4	1.7	1.8	1.7
Provisions (in percent)	3.3	3.2	3.2	3.1	2.9	2.7	2.8	2.7	2.4	2.8	2.7	2.7

Source: Bulgarian National Bank based on audited annual reports of the commercial banks.

^{^1/}Annual closing of accounts.

^{^2/}Primary liquidity is defined as the sum of cash, balances on settlement accounts with BNB, and the minimum reserves over the deposit base.

^{^4/}Exposures to financial institutions and to NFI and other clients.

Table A34.

Bulgaria: Consolidated Income Statement of the Banking System, 2003-05

Source: Bulgarian National Bank.

^{^1/}Annual closing of accounts.

Table A34.

Bulgaria: Consolidated Income Statement of the Banking System, 2003-05

		2003				2004				2005
		Mar.	Jun.	Sep.	Dec. 1/	Mar.	Jun.	Sep.	Dec. 1/	Mar.	Jun.	Sep.	Dec. 1/
		(In millions of leva, cumulative)
Interest Income		223	466	726	1,015	300	639	1,002	1,408	430	907	1,406	1,961
	on Banks and Other Financial Institutions	17	32	46	60	13	28	47	69	28	58	92	128
	on Loans and Advances to Non-Financial Institutions and other Clients	172	358	564	799	246	526	829	1,173	360	763	1,179	1,641
	Income on Investment Securities	34	76	115	153	41	83	125	165	42	85	133	190
Divident income		0	0	2	2	0	1	1	1	0	0	2	2
Interest Expense		59	121	188	261	78	161	257	365	130	275	431	599
	on Deposits by Banks and Other Financial Institutions	9	18	26	38	12	28	44	62	28	62	95	128
	on Deposits by Non-Financial Institutions and Other Clients	44	90	141	194	53	108	169	235	78	163	258	359
	on Borrowings	6	13	20	29	12	25	44	68	24	50	78	112
Net Interest Income		164	346	538	753	222	477	744	1,043	299	632	975	1,362
Operating Income/Loss Before Tax and Extraordinary Items		152	263	349	380	142	275	409	496	157	344	555	651
	Other Non-Interest Income	65	143	233	329	94	202	312	399	124	265	409	550
	Overhead Expenses	160	331	507	721	189	397	616	892	243	498	752	1,100
Net Profit/Loss		125	218	294	319	114	224	335	421	129	277	462	573
	Revaluation Extraordinary Gain/Loss	9	18	30	36	-1	2	5	27	-6	-19	-15	22
	Profit/Loss Before Taxation	161	281	379	416	141	277	415	523	151	325	540	674

Source: Bulgarian National Bank.

^{^1/}Annual closing of accounts.

Table A34.

Bulgaria: Consolidated Income Statement of the Banking System, 2003-05

		2003				2004				2005
		Mar.	Jun.	Sep.	Dec. 1/	Mar.	Jun.	Sep.	Dec. 1/	Mar.	Jun.	Sep.	Dec. 1/
		(In millions of leva, cumulative)
Interest Income		223	466	726	1,015	300	639	1,002	1,408	430	907	1,406	1,961
	on Banks and Other Financial Institutions	17	32	46	60	13	28	47	69	28	58	92	128
	on Loans and Advances to Non-Financial Institutions and other Clients	172	358	564	799	246	526	829	1,173	360	763	1,179	1,641
	Income on Investment Securities	34	76	115	153	41	83	125	165	42	85	133	190
Divident income		0	0	2	2	0	1	1	1	0	0	2	2
Interest Expense		59	121	188	261	78	161	257	365	130	275	431	599
	on Deposits by Banks and Other Financial Institutions	9	18	26	38	12	28	44	62	28	62	95	128
	on Deposits by Non-Financial Institutions and Other Clients	44	90	141	194	53	108	169	235	78	163	258	359
	on Borrowings	6	13	20	29	12	25	44	68	24	50	78	112
Net Interest Income		164	346	538	753	222	477	744	1,043	299	632	975	1,362
Operating Income/Loss Before Tax and Extraordinary Items		152	263	349	380	142	275	409	496	157	344	555	651
	Other Non-Interest Income	65	143	233	329	94	202	312	399	124	265	409	550
	Overhead Expenses	160	331	507	721	189	397	616	892	243	498	752	1,100
Net Profit/Loss		125	218	294	319	114	224	335	421	129	277	462	573
	Revaluation Extraordinary Gain/Loss	9	18	30	36	-1	2	5	27	-6	-19	-15	22
	Profit/Loss Before Taxation	161	281	379	416	141	277	415	523	151	325	540	674

Source: Bulgarian National Bank.

^{^1/}Annual closing of accounts.

Table A35.

Bulgaria: Bank Market Structure, 2001–05

Source: Bulgarian National Bank.

Table A35.

Bulgaria: Bank Market Structure, 2001–05

			2001	2002	2003	2004	2005
			(In millions of lev unless indicated otherwise)
Banking system
	Total assets		12,221	14,557	17,323	24,870	32,886
		of which: three largest banks	5,634	6,296	7,031	9,017	11,086
	Total deposits		9,555	11,282	13,602	19,530	25,428
		of which: three largest banks	4,598	5,027	5,707	7,390	8,522
	Total private credit		3,475	4,926	9,355	13,776	18,341
		of which: three largest banks	784	1,194	3,233	5,040	6,685
	Capital and reserves		1,655	1,936	2,277	2,732	3,463
		of which: three largest banks	811	964	1,149	1,287	1,559
	Number of institutions		35	34	35	35	34
Group I (large banks)
	Total assets		8,722	10,746	12,730	18,090	24,217
	Total deposits		7,006	8,425	10,199	14,379	18,647
	Total private credit		1,922	3,287	6,831	10,189	13,701
	Capital and reserves		1,215	1,465	1,752	2,014	2,574
	Number of institutions		9	10	10	10	10
Group II (medium & small banks)
	Total assets		2,506	2,924	3,669	4,950	6,878
	Total deposits		1,791	2,077	2,564	3,434	5,114
	Total private credit		971	1,081	1,931	2,801	3,583
	Capital and reserves		412	438	500	650	801
	Number of institutions		19	18	19	19	18
Group III (foreign branches)
	Total assets		993	887	924	1,829	1,791
	Total deposits		758	780	839	1,717	1,667
	Total private credit		582	557	594	786	1,057
	Capital and reserves		28	33	24	68	88
	Number of institutions		7	6	6	6	6
			(In percent of total banking sector)
3 largest banks
	Total assets		46.1	43.3	40.6	36.3	33.7
	Total deposits		48.1	44.6	42.0	37.8	33.5
	Total private credit		37.6	34.5	32.9	36.6	36.4
	Capital and reserves		28.4	33.8	54.0	47.1	45.0
Group I (large banks)
	Total assets		71.4	73.8	73.5	72.7	73.6
	Total deposits		73.3	74.7	75.0	73.6	73.3
	Total private credit		55.3	66.7	73.0	74.0	74.7
	Capital and reserves		73.4	75.7	76.9	73.7	74.3
Group II (medium & small banks)
	Total assets		20.5	20.1	21.2	19.9	20.9
	Total deposits		18.7	18.4	18.9	17.6	20.1
	Total private credit		27.9	21.9	20.6	20.3	19.5
	Capital and reserves		24.9	22.6	22.0	23.8	23.1
Group III (foreign branches)
	Total assets		8.1	6.1	5.3	7.4	5.4
	Total deposits		7.9	6.9	6.2	8.8	6.6
	Total private credit		16.7	11.3	6.3	5.7	5.8
	Capital and reserves		1.7	1.7	1.1	2.5	2.6

Source: Bulgarian National Bank.

Table A35.

Bulgaria: Bank Market Structure, 2001–05

			2001	2002	2003	2004	2005
			(In millions of lev unless indicated otherwise)
Banking system
	Total assets		12,221	14,557	17,323	24,870	32,886
		of which: three largest banks	5,634	6,296	7,031	9,017	11,086
	Total deposits		9,555	11,282	13,602	19,530	25,428
		of which: three largest banks	4,598	5,027	5,707	7,390	8,522
	Total private credit		3,475	4,926	9,355	13,776	18,341
		of which: three largest banks	784	1,194	3,233	5,040	6,685
	Capital and reserves		1,655	1,936	2,277	2,732	3,463
		of which: three largest banks	811	964	1,149	1,287	1,559
	Number of institutions		35	34	35	35	34
Group I (large banks)
	Total assets		8,722	10,746	12,730	18,090	24,217
	Total deposits		7,006	8,425	10,199	14,379	18,647
	Total private credit		1,922	3,287	6,831	10,189	13,701
	Capital and reserves		1,215	1,465	1,752	2,014	2,574
	Number of institutions		9	10	10	10	10
Group II (medium & small banks)
	Total assets		2,506	2,924	3,669	4,950	6,878
	Total deposits		1,791	2,077	2,564	3,434	5,114
	Total private credit		971	1,081	1,931	2,801	3,583
	Capital and reserves		412	438	500	650	801
	Number of institutions		19	18	19	19	18
Group III (foreign branches)
	Total assets		993	887	924	1,829	1,791
	Total deposits		758	780	839	1,717	1,667
	Total private credit		582	557	594	786	1,057
	Capital and reserves		28	33	24	68	88
	Number of institutions		7	6	6	6	6
			(In percent of total banking sector)
3 largest banks
	Total assets		46.1	43.3	40.6	36.3	33.7
	Total deposits		48.1	44.6	42.0	37.8	33.5
	Total private credit		37.6	34.5	32.9	36.6	36.4
	Capital and reserves		28.4	33.8	54.0	47.1	45.0
Group I (large banks)
	Total assets		71.4	73.8	73.5	72.7	73.6
	Total deposits		73.3	74.7	75.0	73.6	73.3
	Total private credit		55.3	66.7	73.0	74.0	74.7
	Capital and reserves		73.4	75.7	76.9	73.7	74.3
Group II (medium & small banks)
	Total assets		20.5	20.1	21.2	19.9	20.9
	Total deposits		18.7	18.4	18.9	17.6	20.1
	Total private credit		27.9	21.9	20.6	20.3	19.5
	Capital and reserves		24.9	22.6	22.0	23.8	23.1
Group III (foreign branches)
	Total assets		8.1	6.1	5.3	7.4	5.4
	Total deposits		7.9	6.9	6.2	8.8	6.6
	Total private credit		16.7	11.3	6.3	5.7	5.8
	Capital and reserves		1.7	1.7	1.1	2.5	2.6

Source: Bulgarian National Bank.

Table A36.

Bulgaria: Sectoral Distribution of Commercial Banks’ Loans Registered in the Credit Registry, 2004–05 (In millions of leva)

Source: Bulgarian National Bank Credit Registry.

Table A36.

Bulgaria: Sectoral Distribution of Commercial Banks’ Loans Registered in the Credit Registry, 2004–05 (In millions of leva)

	2004		2005
	Total	Percent	Total	Percent
Consumer loans	3,888	28.6	6,277	34.2
Agriculture and forestry	413	3.0	479	2.6
Mining	92	0.7	116	0.6
Manufacturing	2,398	17.6	2,767	15.1
Energy and energy resources	370	2.7	345	1.9
Building	358	2.6	683	3.7
Trade, maintenance and technical equipment	3,382	24.9	4,253	23.2
Hotels and restaurants	620	4.6	740	4.0
Transport, warehousing and communications	480	3.5	546	3.0
Financial intermediaries	209	1.5	181	1.0
Real estate	633	4.7	897	4.9
State government and defense	20	0.1	30	0.2
Education	4	0.0	7	0.0
Healthcare and social activities	53	0.4	90	0.5
Other activities	656	4.8	947	5.2
Exterritorial organizations and agencies	11	0.1	7	0.0
TOTAL	13,586	100.0	18,365	100.0

Source: Bulgarian National Bank Credit Registry.

Table A36.

Bulgaria: Sectoral Distribution of Commercial Banks’ Loans Registered in the Credit Registry, 2004–05 (In millions of leva)

	2004		2005
	Total	Percent	Total	Percent
Consumer loans	3,888	28.6	6,277	34.2
Agriculture and forestry	413	3.0	479	2.6
Mining	92	0.7	116	0.6
Manufacturing	2,398	17.6	2,767	15.1
Energy and energy resources	370	2.7	345	1.9
Building	358	2.6	683	3.7
Trade, maintenance and technical equipment	3,382	24.9	4,253	23.2
Hotels and restaurants	620	4.6	740	4.0
Transport, warehousing and communications	480	3.5	546	3.0
Financial intermediaries	209	1.5	181	1.0
Real estate	633	4.7	897	4.9
State government and defense	20	0.1	30	0.2
Education	4	0.0	7	0.0
Healthcare and social activities	53	0.4	90	0.5
Other activities	656	4.8	947	5.2
Exterritorial organizations and agencies	11	0.1	7	0.0
TOTAL	13,586	100.0	18,365	100.0

Source: Bulgarian National Bank Credit Registry.

Table A37.

Bulgaria: Financial Sector Structure, 2001–05

Sources: Bulgarian National Bank, and Financial Supervision Commission.

^{^1/}Under the Bulgarian legislation the CIS are open-end investment companies, closed-end investment companies and contractual funds.

^{^2/}Under the Bulgarian legislation each pension company manages up to 3 pension funds, one fund for mandatory pension insurance, one fund for occupational pension insurance and one fund for voluntary pension insurance. The data refers to the number of pension companies.

^{^3/}The Financial Supervision Commission (FSC) has no consolidated data on securities firms for 1999-2002.

^{^4/}Total assets of non-banking investment intermediaries (in due form of valuation of the Ordinance 6 on the capital adequacy and liquidity of the investment intermediaries).

Table A37.

Bulgaria: Financial Sector Structure, 2001–05

					2001	2002	2003	2004	2005
					(Number of institutions)
Banks					35	34	35	35	34
	Foreign-owned banks				25	24	25	25	24
	Domestic banks				10	10	10	10	10
		Private banks			6	7	8	8	8
		Public banks			4	3	2	2	2
	Group I (large banks)				9	10	10	10	10
	Group II (medium & small banks)				19	18	19	19	18
	Group III (foreign branches)				7	6	6	6	6
Non-bank financial institutions
			Securities firms		97	97	108	93	88
			Finance companies		63	67	87	62	59
			Collective investment schemes 1/		3	4	5	9	26
			Insurance companies		32	32	31	31	31
				General (non-life) insurance	20	20	20	20	19
				Life insurance	12	12	11	11	12
			Pension funds 2/		8	8	8	8	8
					(Assets in millions of leva)
Total financial sector					13,112	15,718	18,951	27,494	36,686
Banks					12,221	14,557	17,324	24,870	32,886
	Group I (large banks)				8,722	10,746	12,716	18,090	24,217
	Group II (medium & small banks)				2,506	2,924	3,679	4,950	6,878
	Group III (foreign branches)				993	887	929	1,829	1,791
Nonbank financial institutions					891	1,161	1,627	2,625	3,801
			Securities firms 3/ 4/		-	-	323	820	1,323
			Finance companies		0	0	0	0	0
			Collective investment schemes		11	13	18	56	94
			Insurance companies		691	811	801	947	1,253
				General (non-life) insurance	462	572	567	675	900
				Life insurance	229	239	233	272	353
			Helth-insurance companies		-	-	-	14	18
			Pension funds		189	337	486	787	1,112
					(Assets in percent of total)
Banks					93.2	92.6	91.4	90.5	89.6
	Group I (large banks)				66.5	68.4	67.1	65.8	66.0
	Group II (medium & small banks)				19.1	18.6	19.4	18.0	18.7
	Group III (foreign branches)				7.6	5.6	4.9	6.7	4.9
Nonbank financial institutions					6.8	7.4	8.6	9.5	10.4
			Securities firms 3/		-	-	1.7	3.0	3.6
			Finance companies		0.0	0.0	0.0	0.0	0.0
			Collective investment schemes		0.1	0.1	0.1	0.2	0.3
			Insurance companies		5.3	5.2	4.2	3.4	3.4
				General (non-life) insurance	3.5	3.6	3.0	2.5	2.5
				Life insurance	1.7	1.5	1.2	1.0	1.0
			Helth-insurance companies		-	-	-	0.1	0.1
			Pension funds		1.4	2.1	2.6	2.9	3.0

Sources: Bulgarian National Bank, and Financial Supervision Commission.

^{^1/}Under the Bulgarian legislation the CIS are open-end investment companies, closed-end investment companies and contractual funds.

^{^3/}The Financial Supervision Commission (FSC) has no consolidated data on securities firms for 1999-2002.

^{^4/}Total assets of non-banking investment intermediaries (in due form of valuation of the Ordinance 6 on the capital adequacy and liquidity of the investment intermediaries).

Table A37.

Bulgaria: Financial Sector Structure, 2001–05

					2001	2002	2003	2004	2005
					(Number of institutions)
Banks					35	34	35	35	34
	Foreign-owned banks				25	24	25	25	24
	Domestic banks				10	10	10	10	10
		Private banks			6	7	8	8	8
		Public banks			4	3	2	2	2
	Group I (large banks)				9	10	10	10	10
	Group II (medium & small banks)				19	18	19	19	18
	Group III (foreign branches)				7	6	6	6	6
Non-bank financial institutions
			Securities firms		97	97	108	93	88
			Finance companies		63	67	87	62	59
			Collective investment schemes 1/		3	4	5	9	26
			Insurance companies		32	32	31	31	31
				General (non-life) insurance	20	20	20	20	19
				Life insurance	12	12	11	11	12
			Pension funds 2/		8	8	8	8	8
					(Assets in millions of leva)
Total financial sector					13,112	15,718	18,951	27,494	36,686
Banks					12,221	14,557	17,324	24,870	32,886
	Group I (large banks)				8,722	10,746	12,716	18,090	24,217
	Group II (medium & small banks)				2,506	2,924	3,679	4,950	6,878
	Group III (foreign branches)				993	887	929	1,829	1,791
Nonbank financial institutions					891	1,161	1,627	2,625	3,801
			Securities firms 3/ 4/		-	-	323	820	1,323
			Finance companies		0	0	0	0	0
			Collective investment schemes		11	13	18	56	94
			Insurance companies		691	811	801	947	1,253
				General (non-life) insurance	462	572	567	675	900
				Life insurance	229	239	233	272	353
			Helth-insurance companies		-	-	-	14	18
			Pension funds		189	337	486	787	1,112
					(Assets in percent of total)
Banks					93.2	92.6	91.4	90.5	89.6
	Group I (large banks)				66.5	68.4	67.1	65.8	66.0
	Group II (medium & small banks)				19.1	18.6	19.4	18.0	18.7
	Group III (foreign branches)				7.6	5.6	4.9	6.7	4.9
Nonbank financial institutions					6.8	7.4	8.6	9.5	10.4
			Securities firms 3/		-	-	1.7	3.0	3.6
			Finance companies		0.0	0.0	0.0	0.0	0.0
			Collective investment schemes		0.1	0.1	0.1	0.2	0.3
			Insurance companies		5.3	5.2	4.2	3.4	3.4
				General (non-life) insurance	3.5	3.6	3.0	2.5	2.5
				Life insurance	1.7	1.5	1.2	1.0	1.0
			Helth-insurance companies		-	-	-	0.1	0.1
			Pension funds		1.4	2.1	2.6	2.9	3.0

Sources: Bulgarian National Bank, and Financial Supervision Commission.

^{^1/}Under the Bulgarian legislation the CIS are open-end investment companies, closed-end investment companies and contractual funds.

^{^3/}The Financial Supervision Commission (FSC) has no consolidated data on securities firms for 1999-2002.

^{^4/}Total assets of non-banking investment intermediaries (in due form of valuation of the Ordinance 6 on the capital adequacy and liquidity of the investment intermediaries).

Table A38.

Bulgaria: Non-Bank Financial Sector, 2001–05

(In millions of leva unless specified otherwise)

Source: Financial Supervision Commission.

^{^1/}Total technical expenses.

^{^2/}Total technical income.

^{^3/}The ratio of gross premium income to GDP.

^{^4/}Under the Bulgarian legislation each pension company manages up to 3 pension funds, one fund for mandatory pension insurance, one fund for occupational pension insurance and one fund for voluntary pension insurance. The data refers to the number of pension companies.

^{^5/}Base=100 on October 17, 2000.

Table A38.

Bulgaria: Non-Bank Financial Sector, 2001–05

(In millions of leva unless specified otherwise)

				2001	2002	2003	2004	2005
Insurance sector
	Number of companies			32	32	31	31	31
			Non-life	20	20	20	20	19
			Life	12	12	11	11	12
		of which: majority foreign-owned		14	15	16	16	16
			Non-life	10	10	10	10	10
			Life	4	5	5	6	6
	Total assets			691	811	801	947	1,253
			Non-life	462	572	567	675	900
			Life	229	239	233	272	353
	Total loans			19	16	5	10	7
			Non-life	1	0	0	3	0
			Life	18	16	5	7	7
	Assets (in percent of GDP)			2.3	2.5	2.3	2.5	3.0
			Non-life	1.6	1.8	1.6	1.8	2.1
			Life	0.8	0.7	0.7	0.7	0.8
	Expenses 1/
			Non-life	749	849	1,118	1,388	1,574
			Life	136	207	221	249	335
	Income 2/
			Non-life	750	863	1,135	1,432	1,603
			Life	128	206	167	250	319
	Premium income			478	616	666	834	1,071
			Non-life	391	467	592	733	921
			Life	87	149	75	101	150
	Life insurance penetration rate 3/			2	2	2	2	3
Pension funds
	Number of funds 4/			8	8	8	8	8
	Total assets			187	332	511	787	1,112
			Mandatory	42	114	261	441
			Occupational	52	95	144	201	253
			Voluntary	135	196	253	325	418
	Assets (in percent of GDP)			0.6	1.0	1.5	2.1	2.7
	Average rate of return on assets
			Mandatory	-	14	11	11	9
			Occupational	-	6	10	11	10
			Voluntary	-	9	11	10	10
	Number of insured persons (in thousands)			597	642	2,295	2,716	2,972
			Mandatory	-	2	1,614	2,005	2,240
			Occupational	145	155	165	176	182
			Voluntary	452	485	516	535	550
Securities sector
	Securities firms
			Number of securities firms	65	70	108	93	88
			Assets of securities firms	-	-	323	820	1,323
	Investment firms
			Number of investment firms and contractual funds	3	4	5	9	26
			Assets of investment firms	11	13	18	56	94
			Assets of investment firms (in percent of GDP)	0.0	0.0	0.1	0.1	0.2
	Bulgarian Stock Exchange (BSE)
			Number of listed companies on the official market	30	31	35	34	34
			Number of companies admitted for trading on unofficial market	372	325	303	307	309
			Turnover on BSE	141	359	653	1,011	3,183
			Stock exchange capitalization	1,104	1,375	2,722	4,033	8,434
			Stock exchange capitalization (in percent of GDP)	3.7	4.3	7.9	10.5	20.1
			Stock exchange index value 5/	119	183	454	625	826

Source: Financial Supervision Commission.

^{^1/}Total technical expenses.

^{^2/}Total technical income.

^{^3/}The ratio of gross premium income to GDP.

^{^5/}Base=100 on October 17, 2000.

Table A38.

Bulgaria: Non-Bank Financial Sector, 2001–05

(In millions of leva unless specified otherwise)

				2001	2002	2003	2004	2005
Insurance sector
	Number of companies			32	32	31	31	31
			Non-life	20	20	20	20	19
			Life	12	12	11	11	12
		of which: majority foreign-owned		14	15	16	16	16
			Non-life	10	10	10	10	10
			Life	4	5	5	6	6
	Total assets			691	811	801	947	1,253
			Non-life	462	572	567	675	900
			Life	229	239	233	272	353
	Total loans			19	16	5	10	7
			Non-life	1	0	0	3	0
			Life	18	16	5	7	7
	Assets (in percent of GDP)			2.3	2.5	2.3	2.5	3.0
			Non-life	1.6	1.8	1.6	1.8	2.1
			Life	0.8	0.7	0.7	0.7	0.8
	Expenses 1/
			Non-life	749	849	1,118	1,388	1,574
			Life	136	207	221	249	335
	Income 2/
			Non-life	750	863	1,135	1,432	1,603
			Life	128	206	167	250	319
	Premium income			478	616	666	834	1,071
			Non-life	391	467	592	733	921
			Life	87	149	75	101	150
	Life insurance penetration rate 3/			2	2	2	2	3
Pension funds
	Number of funds 4/			8	8	8	8	8
	Total assets			187	332	511	787	1,112
			Mandatory	42	114	261	441
			Occupational	52	95	144	201	253
			Voluntary	135	196	253	325	418
	Assets (in percent of GDP)			0.6	1.0	1.5	2.1	2.7
	Average rate of return on assets
			Mandatory	-	14	11	11	9
			Occupational	-	6	10	11	10
			Voluntary	-	9	11	10	10
	Number of insured persons (in thousands)			597	642	2,295	2,716	2,972
			Mandatory	-	2	1,614	2,005	2,240
			Occupational	145	155	165	176	182
			Voluntary	452	485	516	535	550
Securities sector
	Securities firms
			Number of securities firms	65	70	108	93	88
			Assets of securities firms	-	-	323	820	1,323
	Investment firms
			Number of investment firms and contractual funds	3	4	5	9	26
			Assets of investment firms	11	13	18	56	94
			Assets of investment firms (in percent of GDP)	0.0	0.0	0.1	0.1	0.2
	Bulgarian Stock Exchange (BSE)
			Number of listed companies on the official market	30	31	35	34	34
			Number of companies admitted for trading on unofficial market	372	325	303	307	309
			Turnover on BSE	141	359	653	1,011	3,183
			Stock exchange capitalization	1,104	1,375	2,722	4,033	8,434
			Stock exchange capitalization (in percent of GDP)	3.7	4.3	7.9	10.5	20.1
			Stock exchange index value 5/	119	183	454	625	826

Source: Financial Supervision Commission.

^{^1/}Total technical expenses.

^{^2/}Total technical income.

^{^3/}The ratio of gross premium income to GDP.

^{^5/}Base=100 on October 17, 2000.

Table A39:

Bulgaria. Developments in the Insurance sector, 2001-05

(In millions of leva unless specified otherwise)

Source: Financial Supervision Commission.

^{^1/}Data after December 2004 represents liabilities to the government. Data prior to December 2004 includes government and other liabilities.

Table A39:

Bulgaria. Developments in the Insurance sector, 2001-05

(In millions of leva unless specified otherwise)

					2001	2002	2003 December	2004 December	2005 March	2005 June	2005 September	2005 December
Insurance sector
	Number of companies				32	31	31	31	31	31	32	31
		Non-life			20	20	20	20	20	20	21	19
		Life			12	11	11	11	11	11	11	12
		of which: majority foreign-owned			14	15	17	17	18	19	19	20
			Non-life		10	10	11	11	11	12	12	12
				of which: majority foreign-owned
			Life		4	5	6	6	7	7	7	8
				of which: majority foreign-owned	5	6
		of which: majority-owned by banks			0	0	0	0	0	0	0	0
		of which: majority-owned by the government			3	1	1	1	1	1	1	1
			Non-life		2	1	1	1	1	1	1	1
			Life		1	0	0	0	0	0	0	0
Balance sheet information
	Total assets				691	811	801	947	1,034	1,097	1,122	1,226
		Non-life			462	572	567	675	741	785	794	873
		Life			229	239	233	272	292	312	328	352
		Total loans, other than loans to commercial banks			19	16	5	10	6	7	26	7
			Non-life		1	0	0	3	0	0	19	0
			Life		18	16	5	7	6	7	7	7
		Deposited with or lent to commercial banks			74	67	113	132	203	166	172	169
			Non-life		62	59	102	104	169	129	133	132
			Life		12	8	11	28	34	37	39	37
		Investments in government securities			107	139	158	211	222	276	260	307
			Non-life		52	67	91	148	172	202	181	217
			Life		54	71	67	63	50	75	79	90
		Investments in other assets			492	588	524	594	603	649	664	742
			Non-life		347	445	374	420	401	455	462	524
			Life		145	143	150	174	202	194	203	218
		Investments outside Bulgaria			0	0	0	0	0	0	0	1
			Life		691		0	0	0	0	0	1
	Total paid up capital of insurance companies				176	188	201	210	213	218	220	225
		Non- life			119	129	140	147	150	155	156	160
		Life			58	58	61	63	63	63	64	65
	Other liabilities to commercial banks				0	1	1	1	1	1	1	2
		Non-life			0	1	0	0	1	1	1	1
		Life			0	0	0	1	0	0	0	1
	Other liabilities to the government 1/				7	54	52	51	8	8	5	8
		Non-life			6	45	48	48	7	7	4	8
		Life			1	9	4	3	1	1	1	1

Source: Financial Supervision Commission.

^{^1/}Data after December 2004 represents liabilities to the government. Data prior to December 2004 includes government and other liabilities.

Table A39:

Bulgaria. Developments in the Insurance sector, 2001-05

(In millions of leva unless specified otherwise)

					2001	2002	2003 December	2004 December	2005 March	2005 June	2005 September	2005 December
Insurance sector
	Number of companies				32	31	31	31	31	31	32	31
		Non-life			20	20	20	20	20	20	21	19
		Life			12	11	11	11	11	11	11	12
		of which: majority foreign-owned			14	15	17	17	18	19	19	20
			Non-life		10	10	11	11	11	12	12	12
				of which: majority foreign-owned
			Life		4	5	6	6	7	7	7	8
				of which: majority foreign-owned	5	6
		of which: majority-owned by banks			0	0	0	0	0	0	0	0
		of which: majority-owned by the government			3	1	1	1	1	1	1	1
			Non-life		2	1	1	1	1	1	1	1
			Life		1	0	0	0	0	0	0	0
Balance sheet information
	Total assets				691	811	801	947	1,034	1,097	1,122	1,226
		Non-life			462	572	567	675	741	785	794	873
		Life			229	239	233	272	292	312	328	352
		Total loans, other than loans to commercial banks			19	16	5	10	6	7	26	7
			Non-life		1	0	0	3	0	0	19	0
			Life		18	16	5	7	6	7	7	7
		Deposited with or lent to commercial banks			74	67	113	132	203	166	172	169
			Non-life		62	59	102	104	169	129	133	132
			Life		12	8	11	28	34	37	39	37
		Investments in government securities			107	139	158	211	222	276	260	307
			Non-life		52	67	91	148	172	202	181	217
			Life		54	71	67	63	50	75	79	90
		Investments in other assets			492	588	524	594	603	649	664	742
			Non-life		347	445	374	420	401	455	462	524
			Life		145	143	150	174	202	194	203	218
		Investments outside Bulgaria			0	0	0	0	0	0	0	1
			Life		691		0	0	0	0	0	1
	Total paid up capital of insurance companies				176	188	201	210	213	218	220	225
		Non- life			119	129	140	147	150	155	156	160
		Life			58	58	61	63	63	63	64	65
	Other liabilities to commercial banks				0	1	1	1	1	1	1	2
		Non-life			0	1	0	0	1	1	1	1
		Life			0	0	0	1	0	0	0	1
	Other liabilities to the government 1/				7	54	52	51	8	8	5	8
		Non-life			6	45	48	48	7	7	4	8
		Life			1	9	4	3	1	1	1	1

Source: Financial Supervision Commission.

^{^1/}Data after December 2004 represents liabilities to the government. Data prior to December 2004 includes government and other liabilities.

Table A40.

Bulgaria: Developments in the Pension Fund Sector, 2003–05

(In millions of leva)

Source: Financial Supervision Commission.

^{^1/}Annualized weighted average rate of return for 24 months period.

Table A40.

Bulgaria: Developments in the Pension Fund Sector, 2003–05

(In millions of leva)

Indicators					2003 December	2004 December	2005 December
Pension funds
	Number of funds				8	8	8
		Mandatory /Universal/
		Sum of investments			110	261	434
			Of which: lend to or deposited with banks		14	49	75
			Of which: invested in government securities		79	149	238
			Of which: invested in securities traded at regulated financial markets		16	29	75
				- shares	…	11	31
				- corporate bonds	…	18	44
			Of which: invested in municipal bonds		0	2	3
			Of which: invested in mortgage bonds		0	29	35
			Of which: invested in real estate		0	1	1
			Of which: invested in derivatives		0	0	0
			Of which: invested abroad		0	2	6
		Sum of pecuneary means /cash/			…	1	1
		Sum of current receivables			…	1	7
Sum of balance assets					…	263	442
Sum of current liabilities					…	2	1
Sum of net assets					114	261	441
		Sum of investments			140	204	250
			Of which: lend to or deposited with banks		22	38	41
			Of which: invested in government securities		96	117	140
			Of which: invested in securities traded at regulated financial markets		19	20	43
				- shares	…	5	20
				- corporate bonds	…	15	23
			Of which: invested in municipal bonds		1	2	2
			Of which: invested in mortgage bonds		0	23	20
			Of which: invested in real estate		1	3	0
			Of which: invested in derivatives		0	0	0
			Of which: invested abroad		0	0	3
		Sum of pecuneary means /cash/			…	0	0
		Sum of current receivables			…	1	5
	Sum of balance assets				…	205	255
Sum of current liabilities					…	4	2
	Sum of net assets				144	201	253
		Voluntary
	Sum of investments				239	322	398
			Of which: lend to or deposited with banks		52	65	93
			Of which: invested in government securities		140	172	182
			Of which: invested in securities traded at regulated financial markets		36	34	67
				- shares	…	10	29
				- corporate bonds	…	24	38
			Of which: invested in municipal bonds		1	1	2
			Of which: invested in mortgage bonds		0	38	45
			Of which: invested in real estate		8	9	6
			Of which: invested in derivatives		0	0	0
			Of which: invested abroad		0	2	4
		Sum of pecuneary means /cash/			…	4	4
		Sum of current receivables			…	0	19
		Sum of balance assets			…	326	421
Sum of current liabilities					…	1	3
	Sum of net assets				253	325	418
		Total sum of investments			…	786	1,082
			Total sum of pecuneary means		…	5	5
			Total sum of current receivables		…	3	30
		Total sum of balance assets			…	794	1,117
		Total sum of current liabilities			…	7	5
		Total sum of net assets			…	787	1,112
		Mandatory			114	261	441
		Occupational			144	201	253
		Voluntary			253	325	418
	Average rate of return on assets 1/
		Mandatory			11	11	9
		Occupational			11	11	10
		Voluntary			10	10	10
	Number of persons covered by the pension plan (in thousand)				2,295	2,716	2,972
		Mandatory			1,614	2,005	2,240
		Occupational			165	176	182
		Voluntary			516	535	550

Source: Financial Supervision Commission.

^{^1/}Annualized weighted average rate of return for 24 months period.

Table A40.

Bulgaria: Developments in the Pension Fund Sector, 2003–05

(In millions of leva)

Indicators					2003 December	2004 December	2005 December
Pension funds
	Number of funds				8	8	8
		Mandatory /Universal/
		Sum of investments			110	261	434
			Of which: lend to or deposited with banks		14	49	75
			Of which: invested in government securities		79	149	238
			Of which: invested in securities traded at regulated financial markets		16	29	75
				- shares	…	11	31
				- corporate bonds	…	18	44
			Of which: invested in municipal bonds		0	2	3
			Of which: invested in mortgage bonds		0	29	35
			Of which: invested in real estate		0	1	1
			Of which: invested in derivatives		0	0	0
			Of which: invested abroad		0	2	6
		Sum of pecuneary means /cash/			…	1	1
		Sum of current receivables			…	1	7
Sum of balance assets					…	263	442
Sum of current liabilities					…	2	1
Sum of net assets					114	261	441
		Sum of investments			140	204	250
			Of which: lend to or deposited with banks		22	38	41
			Of which: invested in government securities		96	117	140
			Of which: invested in securities traded at regulated financial markets		19	20	43
				- shares	…	5	20
				- corporate bonds	…	15	23
			Of which: invested in municipal bonds		1	2	2
			Of which: invested in mortgage bonds		0	23	20
			Of which: invested in real estate		1	3	0
			Of which: invested in derivatives		0	0	0
			Of which: invested abroad		0	0	3
		Sum of pecuneary means /cash/			…	0	0
		Sum of current receivables			…	1	5
	Sum of balance assets				…	205	255
Sum of current liabilities					…	4	2
	Sum of net assets				144	201	253
		Voluntary
	Sum of investments				239	322	398
			Of which: lend to or deposited with banks		52	65	93
			Of which: invested in government securities		140	172	182
			Of which: invested in securities traded at regulated financial markets		36	34	67
				- shares	…	10	29
				- corporate bonds	…	24	38
			Of which: invested in municipal bonds		1	1	2
			Of which: invested in mortgage bonds		0	38	45
			Of which: invested in real estate		8	9	6
			Of which: invested in derivatives		0	0	0
			Of which: invested abroad		0	2	4
		Sum of pecuneary means /cash/			…	4	4
		Sum of current receivables			…	0	19
		Sum of balance assets			…	326	421
Sum of current liabilities					…	1	3
	Sum of net assets				253	325	418
		Total sum of investments			…	786	1,082
			Total sum of pecuneary means		…	5	5
			Total sum of current receivables		…	3	30
		Total sum of balance assets			…	794	1,117
		Total sum of current liabilities			…	7	5
		Total sum of net assets			…	787	1,112
		Mandatory			114	261	441
		Occupational			144	201	253
		Voluntary			253	325	418
	Average rate of return on assets 1/
		Mandatory			11	11	9
		Occupational			11	11	10
		Voluntary			10	10	10
	Number of persons covered by the pension plan (in thousand)				2,295	2,716	2,972
		Mandatory			1,614	2,005	2,240
		Occupational			165	176	182
		Voluntary			516	535	550

Source: Financial Supervision Commission.

^{^1/}Annualized weighted average rate of return for 24 months period.

Table A41.

Bulgaria: Developments in the Securities Sector, 2004–05

(In millions of leva unless specified otherwise)

Source: Financial Supervision Commission.

Table A41.

Bulgaria: Developments in the Securities Sector, 2004–05

(In millions of leva unless specified otherwise)

					2004 December	2005 March	2005 June	2005 September	2005 December
Securities sector
	Securities firms
		Number of securities firms			93	90	88	88	88
			Of which: majority owned by commercial banks		31	30	28	29	29
		Assets of securities firms			820	1,339	1,406	1,381	1,323
	Investment companies
		Assets of investment companies
			Of which: pecunaery means		8	16	23	22	26
				- deposited with commercial banks	5	11	12	19	22
			Of which: invested in government securiteis		6	9	12	10	8
			Of which: invested in shares		8	15	16	21	27
			Of which: invested in corporate bonds		5	11	14	20	23
			Of which: invested in municipal bonds		0	0	0	1	2
			Of which: invested in mortgage bonds		2	2	4	5	6
			Of which: invested in compensation instruments		2	0	0	0	0
			Of which: invested in eurobonds		1	1	1	1	1
			Of which: invested abroad		0	0	0	1	1
			Non-financial assets		0	1	1	0	1
			Other assets
			Sum of balance assets		34	57	73	82	95
	Special purpose vehicles (SPV)
		Number of special purpose vehicle			5	7	9	10	13
			Of which: specialised in real estates securitisation		…	…	1	1	1
			Of which: specialised in receivables securitisation		…	…	8	9	12
		Assets of special purpose vehicle			…	…
			Of which: investment property		…	…	23	26	62
			Of which: investment property in process of construction		…	…	1	0	0
			Of which: pecunaery means		…	…	41	40	60
			Of which: receivables		…	…	1	2	4
			Other assets		…	…	1	1	3
			Sum of balance assets		…	…	67	69	129
		Assets of special purpose vehicle
			Of which: pecunaery means		…	…	0	1	0
			Of which: interests receivables		…	…	0	0	0
			Of which: short-term commercial loans receivables (up to 1 year)		…	…	1	1	1
			Of which: long-term commercial loans receivables (over 1 year)		…	…	5	5	4
			Sum of balance assets		…	…	6	6	5
	Bulgarian Stock Exchange (BSE)
		Number of listed companies on the official market			30	31	35	34	34
		Number of companies admitted for trading on unofficial market			372	325	303	307	309
		Turnover on BSE			141	359	653	1,011	3,183
		Stock exchange capitalization			1,104	1,375	2,722	4,033	8,434
		Stock exchange index SOFIX value			119	183	454	625	826

Source: Financial Supervision Commission.

Table A41.

Bulgaria: Developments in the Securities Sector, 2004–05

(In millions of leva unless specified otherwise)

					2004 December	2005 March	2005 June	2005 September	2005 December
Securities sector
	Securities firms
		Number of securities firms			93	90	88	88	88
			Of which: majority owned by commercial banks		31	30	28	29	29
		Assets of securities firms			820	1,339	1,406	1,381	1,323
	Investment companies
		Assets of investment companies
			Of which: pecunaery means		8	16	23	22	26
				- deposited with commercial banks	5	11	12	19	22
			Of which: invested in government securiteis		6	9	12	10	8
			Of which: invested in shares		8	15	16	21	27
			Of which: invested in corporate bonds		5	11	14	20	23
			Of which: invested in municipal bonds		0	0	0	1	2
			Of which: invested in mortgage bonds		2	2	4	5	6
			Of which: invested in compensation instruments		2	0	0	0	0
			Of which: invested in eurobonds		1	1	1	1	1
			Of which: invested abroad		0	0	0	1	1
			Non-financial assets		0	1	1	0	1
			Other assets
			Sum of balance assets		34	57	73	82	95
	Special purpose vehicles (SPV)
		Number of special purpose vehicle			5	7	9	10	13
			Of which: specialised in real estates securitisation		…	…	1	1	1
			Of which: specialised in receivables securitisation		…	…	8	9	12
		Assets of special purpose vehicle			…	…
			Of which: investment property		…	…	23	26	62
			Of which: investment property in process of construction		…	…	1	0	0
			Of which: pecunaery means		…	…	41	40	60
			Of which: receivables		…	…	1	2	4
			Other assets		…	…	1	1	3
			Sum of balance assets		…	…	67	69	129
		Assets of special purpose vehicle
			Of which: pecunaery means		…	…	0	1	0
			Of which: interests receivables		…	…	0	0	0
			Of which: short-term commercial loans receivables (up to 1 year)		…	…	1	1	1
			Of which: long-term commercial loans receivables (over 1 year)		…	…	5	5	4
			Sum of balance assets		…	…	6	6	5
	Bulgarian Stock Exchange (BSE)
		Number of listed companies on the official market			30	31	35	34	34
		Number of companies admitted for trading on unofficial market			372	325	303	307	309
		Turnover on BSE			141	359	653	1,011	3,183
		Stock exchange capitalization			1,104	1,375	2,722	4,033	8,434
		Stock exchange index SOFIX value			119	183	454	625	826

Source: Financial Supervision Commission.

Table A42.

Bulgaria: Claims Under Lease Contracts–Stocks

(In thousands of leva)

Source: Reports from leasing companies.

^{^1/}Preliminary data.

Table A42.

Bulgaria: Claims Under Lease Contracts–Stocks

(In thousands of leva)

				9/30/2005	12/31/2005	3/31/2006 ^1/
By type of asset				992,209	1,246,422	1,443,839
	Financial lease			961,287	1,208,009	1,401,654
		Machinery and industrial equipment		239,845	301,327	390,136
		Computers and other IT eqiupment		7,855	6,864	7,140
		Transport and commercial vehicles		323,058	351,644	413,594
		Cars		324,369	402,060	451,178
		Real estate		37,226	96,680	100,680
		Other		28,934	49,434	38,924
	Operational lease			30,922	38,413	42,185
		Machinery and industrial equipment		1,094	1,267	496
		Computers and other IT eqiupment		479	469	384
		Transport and commercial vehicles		8,412	8,992	11,301
		Cars		20,936	26,581	30,004
		Real estate		0	738	0
		Other		1	366	0
By maturity				992,209	1,246,422	1,443,839
	Financial lease			961,287	1,208,009	1,401,654
		Regular		925,534	1,176,155	1,349,962
			Up to 1 year	107,757	125,661	104,208
			Over 1 up to 5 year	791,789	947,374	1,137,502
			Over 5 years	25,988	103,121	108,252
		Overdue		35,753	31,853	51,691
	Operational lease			30,922	38,413	42,185
		Up to 1 year		14	830	66
		Over 1 up to 5 year		30,908	37,583	42,119
		Over 5 years		0	0	0
Financial lease by sectors and main industry				961,287	1,208,009	1,401,654
	Resident sector			961,287	1,207,728	1,401,537
		Nonfinancial corporations		797,939	996,927	1,151,479
			Agriculture, hunting, fishing, forestry	17,728	21,736	22,822
			Mining and quarrying	12,315	13,945	14,678
			Manufacturing	138,610	189,907	227,522
			Electricity, gas and water supply	4,610	3,930	6,777
			Construction	78,733	109,553	138,139
			Trade and repair of motor vehicles, motorcycles; personal and household goods appliances	203,772	227,044	261,054
			Hotels and restaurants	27,579	77,130	79,627
			Transport, storage and communication	139,421	154,660	168,525
			Real estate, renting and other business activities	16,528	18,745	40,669
			Education	843	3,407	3,661
			Health and social work	3,770	5,397	7,087
			Other utilities, social and personal services	154,028	171,472	180,919
		Monetary financial institutions		2,878	2,817	3,388
		Other financial corporations		1,725	4,244	8,519
		Government sector		1,469	1,608	542
		Households and NPISHs		157,276	202,132	237,609
	Nonresident sector			0	281	117

Source: Reports from leasing companies.

^{^1/}Preliminary data.

Table A42.

Bulgaria: Claims Under Lease Contracts–Stocks

(In thousands of leva)

				9/30/2005	12/31/2005	3/31/2006 ^1/
By type of asset				992,209	1,246,422	1,443,839
	Financial lease			961,287	1,208,009	1,401,654
		Machinery and industrial equipment		239,845	301,327	390,136
		Computers and other IT eqiupment		7,855	6,864	7,140
		Transport and commercial vehicles		323,058	351,644	413,594
		Cars		324,369	402,060	451,178
		Real estate		37,226	96,680	100,680
		Other		28,934	49,434	38,924
	Operational lease			30,922	38,413	42,185
		Machinery and industrial equipment		1,094	1,267	496
		Computers and other IT eqiupment		479	469	384
		Transport and commercial vehicles		8,412	8,992	11,301
		Cars		20,936	26,581	30,004
		Real estate		0	738	0
		Other		1	366	0
By maturity				992,209	1,246,422	1,443,839
	Financial lease			961,287	1,208,009	1,401,654
		Regular		925,534	1,176,155	1,349,962
			Up to 1 year	107,757	125,661	104,208
			Over 1 up to 5 year	791,789	947,374	1,137,502
			Over 5 years	25,988	103,121	108,252
		Overdue		35,753	31,853	51,691
	Operational lease			30,922	38,413	42,185
		Up to 1 year		14	830	66
		Over 1 up to 5 year		30,908	37,583	42,119
		Over 5 years		0	0	0
Financial lease by sectors and main industry				961,287	1,208,009	1,401,654
	Resident sector			961,287	1,207,728	1,401,537
		Nonfinancial corporations		797,939	996,927	1,151,479
			Agriculture, hunting, fishing, forestry	17,728	21,736	22,822
			Mining and quarrying	12,315	13,945	14,678
			Manufacturing	138,610	189,907	227,522
			Electricity, gas and water supply	4,610	3,930	6,777
			Construction	78,733	109,553	138,139
			Trade and repair of motor vehicles, motorcycles; personal and household goods appliances	203,772	227,044	261,054
			Hotels and restaurants	27,579	77,130	79,627
			Transport, storage and communication	139,421	154,660	168,525
			Real estate, renting and other business activities	16,528	18,745	40,669
			Education	843	3,407	3,661
			Health and social work	3,770	5,397	7,087
			Other utilities, social and personal services	154,028	171,472	180,919
		Monetary financial institutions		2,878	2,817	3,388
		Other financial corporations		1,725	4,244	8,519
		Government sector		1,469	1,608	542
		Households and NPISHs		157,276	202,132	237,609
	Nonresident sector			0	281	117

Source: Reports from leasing companies.

^{^1/}Preliminary data.

Table A43.

Bulgaria: Summary Balance of Payments, 2001–05

(In millions of euros unless specified otherwise)

Sources: Bulgarian National Bank, and Fund staff estimates.

^{^1/}Excluding valuation changes.

^{^2/}Including valuation changes.

^{^3/}External debt minus gross foreign assets of the banking system.

Table A43.

Bulgaria: Summary Balance of Payments, 2001–05

(In millions of euros unless specified otherwise)

				2001	2002	2003	2004	2005
CURRENT ACCOUNT				-855	-402	-972	-1,131	-2,531
	Trade balance			-1,778	-1,878	-2,426	-2,953	-4,369
		Exports (f.o.b.)		5,714	6,063	6,668	7,985	9,454
			y-o-y change (in percent)	9	6	10	20	18
		Imports (f.o.b.)		-7,493	-7,941	-9,094	-10,938	-13,823
			y-o-y change (in percent)	15	6	15	20	26
	Services, net			331	505	553	692	667
		Of which: Exports of travel services		1,119	1,241	1,499	1,789	1,932
	Income, net			30	404	288	238	247
		Of which: Income to direct investors		-166	-237	-493	-609	-533
	Current transfers, net			562	566	613	891	924
CAPITAL AND FINANCIAL ACCOUNT				755	1,843	2,325	2,911	2,874
	Capital transfers, net			0	0	0	0	-1
	Foreign direct investment, net			893	951	1,827	2,244	1,856
		Of which: Privatization receipts		21	144	312	936	0
	Portfolio investment, net			94	-99	-191	-563	-757
	Other investment, net			-232	991	689	1,230	1,776
		General government		-343	-144	-92	-20	-61
		Domestic banks		-31	532	621	445	1,099
		Other private sector		142	603	160	806	738
	Errors and omissions			526	-723	-722	-380	226
OVERALL BALANCE				425	717	630	1,400	569
FINANCING				-425	-717	-630	-1,400	-569
	Gross international reserves (increase: -) 1/			-318	-578	-817	-1,493	-324
	Use of Fund credit, net			-185	-155	35	-29	-361
		Purchases		150	116	130	62	0
		Repurchases		-336	-270	-95	-91	-361
	Exceptional financing, net			78	15	151	123	116
MEMORANDUM ITEMS
	Gross international reserves (stock, e.o.p.) 2/			4,063	4,575	5,309	6,770	7,370
		In months of prospective GNFS imports		5.2	5.6	5.7	6.0	5.3
		In percent of short-term debt		373	302	330	257	207
	Current account + FDI			37	549	855	1,112	-675
		(in percent of GDP)		0.2	3.3	4.8	5.7	-3.1
	Current account (in percent of GDP)			-5.6	-2.4	-5.5	-5.8	-11.8
	Merchandise trade account (in percent of GDP)			-11.7	-11.4	-13.7	-15.1	-20.4
		Merchandise exports (in percent of GDP)		37.6	36.7	37.8	40.8	44.1
		Merchandise imports (in percent of GDP)		49.3	48.0	51.5	55.9	64.5
	Gross external debt (stock, e.o.p.)			11,935	10,769	10,641	12,572	14,530
		(In percent of annual GDP)		78.6	65.1	60.2	64.2	67.7
		Public		9,698	7,961	7,048	6,428	5,148
		Private		2,236	2,808	3,593	6,144	9,383
	Short-term debt (in percent of total debt, e.o.p.)			9.1	14.1	14.3	21.0	24.5
	Net external debt (in percent of GDP) 3/			33.3	23.4	19.5	15.8	17.8
	GDP			15,184	16,533	17,663	19,570	21,448

Sources: Bulgarian National Bank, and Fund staff estimates.

^{^1/}Excluding valuation changes.

^{^2/}Including valuation changes.

^{^3/}External debt minus gross foreign assets of the banking system.

Table A43.

Bulgaria: Summary Balance of Payments, 2001–05

(In millions of euros unless specified otherwise)

				2001	2002	2003	2004	2005
CURRENT ACCOUNT				-855	-402	-972	-1,131	-2,531
	Trade balance			-1,778	-1,878	-2,426	-2,953	-4,369
		Exports (f.o.b.)		5,714	6,063	6,668	7,985	9,454
			y-o-y change (in percent)	9	6	10	20	18
		Imports (f.o.b.)		-7,493	-7,941	-9,094	-10,938	-13,823
			y-o-y change (in percent)	15	6	15	20	26
	Services, net			331	505	553	692	667
		Of which: Exports of travel services		1,119	1,241	1,499	1,789	1,932
	Income, net			30	404	288	238	247
		Of which: Income to direct investors		-166	-237	-493	-609	-533
	Current transfers, net			562	566	613	891	924
CAPITAL AND FINANCIAL ACCOUNT				755	1,843	2,325	2,911	2,874
	Capital transfers, net			0	0	0	0	-1
	Foreign direct investment, net			893	951	1,827	2,244	1,856
		Of which: Privatization receipts		21	144	312	936	0
	Portfolio investment, net			94	-99	-191	-563	-757
	Other investment, net			-232	991	689	1,230	1,776
		General government		-343	-144	-92	-20	-61
		Domestic banks		-31	532	621	445	1,099
		Other private sector		142	603	160	806	738
	Errors and omissions			526	-723	-722	-380	226
OVERALL BALANCE				425	717	630	1,400	569
FINANCING				-425	-717	-630	-1,400	-569
	Gross international reserves (increase: -) 1/			-318	-578	-817	-1,493	-324
	Use of Fund credit, net			-185	-155	35	-29	-361
		Purchases		150	116	130	62	0
		Repurchases		-336	-270	-95	-91	-361
	Exceptional financing, net			78	15	151	123	116
MEMORANDUM ITEMS
	Gross international reserves (stock, e.o.p.) 2/			4,063	4,575	5,309	6,770	7,370
		In months of prospective GNFS imports		5.2	5.6	5.7	6.0	5.3
		In percent of short-term debt		373	302	330	257	207
	Current account + FDI			37	549	855	1,112	-675
		(in percent of GDP)		0.2	3.3	4.8	5.7	-3.1
	Current account (in percent of GDP)			-5.6	-2.4	-5.5	-5.8	-11.8
	Merchandise trade account (in percent of GDP)			-11.7	-11.4	-13.7	-15.1	-20.4
		Merchandise exports (in percent of GDP)		37.6	36.7	37.8	40.8	44.1
		Merchandise imports (in percent of GDP)		49.3	48.0	51.5	55.9	64.5
	Gross external debt (stock, e.o.p.)			11,935	10,769	10,641	12,572	14,530
		(In percent of annual GDP)		78.6	65.1	60.2	64.2	67.7
		Public		9,698	7,961	7,048	6,428	5,148
		Private		2,236	2,808	3,593	6,144	9,383
	Short-term debt (in percent of total debt, e.o.p.)			9.1	14.1	14.3	21.0	24.5
	Net external debt (in percent of GDP) 3/			33.3	23.4	19.5	15.8	17.8
	GDP			15,184	16,533	17,663	19,570	21,448

Sources: Bulgarian National Bank, and Fund staff estimates.

^{^1/}Excluding valuation changes.

^{^2/}Including valuation changes.

^{^3/}External debt minus gross foreign assets of the banking system.

Table A44.

Bulgaria: Current Account, 2001–05

Sources: Bulgarian National Bank, and Fund staff estimates.

Table A44.

Bulgaria: Current Account, 2001–05

					2001	2002	2003	2004	2005
					(In millions of euros)
Current Account					-855	-402	-972	-1,131	-2,531
	Goods, services, and income, net				-1,417	-968	-1,585	-2,023	-3,455
		Credit			8,934	9,540	10,541	12,454	14,077
		Debit			-10,351	-10,508	-12,126	-14,477	-17,532
		Goods, net			-1,778	-1,878	-2,426	-2,953	-4,369
			Credit		5,714	6,063	6,668	7,985	9,454
			Debit		-7,493	-7,941	-9,094	-10,938	-13,823
		Services, net			331	505	553	692	667
			Credit		2,429	2,455	2,729	3,262	3,444
				Transportation	719	700	733	825	896
				Travel	1,119	1,241	1,499	1,789	1,932
				Other services	591	514	497	648	616
			Debit		-2,098	-1,950	-2,176	-2,569	-2,777
				Transportation	-899	-598	-679	-861	-968
				Travel	-628	-812	-911	-1,075	-1,040
				Other services	-571	-539	-586	-634	-770
		Income, net			30	404	288	238	247
			Credit		791	1,022	1,144	1,208	1,178
				Monetary authorities	113	126	147	118	171
				General government	82	64	48	38	15
				Banks	77	56	26	39	87
				Other sectors	519	776	924	1,012	905
			Debit		-760	-617	-857	-969	-931
				Monetary authorities	-5	-1	0	0	0
				General government	-499	-310	-295	-274	-273
				Banks	-197	-115	-117	-235	-284
				Other sectors	-60	-191	-444	-461	-374
	Current transfers, net				562	566	613	891	924
		Credit			674	677	762	1,051	1,098
			General government		202	145	149	236	332
			Other sectors		472	532	613	815	765
		Debit			-112	-111	-150	-160	-173
			General government		-46	-16	-28	-26	-24
			Other sectors		-66	-95	-122	-133	-149
Memorandum items:					(In percent of GDP)
	Goods, services, and income, net				-9.3	-5.9	-9.0	-10.3	-16.1
		Goods, net			-11.7	-11.4	-13.7	-15.1	-20.4
		Services, net			2.2	3.1	3.1	3.5	3.1
		Income, net			0.2	2.4	1.6	1.2	1.2
	Current transfers, net				3.7	3.4	3.5	4.6	4.3

Sources: Bulgarian National Bank, and Fund staff estimates.

Table A44.

Bulgaria: Current Account, 2001–05

					2001	2002	2003	2004	2005
					(In millions of euros)
Current Account					-855	-402	-972	-1,131	-2,531
	Goods, services, and income, net				-1,417	-968	-1,585	-2,023	-3,455
		Credit			8,934	9,540	10,541	12,454	14,077
		Debit			-10,351	-10,508	-12,126	-14,477	-17,532
		Goods, net			-1,778	-1,878	-2,426	-2,953	-4,369
			Credit		5,714	6,063	6,668	7,985	9,454
			Debit		-7,493	-7,941	-9,094	-10,938	-13,823
		Services, net			331	505	553	692	667
			Credit		2,429	2,455	2,729	3,262	3,444
				Transportation	719	700	733	825	896
				Travel	1,119	1,241	1,499	1,789	1,932
				Other services	591	514	497	648	616
			Debit		-2,098	-1,950	-2,176	-2,569	-2,777
				Transportation	-899	-598	-679	-861	-968
				Travel	-628	-812	-911	-1,075	-1,040
				Other services	-571	-539	-586	-634	-770
		Income, net			30	404	288	238	247
			Credit		791	1,022	1,144	1,208	1,178
				Monetary authorities	113	126	147	118	171
				General government	82	64	48	38	15
				Banks	77	56	26	39	87
				Other sectors	519	776	924	1,012	905
			Debit		-760	-617	-857	-969	-931
				Monetary authorities	-5	-1	0	0	0
				General government	-499	-310	-295	-274	-273
				Banks	-197	-115	-117	-235	-284
				Other sectors	-60	-191	-444	-461	-374
	Current transfers, net				562	566	613	891	924
		Credit			674	677	762	1,051	1,098
			General government		202	145	149	236	332
			Other sectors		472	532	613	815	765
		Debit			-112	-111	-150	-160	-173
			General government		-46	-16	-28	-26	-24
			Other sectors		-66	-95	-122	-133	-149
Memorandum items:					(In percent of GDP)
	Goods, services, and income, net				-9.3	-5.9	-9.0	-10.3	-16.1
		Goods, net			-11.7	-11.4	-13.7	-15.1	-20.4
		Services, net			2.2	3.1	3.1	3.5	3.1
		Income, net			0.2	2.4	1.6	1.2	1.2
	Current transfers, net				3.7	3.4	3.5	4.6	4.3

Sources: Bulgarian National Bank, and Fund staff estimates.

Table A45.

Bulgaria: Commodity Composition of Exports, 2001–05

Source: Bulgarian National Bank.

Table A45.

Bulgaria: Commodity Composition of Exports, 2001–05

		In millions of euros					In percent of total exports
		2001	2002	2003	2004	2005	2001	2002	2003	2004	2005
Consumer goods		1,917	2,134	2,441	2,623	2,729	33.5	35.2	36.6	32.9	28.9
	Food	219	247	299	349	405	3.8	4.1	4.5	4.4	4.3
	Tobacco	21	16	17	23	17	0.4	0.3	0.3	0.3	0.2
	Beverages	77	75	73	72	84	1.4	1.2	1.1	0.9	0.9
	Clothing and footwear	1,140	1,258	1,458	1,549	1,540	20.0	20.8	21.9	19.4	16.3
	Medicines and cosmetics	180	168	163	153	166	3.1	2.8	2.4	1.9	1.8
	Furniture and household appliances	147	211	246	279	315	2.6	3.5	3.7	3.5	3.3
	Others	132	159	184	198	201	2.3	2.6	2.8	2.5	2.1
Raw materials		2,331	2,535	2,759	3,478	4,056	40.8	41.8	41.4	43.6	42.9
	Iron and steel	396	393	541	805	763	6.9	6.5	8.1	10.1	8.1
	Other metals	475	470	535	747	943	8.3	7.8	8.0	9.3	10.0
	Chemicals	226	216	229	255	280	3.9	3.6	3.4	3.2	3.0
	Plastics and rubber	144	153	172	199	250	2.5	2.5	2.6	2.5	2.6
	Fertilizers	97	63	79	58	89	1.7	1.0	1.2	0.7	0.9
	Textiles	206	240	278	294	308	3.6	4.0	4.2	3.7	3.3
	Raw materials for the food industry	172	321	218	278	409	3.0	5.3	3.3	3.5	4.3
	Wood products, paper and paperboard	142	158	197	229	232	2.5	2.6	2.9	2.9	2.4
	Cement	33	29	29	23	22	0.6	0.5	0.4	0.3	0.2
	Raw tobacco	45	50	50	92	79	0.8	0.8	0.7	1.2	0.8
	Others	395	443	430	499	680	6.9	7.3	6.4	6.2	7.2
Investment goods		699	802	912	1,075	1,448	12.2	13.2	13.7	13.5	15.3
	Machines and equipment	263	298	310	357	415	4.6	4.9	4.7	4.5	4.4
	Electrical machines	82	67	113	96	116	1.4	1.1	1.7	1.2	1.2
	Vehicles	36	68	69	84	238	0.6	1.1	1.0	1.0	2.5
	Spare parts and equipment	156	171	193	239	316	2.7	2.8	2.9	3.0	3.3
	Others	163	199	228	300	363	2.8	3.3	3.4	3.8	3.8
Total non energy commodities		4,947	5,472	6,112	7,176	8,232	86.6	90.3	91.7	89.9	87.1
Mineral fuels, oils and electricity		767	591	557	809	1,222	13.4	9.7	8.3	10.1	12.9
	Petroleum products	507	358	385	625	976	8.9	5.9	5.8	7.8	10.3
	Others	261	233	172	184	246	4.6	3.8	2.6	2.3	2.6
TOTAL EXPORTS, FOB		5,714	6,063	6,668	7,985	9,454	100.0	100.0	100.0	100.0	100.0

Source: Bulgarian National Bank.

Table A45.

Bulgaria: Commodity Composition of Exports, 2001–05

		In millions of euros					In percent of total exports
		2001	2002	2003	2004	2005	2001	2002	2003	2004	2005
Consumer goods		1,917	2,134	2,441	2,623	2,729	33.5	35.2	36.6	32.9	28.9
	Food	219	247	299	349	405	3.8	4.1	4.5	4.4	4.3
	Tobacco	21	16	17	23	17	0.4	0.3	0.3	0.3	0.2
	Beverages	77	75	73	72	84	1.4	1.2	1.1	0.9	0.9
	Clothing and footwear	1,140	1,258	1,458	1,549	1,540	20.0	20.8	21.9	19.4	16.3
	Medicines and cosmetics	180	168	163	153	166	3.1	2.8	2.4	1.9	1.8
	Furniture and household appliances	147	211	246	279	315	2.6	3.5	3.7	3.5	3.3
	Others	132	159	184	198	201	2.3	2.6	2.8	2.5	2.1
Raw materials		2,331	2,535	2,759	3,478	4,056	40.8	41.8	41.4	43.6	42.9
	Iron and steel	396	393	541	805	763	6.9	6.5	8.1	10.1	8.1
	Other metals	475	470	535	747	943	8.3	7.8	8.0	9.3	10.0
	Chemicals	226	216	229	255	280	3.9	3.6	3.4	3.2	3.0
	Plastics and rubber	144	153	172	199	250	2.5	2.5	2.6	2.5	2.6
	Fertilizers	97	63	79	58	89	1.7	1.0	1.2	0.7	0.9
	Textiles	206	240	278	294	308	3.6	4.0	4.2	3.7	3.3
	Raw materials for the food industry	172	321	218	278	409	3.0	5.3	3.3	3.5	4.3
	Wood products, paper and paperboard	142	158	197	229	232	2.5	2.6	2.9	2.9	2.4
	Cement	33	29	29	23	22	0.6	0.5	0.4	0.3	0.2
	Raw tobacco	45	50	50	92	79	0.8	0.8	0.7	1.2	0.8
	Others	395	443	430	499	680	6.9	7.3	6.4	6.2	7.2
Investment goods		699	802	912	1,075	1,448	12.2	13.2	13.7	13.5	15.3
	Machines and equipment	263	298	310	357	415	4.6	4.9	4.7	4.5	4.4
	Electrical machines	82	67	113	96	116	1.4	1.1	1.7	1.2	1.2
	Vehicles	36	68	69	84	238	0.6	1.1	1.0	1.0	2.5
	Spare parts and equipment	156	171	193	239	316	2.7	2.8	2.9	3.0	3.3
	Others	163	199	228	300	363	2.8	3.3	3.4	3.8	3.8
Total non energy commodities		4,947	5,472	6,112	7,176	8,232	86.6	90.3	91.7	89.9	87.1
Mineral fuels, oils and electricity		767	591	557	809	1,222	13.4	9.7	8.3	10.1	12.9
	Petroleum products	507	358	385	625	976	8.9	5.9	5.8	7.8	10.3
	Others	261	233	172	184	246	4.6	3.8	2.6	2.3	2.6
TOTAL EXPORTS, FOB		5,714	6,063	6,668	7,985	9,454	100.0	100.0	100.0	100.0	100.0

Source: Bulgarian National Bank.

Table A46.

Bulgaria: Commodity Composition of Imports, 2001-05

Source: Bulgarian National Bank.

Table A46.

Bulgaria: Commodity Composition of Imports, 2001-05

			In millions of euros					In percent of total imports
			2001	2002	2003	2004	2005	2001	2002	2003	2004	2005
Consumer goods			1,140	1,253	1,476	1,895	2,259	14.0	14.9	15.4	16.3	15.4
	Food, drinks and tobacco		209	235	265	306	387	2.6	2.8	2.8	2.6	2.6
	Furniture and household appliances		206	251	321	395	470	2.5	3.0	3.3	3.4	3.2
	Medicines and cosmetics		286	295	315	425	466	3.5	3.5	3.3	3.7	3.2
	Clothing and footwear		50	78	110	120	137	0.6	0.9	1.1	1.0	0.9
	Automobiles		214	204	244	385	480	2.6	2.4	2.5	3.3	3.3
	Others		176	190	221	263	319	2.2	2.3	2.3	2.3	2.2
Raw materials			3,130	3,266	3,849	4,602	5,284	38.5	38.8	40.1	39.6	36.0
	Ores		278	209	313	450	590	3.4	2.5	3.3	3.9	4.0
	Iron and steel		165	166	248	459	585	2.0	2.0	2.6	3.9	4.0
	Other metals		91	83	96	130	202	1.1	1.0	1.0	1.1	1.4
	Textiles		1,061	1,163	1,321	1,357	1,343	13.0	13.8	13.8	11.7	9.1
	Wood products, paper and paperboard		189	198	212	248	292	2.3	2.4	2.2	2.1	2.0
	Chemicals		207	216	232	257	277	2.5	2.6	2.4	2.2	1.9
	Plastics and rubber		319	363	439	553	696	3.9	4.3	4.6	4.8	4.7
	Raw materials for the food industry		172	192	198	241	222	2.1	2.3	2.1	2.1	1.5
	Raw skins		88	86	101	91	96	1.1	1.0	1.1	0.8	0.7
	Raw tobacco		29	31	20	31	15	0.4	0.4	0.2	0.3	0.1
	Others		531	560	668	786	963	6.5	6.7	6.9	6.8	6.6
Investment goods			2,038	2,110	2,466	3,085	4,047	25.1	25.1	25.7	26.6	27.6
	Machines and equipment		705	810	937	1,052	1,396	8.7	9.6	9.8	9.1	9.5
	Electrical machines		357	282	317	350	460	4.4	3.4	3.3	3.0	3.1
	Vehicles		453	438	542	837	1,212	5.6	5.2	5.6	7.2	8.3
	Spare parts and equipment		273	310	360	414	510	3.4	3.7	3.7	3.6	3.5
	Others		249	271	310	432	469	3.1	3.2	3.2	3.7	3.2
Total non energy commodities			6,307	6,630	7,791	9,582	11,589	77.6	78.8	81.1	82.5	78.9
Mineral fuels, oils and electricity			1,821	1,675	1,690	1,942	2,960	22.4	19.9	17.6	16.7	20.2
	Fuels		1,611	1,574	1,530	1,726	2,584	19.8	18.7	15.9	14.9	17.6
		Crude oil and Natural gas	1,390	1,362	1,302	1,483	2,283	17.1	16.2	13.6	12.8	15.6
		Coal	170	162	185	212	258	2.1	1.9	1.9	1.8	1.8
		Others	210	101	160	216	377	2.6	1.2	1.7	1.9	2.6
	Others		210	101	160	216	377	2.6	1.2	1.7	1.9	2.6
TOTAL IMPORT, CIF			8,128	8,411	9,611	11,620	14,682	100.0	100.0	100.0	100.0	100.0

Source: Bulgarian National Bank.

Table A46.

Bulgaria: Commodity Composition of Imports, 2001-05

			In millions of euros					In percent of total imports
			2001	2002	2003	2004	2005	2001	2002	2003	2004	2005
Consumer goods			1,140	1,253	1,476	1,895	2,259	14.0	14.9	15.4	16.3	15.4
	Food, drinks and tobacco		209	235	265	306	387	2.6	2.8	2.8	2.6	2.6
	Furniture and household appliances		206	251	321	395	470	2.5	3.0	3.3	3.4	3.2
	Medicines and cosmetics		286	295	315	425	466	3.5	3.5	3.3	3.7	3.2
	Clothing and footwear		50	78	110	120	137	0.6	0.9	1.1	1.0	0.9
	Automobiles		214	204	244	385	480	2.6	2.4	2.5	3.3	3.3
	Others		176	190	221	263	319	2.2	2.3	2.3	2.3	2.2
Raw materials			3,130	3,266	3,849	4,602	5,284	38.5	38.8	40.1	39.6	36.0
	Ores		278	209	313	450	590	3.4	2.5	3.3	3.9	4.0
	Iron and steel		165	166	248	459	585	2.0	2.0	2.6	3.9	4.0
	Other metals		91	83	96	130	202	1.1	1.0	1.0	1.1	1.4
	Textiles		1,061	1,163	1,321	1,357	1,343	13.0	13.8	13.8	11.7	9.1
	Wood products, paper and paperboard		189	198	212	248	292	2.3	2.4	2.2	2.1	2.0
	Chemicals		207	216	232	257	277	2.5	2.6	2.4	2.2	1.9
	Plastics and rubber		319	363	439	553	696	3.9	4.3	4.6	4.8	4.7
	Raw materials for the food industry		172	192	198	241	222	2.1	2.3	2.1	2.1	1.5
	Raw skins		88	86	101	91	96	1.1	1.0	1.1	0.8	0.7
	Raw tobacco		29	31	20	31	15	0.4	0.4	0.2	0.3	0.1
	Others		531	560	668	786	963	6.5	6.7	6.9	6.8	6.6
Investment goods			2,038	2,110	2,466	3,085	4,047	25.1	25.1	25.7	26.6	27.6
	Machines and equipment		705	810	937	1,052	1,396	8.7	9.6	9.8	9.1	9.5
	Electrical machines		357	282	317	350	460	4.4	3.4	3.3	3.0	3.1
	Vehicles		453	438	542	837	1,212	5.6	5.2	5.6	7.2	8.3
	Spare parts and equipment		273	310	360	414	510	3.4	3.7	3.7	3.6	3.5
	Others		249	271	310	432	469	3.1	3.2	3.2	3.7	3.2
Total non energy commodities			6,307	6,630	7,791	9,582	11,589	77.6	78.8	81.1	82.5	78.9
Mineral fuels, oils and electricity			1,821	1,675	1,690	1,942	2,960	22.4	19.9	17.6	16.7	20.2
	Fuels		1,611	1,574	1,530	1,726	2,584	19.8	18.7	15.9	14.9	17.6
		Crude oil and Natural gas	1,390	1,362	1,302	1,483	2,283	17.1	16.2	13.6	12.8	15.6
		Coal	170	162	185	212	258	2.1	1.9	1.9	1.8	1.8
		Others	210	101	160	216	377	2.6	1.2	1.7	1.9	2.6
	Others		210	101	160	216	377	2.6	1.2	1.7	1.9	2.6
TOTAL IMPORT, CIF			8,128	8,411	9,611	11,620	14,682	100.0	100.0	100.0	100.0	100.0

Source: Bulgarian National Bank.

Table A47.

Bulgaria: Direction of Trade, 2001-05 1/

(In percent of total)

Source: Bulgarian National Bank.

^{^1/}Imports and exports recorded according to the date at which goods cross the border.

^{^2/}Excluding Czech Republic, Hungary, Poland, and Slovak Republic.

^{^3/}Excluding new entrants (Cyprus, Czech Republic, Estonia, Hungary, Latvia, Lithuania, Malta, Poland, Slovak Republic, Slovenia).

^{^4/}Includes Czech Republic, Hungary, Poland, Romania, Slovak Republic, and Slovenia.

Table A47.

Bulgaria: Direction of Trade, 2001-05 1/

(In percent of total)

			2001		2002		2003		2004		2005
			Exports	Imports	Exports	Imports	Exports	Imports	Exports	Imports	Exports	Imports
OECD countries 2/			70.7	59.0	72.8	61.1	71.9	62.4	70.4	60.6	67.0	56.3
	Of which:
		Austria	1.7	2.0	1.7	2.1	2.0	2.2	2.2	2.4	1.9	2.2
		Belgium	4.9	1.5	4.8	1.4	6.1	1.4	5.9	1.4	6.0	1.2
		France	5.6	6.0	5.3	5.7	5.1	5.6	4.5	5.3	4.6	4.7
		Germany	9.5	15.3	9.5	14.3	10.8	14.3	10.2	14.6	9.8	13.6
		Greece	8.8	5.7	9.2	6.0	10.4	6.7	9.9	5.7	9.4	5.0
		Italy	15.0	9.6	15.4	11.3	14.0	10.2	13.1	9.8	12.0	9.0
		Japan	0.3	1.1	0.2	1.1	0.2	1.3	0.1	1.3	0.1	1.2
		Netherlands	1.6	1.8	1.8	2.0	1.5	1.8	1.3	1.7	1.2	1.4
		Spain	3.3	1.7	3.4	1.9	2.7	2.2	3.4	2.1	3.3	1.9
		Turkey	8.1	3.8	9.3	4.9	9.2	6.1	10.0	6.0	10.5	6.0
		United States	5.6	2.6	4.7	2.2	4.5	2.6	4.5	2.2	3.0	2.6
		United Kingdom	2.6	2.5	2.9	2.6	2.5	2.5	2.5	2.4	2.2	2.3
Non-OECD countries			29.3	41.0	27.2	38.9	28.1	37.6	29.6	39.4	33.0	43.7
	Of which:
		Czech Republic	0.4	1.6	0.5	1.6	0.6	1.6	0.6	1.7	0.5	1.5
		Hungary	0.6	1.1	0.7	1.3	0.8	1.2	0.9	1.2	0.8	1.2
		Macedonia	2.2	0.3	2.2	0.2	2.1	0.2	2.1	0.4	2.0	0.5
		Poland	0.7	1.5	0.7	1.3	0.8	1.4	1.0	1.5	1.1	1.6
		Romania	2.5	2.4	2.8	2.0	3.0	2.4	4.0	2.9	3.8	3.7
		Russia	2.3	20.0	1.6	14.7	1.4	12.6	1.3	12.6	1.3	15.6
		Serbia/Montenegro	4.1	0.3	3.0	0.3	3.3	0.3	3.5	0.4	3.0	0.5
		Ukraine	1.2	3.2	0.9	3.1	0.8	3.9	0.8	4.1	0.7	3.8
Total			100.0	100.0	100.0	100.0	100.0	100.0	100.0	100.0	100.0	100.0
Memorandum items:
	European Union 3/		54.8	49.4	55.7	50.3	56.5	49.6	54.2	48.2	51.6	43.9
	CEFTA members 4/		4.8	7.6	5.4	7.3	5.9	7.9	7.1	8.7	7.0	9.2

Source: Bulgarian National Bank.

^{^1/}Imports and exports recorded according to the date at which goods cross the border.

^{^2/}Excluding Czech Republic, Hungary, Poland, and Slovak Republic.

^{^3/}Excluding new entrants (Cyprus, Czech Republic, Estonia, Hungary, Latvia, Lithuania, Malta, Poland, Slovak Republic, Slovenia).

^{^4/}Includes Czech Republic, Hungary, Poland, Romania, Slovak Republic, and Slovenia.

Table A47.

Bulgaria: Direction of Trade, 2001-05 1/

(In percent of total)

			2001		2002		2003		2004		2005
			Exports	Imports	Exports	Imports	Exports	Imports	Exports	Imports	Exports	Imports
OECD countries 2/			70.7	59.0	72.8	61.1	71.9	62.4	70.4	60.6	67.0	56.3
	Of which:
		Austria	1.7	2.0	1.7	2.1	2.0	2.2	2.2	2.4	1.9	2.2
		Belgium	4.9	1.5	4.8	1.4	6.1	1.4	5.9	1.4	6.0	1.2
		France	5.6	6.0	5.3	5.7	5.1	5.6	4.5	5.3	4.6	4.7
		Germany	9.5	15.3	9.5	14.3	10.8	14.3	10.2	14.6	9.8	13.6
		Greece	8.8	5.7	9.2	6.0	10.4	6.7	9.9	5.7	9.4	5.0
		Italy	15.0	9.6	15.4	11.3	14.0	10.2	13.1	9.8	12.0	9.0
		Japan	0.3	1.1	0.2	1.1	0.2	1.3	0.1	1.3	0.1	1.2
		Netherlands	1.6	1.8	1.8	2.0	1.5	1.8	1.3	1.7	1.2	1.4
		Spain	3.3	1.7	3.4	1.9	2.7	2.2	3.4	2.1	3.3	1.9
		Turkey	8.1	3.8	9.3	4.9	9.2	6.1	10.0	6.0	10.5	6.0
		United States	5.6	2.6	4.7	2.2	4.5	2.6	4.5	2.2	3.0	2.6
		United Kingdom	2.6	2.5	2.9	2.6	2.5	2.5	2.5	2.4	2.2	2.3
Non-OECD countries			29.3	41.0	27.2	38.9	28.1	37.6	29.6	39.4	33.0	43.7
	Of which:
		Czech Republic	0.4	1.6	0.5	1.6	0.6	1.6	0.6	1.7	0.5	1.5
		Hungary	0.6	1.1	0.7	1.3	0.8	1.2	0.9	1.2	0.8	1.2
		Macedonia	2.2	0.3	2.2	0.2	2.1	0.2	2.1	0.4	2.0	0.5
		Poland	0.7	1.5	0.7	1.3	0.8	1.4	1.0	1.5	1.1	1.6
		Romania	2.5	2.4	2.8	2.0	3.0	2.4	4.0	2.9	3.8	3.7
		Russia	2.3	20.0	1.6	14.7	1.4	12.6	1.3	12.6	1.3	15.6
		Serbia/Montenegro	4.1	0.3	3.0	0.3	3.3	0.3	3.5	0.4	3.0	0.5
		Ukraine	1.2	3.2	0.9	3.1	0.8	3.9	0.8	4.1	0.7	3.8
Total			100.0	100.0	100.0	100.0	100.0	100.0	100.0	100.0	100.0	100.0
Memorandum items:
	European Union 3/		54.8	49.4	55.7	50.3	56.5	49.6	54.2	48.2	51.6	43.9
	CEFTA members 4/		4.8	7.6	5.4	7.3	5.9	7.9	7.1	8.7	7.0	9.2

Source: Bulgarian National Bank.

^{^1/}Imports and exports recorded according to the date at which goods cross the border.

^{^2/}Excluding Czech Republic, Hungary, Poland, and Slovak Republic.

^{^3/}Excluding new entrants (Cyprus, Czech Republic, Estonia, Hungary, Latvia, Lithuania, Malta, Poland, Slovak Republic, Slovenia).

^{^4/}Includes Czech Republic, Hungary, Poland, Romania, Slovak Republic, and Slovenia.

Table A48.

Bulgaria: Tourism Indicators, 2001-05

Source: State Agency for Tourism - Bulgaria.

Table A48.

Bulgaria: Tourism Indicators, 2001-05

					2001	2002	2003	2004	2005	2001	2002	2003	2004	2005
					(In thousands)					(Percent change)
Number of tourist arrivals					3,186	3,433	4,048	4,630	4,837	14.4	7.8	17.9	14.4	4.5
	Of which:
		European Union			1,133	1,365	1,690	2,484	2,624	23.9	20.5	23.8	47.0	5.7
			Of which:
				Greece	388	429	587	751	666	7.0	10.5	36.9	27.9	-11.3
				Germany	395	503	559	597	582	39.5	27.4	11.2	6.7	-2.4
				United Kingdom	80	122	171	275	374	28.9	52.8	40.3	61.1	36.1
		Russia			158	125	150	149	175	19.3	-20.6	19.8	-0.6	17.4
		Macedonia			660	640	695	682	581	-2.3	-3.0	8.5	-1.8	-14.8
		Serbia and Montenegro			385	554	614	597	534	64.6	43.8	10.8	-2.7	-10.5
Memorandum item:
	Travel receipts (in millions of euros)				1,084	1,203	1,460	1,746	1,888	-7.2	11.0	21.3	19.6	8.1
					(In percent of total)					(Percent change)
		European Union			35.6	39.8	41.7	53.6	54.2	8.3	11.8	5.0	28.5	1.1
			Of which:
				Greece	12.2	12.5	14.5	16.2	13.8	-6.5	2.6	16.1	11.8	-15.1
				Germany	12.4	14.6	13.8	12.9	12.0	22.0	18.2	-5.7	-6.7	-6.6
				United Kingdom	2.5	3.5	4.2	5.9	7.7	12.7	41.8	19.0	40.9	30.3
		Russia			5.0	3.7	3.7	3.2	3.6	4.3	-26.4	1.6	-13.1	12.4
		Macedonia			20.7	18.6	17.2	14.7	12.0	-14.4	-10.0	-7.9	-14.2	-18.4
		FR Yugoslavia			12.1	16.1	15.2	12.9	11.0	29.6	33.5	-6.04	-15.0	-14.4

Source: State Agency for Tourism - Bulgaria.

Table A48.

Bulgaria: Tourism Indicators, 2001-05

					2001	2002	2003	2004	2005	2001	2002	2003	2004	2005
					(In thousands)					(Percent change)
Number of tourist arrivals					3,186	3,433	4,048	4,630	4,837	14.4	7.8	17.9	14.4	4.5
	Of which:
		European Union			1,133	1,365	1,690	2,484	2,624	23.9	20.5	23.8	47.0	5.7
			Of which:
				Greece	388	429	587	751	666	7.0	10.5	36.9	27.9	-11.3
				Germany	395	503	559	597	582	39.5	27.4	11.2	6.7	-2.4
				United Kingdom	80	122	171	275	374	28.9	52.8	40.3	61.1	36.1
		Russia			158	125	150	149	175	19.3	-20.6	19.8	-0.6	17.4
		Macedonia			660	640	695	682	581	-2.3	-3.0	8.5	-1.8	-14.8
		Serbia and Montenegro			385	554	614	597	534	64.6	43.8	10.8	-2.7	-10.5
Memorandum item:
	Travel receipts (in millions of euros)				1,084	1,203	1,460	1,746	1,888	-7.2	11.0	21.3	19.6	8.1
					(In percent of total)					(Percent change)
		European Union			35.6	39.8	41.7	53.6	54.2	8.3	11.8	5.0	28.5	1.1
			Of which:
				Greece	12.2	12.5	14.5	16.2	13.8	-6.5	2.6	16.1	11.8	-15.1
				Germany	12.4	14.6	13.8	12.9	12.0	22.0	18.2	-5.7	-6.7	-6.6
				United Kingdom	2.5	3.5	4.2	5.9	7.7	12.7	41.8	19.0	40.9	30.3
		Russia			5.0	3.7	3.7	3.2	3.6	4.3	-26.4	1.6	-13.1	12.4
		Macedonia			20.7	18.6	17.2	14.7	12.0	-14.4	-10.0	-7.9	-14.2	-18.4
		FR Yugoslavia			12.1	16.1	15.2	12.9	11.0	29.6	33.5	-6.04	-15.0	-14.4

Source: State Agency for Tourism - Bulgaria.

Table A49.

Bulgaria: Financial Account, 2001–05

(In millions of euros)

Source: Bulgarian National Bank.

Table A49.

Bulgaria: Financial Account, 2001–05

(In millions of euros)

				2001	2002	2003	2004	2005
Financial Account				755	1,843	2,325	2,911	2,875
	Direct investment abroad			-11	-29	-23	166	-256
	Direct investment in Bulgaria			903	980	1,851	2,727	1,789
	Portfolio investment assets			-25	227	-69	-1	-8
		Equity securities		-40	-15	-13	-22	-3
		Debt securities		16	243	-56	20	-5
	Portfolio investment liabilities			119	-326	-122	-562	-749
		Equity securities		-10	-24	-20	1	71
		Debt securities		129	-302	-102	-563	-821
	Other investment assets			-117	332	229	-753	124
		Trade credits		0	-2	0	-157	-29
		Loans		18	-18	-29	-82	-30
			General Government	0	0	0	0	0
			Banks	0	-44	-31	-29	-18
			Other sectors	18	26	2	-53	-13
		Currency and deposits		-108	333	266	-611	-352
			General Government	0	0	0	18	0
			Banks	-149	346	281	-554	-340
			Other sectors	41	-13	-15	-75	-12
		Other forex deposits		0	0	0	0	0
		Other assets		-27	18	-8	97	535
		Other		0	0	0	0	0
	Other investment liabilities			-115	659	460	1,983	1,652
		Trade credits		-130	204	-83	88	156
		Loans		-193	161	197	1,362	1,044
			Monetary authorities	0	0	0	0	0
			General Government	-340	-144	-92	-38	-61
			Banks	9	42	53	405	477
			Other sectors	138	263	236	995	628
		Currency and deposits		47	98	259	514	385
		Other liabilities		161	196	88	20	67
		Other		0	0	0	0	0

Source: Bulgarian National Bank.

Table A49.

Bulgaria: Financial Account, 2001–05

(In millions of euros)

				2001	2002	2003	2004	2005
Financial Account				755	1,843	2,325	2,911	2,875
	Direct investment abroad			-11	-29	-23	166	-256
	Direct investment in Bulgaria			903	980	1,851	2,727	1,789
	Portfolio investment assets			-25	227	-69	-1	-8
		Equity securities		-40	-15	-13	-22	-3
		Debt securities		16	243	-56	20	-5
	Portfolio investment liabilities			119	-326	-122	-562	-749
		Equity securities		-10	-24	-20	1	71
		Debt securities		129	-302	-102	-563	-821
	Other investment assets			-117	332	229	-753	124
		Trade credits		0	-2	0	-157	-29
		Loans		18	-18	-29	-82	-30
			General Government	0	0	0	0	0
			Banks	0	-44	-31	-29	-18
			Other sectors	18	26	2	-53	-13
		Currency and deposits		-108	333	266	-611	-352
			General Government	0	0	0	18	0
			Banks	-149	346	281	-554	-340
			Other sectors	41	-13	-15	-75	-12
		Other forex deposits		0	0	0	0	0
		Other assets		-27	18	-8	97	535
		Other		0	0	0	0	0
	Other investment liabilities			-115	659	460	1,983	1,652
		Trade credits		-130	204	-83	88	156
		Loans		-193	161	197	1,362	1,044
			Monetary authorities	0	0	0	0	0
			General Government	-340	-144	-92	-38	-61
			Banks	9	42	53	405	477
			Other sectors	138	263	236	995	628
		Currency and deposits		47	98	259	514	385
		Other liabilities		161	196	88	20	67
		Other		0	0	0	0	0

Source: Bulgarian National Bank.

Table A50.

Bulgaria: Foreign Direct Investment by Sector and Country of Origin, 2001–05

(In percent of total)

Source: Bulgarian National Bank.

Table A50.

Bulgaria: Foreign Direct Investment by Sector and Country of Origin, 2001–05

(In percent of total)

			2001	2002	2003	2004	2005
Foreign direct investment by sector:
	Financial intermediation		15.1	14.8	23.9	8.8	34.4
	Transport, storage and communication		27.5	23.1	8.2	15.6	9.5
	Wholesale and retail trade; repair of motor vehicles, motorcyc		14.5	25.2	23.4	19.4	8.7
	Manufacturing		31.7	8.4	28.3	16.8	8.1
	Electricity, gas and water supply		0.3	7.4	0.4	25.9	0.5
	Hotels and restaurants		2.2	0.9	1.3	1.0	2.9
	Real estate, renting and business activities		1.6	6.2	9.0	8.0	22.7
	Construction		2.1	3.4	0.3	2.9	9.6
	Other		4.9	10.5	5.1	1.8	3.7
	Total		100.0	100.0	100.0	100.0	100.0
Foreign direct investment by country of origin:
	Austria		11.5	17.8	11.4	26.4	24.1
	Belgium and Luxembourg		7.5	0.0	1.5	3.7	5.3
	Cyprus		2.2	-0.9	5.8	3.2	0.5
	France		1.9	1.0	1.1	1.8	1.4
	Germany		8.3	9.4	5.2	10.4	4.1
	Greece		29.6	24.2	10.7	7.4	10.1
	Hungary		0.1	1.1	18.1	1.8	4.2
	Italy		18.0	2.8	4.8	3.1	5.0
	Korea		-1.1	0.0	0.0	0.0	0.0
	Netherlands		9.9	3.4	11.6	13.3	-7.0
	Spain		0.6	0.0	0.2	0.3	2.0
	Switzerland		4.1	4.0	6.9	4.1	10.9
	Turkey		-1.2	1.7	-0.3	2.1	1.3
	United Kingdom		2.5	0.1	4.6	2.0	14.5
	United States		5.5	6.2	6.1	4.2	3.0
	Other countries		0.7	29.2	12.4	16.2	20.6
	Total		100.0	100.0	100.0	100.0	100.0
Foreign direct investment by capital type:
	Equity capital		69.7	65.0	58.8	68.2	42.0
		Of which: from privatization	2.4	15.0	17.4	35.3	0.0
	Other capital		29.5	25.7	29.2	15.9	46.3
	Reinvested earnings		0.8	9.3	11.9	15.9	11.7
	Total		100.0	100.0	100.0	100.0	100.0
Memorandum items:
	Inward direct investment (in millions of euros)		903	980	1851	2727	1789
	Bulgarian direct investment abroad (in millions of euros)		11	29	23	-166	256

Source: Bulgarian National Bank.

Table A50.

Bulgaria: Foreign Direct Investment by Sector and Country of Origin, 2001–05

(In percent of total)

			2001	2002	2003	2004	2005
Foreign direct investment by sector:
	Financial intermediation		15.1	14.8	23.9	8.8	34.4
	Transport, storage and communication		27.5	23.1	8.2	15.6	9.5
	Wholesale and retail trade; repair of motor vehicles, motorcyc		14.5	25.2	23.4	19.4	8.7
	Manufacturing		31.7	8.4	28.3	16.8	8.1
	Electricity, gas and water supply		0.3	7.4	0.4	25.9	0.5
	Hotels and restaurants		2.2	0.9	1.3	1.0	2.9
	Real estate, renting and business activities		1.6	6.2	9.0	8.0	22.7
	Construction		2.1	3.4	0.3	2.9	9.6
	Other		4.9	10.5	5.1	1.8	3.7
	Total		100.0	100.0	100.0	100.0	100.0
Foreign direct investment by country of origin:
	Austria		11.5	17.8	11.4	26.4	24.1
	Belgium and Luxembourg		7.5	0.0	1.5	3.7	5.3
	Cyprus		2.2	-0.9	5.8	3.2	0.5
	France		1.9	1.0	1.1	1.8	1.4
	Germany		8.3	9.4	5.2	10.4	4.1
	Greece		29.6	24.2	10.7	7.4	10.1
	Hungary		0.1	1.1	18.1	1.8	4.2
	Italy		18.0	2.8	4.8	3.1	5.0
	Korea		-1.1	0.0	0.0	0.0	0.0
	Netherlands		9.9	3.4	11.6	13.3	-7.0
	Spain		0.6	0.0	0.2	0.3	2.0
	Switzerland		4.1	4.0	6.9	4.1	10.9
	Turkey		-1.2	1.7	-0.3	2.1	1.3
	United Kingdom		2.5	0.1	4.6	2.0	14.5
	United States		5.5	6.2	6.1	4.2	3.0
	Other countries		0.7	29.2	12.4	16.2	20.6
	Total		100.0	100.0	100.0	100.0	100.0
Foreign direct investment by capital type:
	Equity capital		69.7	65.0	58.8	68.2	42.0
		Of which: from privatization	2.4	15.0	17.4	35.3	0.0
	Other capital		29.5	25.7	29.2	15.9	46.3
	Reinvested earnings		0.8	9.3	11.9	15.9	11.7
	Total		100.0	100.0	100.0	100.0	100.0
Memorandum items:
	Inward direct investment (in millions of euros)		903	980	1851	2727	1789
	Bulgarian direct investment abroad (in millions of euros)		11	29	23	-166	256

Source: Bulgarian National Bank.

Table A51.

Bulgaria: External Debt Stock, 2001–05

(In millions of euros)

Source: Bulgarian National Bank.

Table A51.

Bulgaria: External Debt Stock, 2001–05

(In millions of euros)

		Gross external Debt By Institutional Sector	2001	2002	2003	2004	2005
GROSS EXTERNAL DEBT (I+II+III+IV+V)			11,935	10,769	10,641	12,572	14,530
I.	General Government		9,143	7,446	6,624	5,825	4,398
	Short-term		0	0	0	0	0
	Money Market Instruments		0	0	0	0	0
	Loans		0	0	0	0	0
	Trade credits		0	0	0	0	0
	Other debt liabilities		0	0	0	0	0
		Arrears	0	0	0	0	0
		Other	0	0	0	0	0
	Long-term		9,143	7,446	6,624	5,825	4,398
	Bonds and Notes		5,659	4,683	3,929	3,145	2,114
	Bonds and Notes held by residents		-62	-321	-347	-289	-446
	Loans		3,547	3,084	3,042	2,968	2,729
	Trade credits		0	0	0	0	0
	Other debt liabilities		0	0	0	0	0
II.	Monetary Authorities		74	20	0	0	0
	Short-term		0	0	0	0	0
	Money Market Instruments		0	0	0	0	0
	Loans		0	0	0	0	0
	Currency and deposits		0	0	0	0	0
	Other debt liabilities		0	0	0	0	0
		Arrears	0	0	0	0	0
		Other	0	0	0	0	0
	Long-term		74	20	0	0	0
	Bonds and Notes		0	0	0	0	0
	Loans		74	20	0	0	0
	Currency and deposits		0	0	0	0	0
	Other debt liabilities		0	0	0	0	0
III.	Banks		292	416	790	1,692	2,522
	Short-term		242	311	602	1,126	1,695
	Money Market Instruments		0	0	0	0	0
	Loans		12	13	10	26	157
	Currency and deposits		230	298	497	999	1,397
	Other debt liabilities		0	0	96	102	142
		Arrears	0	0	0	0	0
		Other	0	0	96	102	142
	Long-term		50	105	188	566	827
	Bonds and Notes		0	0	0	6	7
	Loans		50	105	188	560	820
	Currency and deposits		0	0	0	0	0
	Other debt liabilities		0	0	0	0	0
IV.	Other Sectors		1,762	2,209	1,873	3,012	3,920
	Short-term		845	1,204	923	1,301	1,869
	Money Market Instruments		0	0	0	0	0
	Loans		110	150	268	502	856
	Trade credits		736	1,055	654	799	1,012
	Other debt liabilities		0	0	0	0	0
		Arrears	0	0	0	0	0
		Other	0	0	0	0	0
	Long-term		917	1,005	950	1,711	2,052
	Bonds and Notes		0	0	3	3	3
	Loans		851	954	947	1,708	2,049
	Trade credits		0	0	0	0	0
	Other debt liabilities		65	50	0	0	0
V.	Direct investment: Intercompany Lending		663	677	1,354	2,042	3,690
Debt liabilities to affiliated enterprises			0	0	6	7	3
		Arrears			0	0	0
		Other	0	0	6	7	3
Debt liabilities to direct investors			663	677	1,348	2,036	3,687
		Arrears			0	0	0
		Other	663	677	1,348	2,036	3,687

Source: Bulgarian National Bank.

Table A51.

Bulgaria: External Debt Stock, 2001–05

(In millions of euros)

		Gross external Debt By Institutional Sector	2001	2002	2003	2004	2005
GROSS EXTERNAL DEBT (I+II+III+IV+V)			11,935	10,769	10,641	12,572	14,530
I.	General Government		9,143	7,446	6,624	5,825	4,398
	Short-term		0	0	0	0	0
	Money Market Instruments		0	0	0	0	0
	Loans		0	0	0	0	0
	Trade credits		0	0	0	0	0
	Other debt liabilities		0	0	0	0	0
		Arrears	0	0	0	0	0
		Other	0	0	0	0	0
	Long-term		9,143	7,446	6,624	5,825	4,398
	Bonds and Notes		5,659	4,683	3,929	3,145	2,114
	Bonds and Notes held by residents		-62	-321	-347	-289	-446
	Loans		3,547	3,084	3,042	2,968	2,729
	Trade credits		0	0	0	0	0
	Other debt liabilities		0	0	0	0	0
II.	Monetary Authorities		74	20	0	0	0
	Short-term		0	0	0	0	0
	Money Market Instruments		0	0	0	0	0
	Loans		0	0	0	0	0
	Currency and deposits		0	0	0	0	0
	Other debt liabilities		0	0	0	0	0
		Arrears	0	0	0	0	0
		Other	0	0	0	0	0
	Long-term		74	20	0	0	0
	Bonds and Notes		0	0	0	0	0
	Loans		74	20	0	0	0
	Currency and deposits		0	0	0	0	0
	Other debt liabilities		0	0	0	0	0
III.	Banks		292	416	790	1,692	2,522
	Short-term		242	311	602	1,126	1,695
	Money Market Instruments		0	0	0	0	0
	Loans		12	13	10	26	157
	Currency and deposits		230	298	497	999	1,397
	Other debt liabilities		0	0	96	102	142
		Arrears	0	0	0	0	0
		Other	0	0	96	102	142
	Long-term		50	105	188	566	827
	Bonds and Notes		0	0	0	6	7
	Loans		50	105	188	560	820
	Currency and deposits		0	0	0	0	0
	Other debt liabilities		0	0	0	0	0
IV.	Other Sectors		1,762	2,209	1,873	3,012	3,920
	Short-term		845	1,204	923	1,301	1,869
	Money Market Instruments		0	0	0	0	0
	Loans		110	150	268	502	856
	Trade credits		736	1,055	654	799	1,012
	Other debt liabilities		0	0	0	0	0
		Arrears	0	0	0	0	0
		Other	0	0	0	0	0
	Long-term		917	1,005	950	1,711	2,052
	Bonds and Notes		0	0	3	3	3
	Loans		851	954	947	1,708	2,049
	Trade credits		0	0	0	0	0
	Other debt liabilities		65	50	0	0	0
V.	Direct investment: Intercompany Lending		663	677	1,354	2,042	3,690
Debt liabilities to affiliated enterprises			0	0	6	7	3
		Arrears			0	0	0
		Other	0	0	6	7	3
Debt liabilities to direct investors			663	677	1,348	2,036	3,687
		Arrears			0	0	0
		Other	663	677	1,348	2,036	3,687

Source: Bulgarian National Bank.

Table A52.

Bulgaria: External Debt Service, 2002–05

(In millions of euros)

Source: Bulgarian National Bank.

Table A52.

Bulgaria: External Debt Service, 2002–05

(In millions of euros)

			Amortizations				Interest				Total
		Debt Service By Institutional Sector	2002	2003	2004	2005	2002	2003	2004	2005	2002	2003	2004	2005
GROSS EXTERNAL DEBT (I+II+III+IV+V)			1,027	967	2,258	5,298	377	367	353	411	1,403	1,333	2,611	5,709
I.	General Government		561	359	1,136	2,077	315	296	273	272	876	655	1,409	2,350
	Short-term		0	0	0	0	0	0	0	0	0	0	0	0
	Money Market Instruments		0	0	0	0	0	0	0	0	0	0	0	0
	Loans		0	0	0	0	0	0	0	0	0	0	0	0
	Trade credits		0	0	0	0	0	0	0	0	0	0	0	0
	Other debt liabilities		0	0	0	0	0	0	0	0	0	0	0	0
		Arrears	0	0	0	0	0	0	0	0	0	0	0	0
		Other	0	0	0	0	0	0	0	0	0	0	0	0
	Long-term		561	359	1,136	2,077	315	296	273	272	876	655	1,409	2,350
	Bonds and Notes		112	95	654	1,259	190	223	203	191	302	318	858	1,450
	Bonds and Notes held by residents		0	-4	182	212	0	-21	-18	-17	0	-25	164	195
	Loans		449	268	299	607	125	94	89	98	574	362	388	705
	Trade credits		0	0	0	0	0	0	0	0	0	0	0	0
	Other debt liabilities		0	0	0	0	0	0	0	0	0	0	0	0
											0	0	0	0
II.	Monetary Authorities		51	19	0	0	1	0	0	0	52	20	0	0
	Short-term		0	0	0	0	0	0	0	0	0	0	0	0
	Money Market Instruments		0	0	0	0	0	0	0	0	0	0	0	0
	Loans		0	0	0	0	0	0	0	0	0	0	0	0
	Currency and deposits		0	0	0	0	0	0	0	0	0	0	0	0
	Other debt liabilities		0	0	0	0	0	0	0	0	0	0	0	0
		Arrears	0	0	0	0	0	0	0	0	0	0	0	0
		Other	0	0	0	0	0	0	0	0	0	0	0	0
	Long-term		51	19	0	0	1	0	0	0	52	20	0	0
	Bonds and Notes		0	0	0	0	0	0	0	0	0	0	0	0
	Loans		51	19	0	0	1	0	0	0	52	20	0	0
	Currency and deposits		0	0	0	0	0	0	0	0	0	0	0	0
	Other debt liabilities		0	0	0	0	0	0	0	0	0	0	0	0
											0	0	0	0
III.	Banks		123	301	287	1,376	4	6	18	21	127	306	305	1,397
	Short-term		108	269	255	1,201	1	0	4	1	109	269	258	1,202
	Money Market Instruments		0	0	0	0	0	0	0	0	0	0	0	0
	Loans		8	16	14	32	1	0	4	1	9	16	17	33
	Currency and deposits		100	101	119	1,112	0	0	0	0	100	101	119	1,112
	Other debt liabilities		0	151	122	57	0	0	0	0	0	151	122	57
		Arrears	0	0	0	0	0	0	0	0	0	0	0	0
		Other	0	151	122	57	0	0	0	0	0	151	122	57
	Long-term		16	32	33	175	3	5	14	20	19	38	47	195
	Bonds and Notes		5	10	0	1	0	0	0	0	5	10	0	1
	Loans		10	22	33	174	3	5	14	20	13	28	47	195
	Currency and deposits		0	0	0	0	0	0	0	0	0	0	0	0
	Other debt liabilities		0	0	0	0	0	0	0	0	0	0	0	0
											0	0	0	0
IV.	Other Sectors		123	191	584	764	40	46	43	84	164	236	627	848
	Short-term		15	46	293	92	3	12	6	4	18	58	299	97
	Money Market Instruments		0	0	0	0	0	0	0	0	0	0	0	0
	Loans		14	45	293	92	3	12	6	4	17	57	299	97
	Trade credits		0	0	0	0	0	0	0	0	0	0	0	0
	Other debt liabilities		0	0	0	0	1	1	0	0	1	1	0	0
		Arrears	0	0	0	0	1	1	0	0	1	1	0	0
		Other	0	0	0	0	0	0	0	0	0	0	0	0
	Long-term		109	145	291	672	37	33	37	80	146	178	328	752
	Bonds and Notes		0	0	0	0	0	0	0	0	0	0	0	0
	Loans		109	145	291	672	37	33	37	80	146	178	328	752
	Trade credits		0	0	0	0	0	0	0	0	0	0	0	0
	Other debt liabilities		0	0	0	0	0	0	0	0	0	0	0	0
											0	0	0	0
V.	Direct investment: Intercompany Lending		168	97	251	1,081	16	19	19	33	184	116	269	1,114
Debt liabilities to affiliated enterprises			0	0	0	0	0	0	0	0	0	0	0	0
	Arrears		0	0	0	0	0	0	0	0	0	0	0	0
	Other		0	0	0	0	0	0	0	0	0	0	0	0
Debt liabilities to direct investors			168	97	251	1,081	16	19	19	33	184	116	269	1,114
	Arrears		0	0	0	0	0	0	0	0	0	0	0	0
	Other		168	97	251	1,081	16	19	19	33	184	116	269	1,114

Source: Bulgarian National Bank.

Table A52.

Bulgaria: External Debt Service, 2002–05

(In millions of euros)

			Amortizations				Interest				Total
		Debt Service By Institutional Sector	2002	2003	2004	2005	2002	2003	2004	2005	2002	2003	2004	2005
GROSS EXTERNAL DEBT (I+II+III+IV+V)			1,027	967	2,258	5,298	377	367	353	411	1,403	1,333	2,611	5,709
I.	General Government		561	359	1,136	2,077	315	296	273	272	876	655	1,409	2,350
	Short-term		0	0	0	0	0	0	0	0	0	0	0	0
	Money Market Instruments		0	0	0	0	0	0	0	0	0	0	0	0
	Loans		0	0	0	0	0	0	0	0	0	0	0	0
	Trade credits		0	0	0	0	0	0	0	0	0	0	0	0
	Other debt liabilities		0	0	0	0	0	0	0	0	0	0	0	0
		Arrears	0	0	0	0	0	0	0	0	0	0	0	0
		Other	0	0	0	0	0	0	0	0	0	0	0	0
	Long-term		561	359	1,136	2,077	315	296	273	272	876	655	1,409	2,350
	Bonds and Notes		112	95	654	1,259	190	223	203	191	302	318	858	1,450
	Bonds and Notes held by residents		0	-4	182	212	0	-21	-18	-17	0	-25	164	195
	Loans		449	268	299	607	125	94	89	98	574	362	388	705
	Trade credits		0	0	0	0	0	0	0	0	0	0	0	0
	Other debt liabilities		0	0	0	0	0	0	0	0	0	0	0	0
											0	0	0	0
II.	Monetary Authorities		51	19	0	0	1	0	0	0	52	20	0	0
	Short-term		0	0	0	0	0	0	0	0	0	0	0	0
	Money Market Instruments		0	0	0	0	0	0	0	0	0	0	0	0
	Loans		0	0	0	0	0	0	0	0	0	0	0	0
	Currency and deposits		0	0	0	0	0	0	0	0	0	0	0	0
	Other debt liabilities		0	0	0	0	0	0	0	0	0	0	0	0
		Arrears	0	0	0	0	0	0	0	0	0	0	0	0
		Other	0	0	0	0	0	0	0	0	0	0	0	0
	Long-term		51	19	0	0	1	0	0	0	52	20	0	0
	Bonds and Notes		0	0	0	0	0	0	0	0	0	0	0	0
	Loans		51	19	0	0	1	0	0	0	52	20	0	0
	Currency and deposits		0	0	0	0	0	0	0	0	0	0	0	0
	Other debt liabilities		0	0	0	0	0	0	0	0	0	0	0	0
											0	0	0	0
III.	Banks		123	301	287	1,376	4	6	18	21	127	306	305	1,397
	Short-term		108	269	255	1,201	1	0	4	1	109	269	258	1,202
	Money Market Instruments		0	0	0	0	0	0	0	0	0	0	0	0
	Loans		8	16	14	32	1	0	4	1	9	16	17	33
	Currency and deposits		100	101	119	1,112	0	0	0	0	100	101	119	1,112
	Other debt liabilities		0	151	122	57	0	0	0	0	0	151	122	57
		Arrears	0	0	0	0	0	0	0	0	0	0	0	0
		Other	0	151	122	57	0	0	0	0	0	151	122	57
	Long-term		16	32	33	175	3	5	14	20	19	38	47	195
	Bonds and Notes		5	10	0	1	0	0	0	0	5	10	0	1
	Loans		10	22	33	174	3	5	14	20	13	28	47	195
	Currency and deposits		0	0	0	0	0	0	0	0	0	0	0	0
	Other debt liabilities		0	0	0	0	0	0	0	0	0	0	0	0
											0	0	0	0
IV.	Other Sectors		123	191	584	764	40	46	43	84	164	236	627	848
	Short-term		15	46	293	92	3	12	6	4	18	58	299	97
	Money Market Instruments		0	0	0	0	0	0	0	0	0	0	0	0
	Loans		14	45	293	92	3	12	6	4	17	57	299	97
	Trade credits		0	0	0	0	0	0	0	0	0	0	0	0
	Other debt liabilities		0	0	0	0	1	1	0	0	1	1	0	0
		Arrears	0	0	0	0	1	1	0	0	1	1	0	0
		Other	0	0	0	0	0	0	0	0	0	0	0	0
	Long-term		109	145	291	672	37	33	37	80	146	178	328	752
	Bonds and Notes		0	0	0	0	0	0	0	0	0	0	0	0
	Loans		109	145	291	672	37	33	37	80	146	178	328	752
	Trade credits		0	0	0	0	0	0	0	0	0	0	0	0
	Other debt liabilities		0	0	0	0	0	0	0	0	0	0	0	0
											0	0	0	0
V.	Direct investment: Intercompany Lending		168	97	251	1,081	16	19	19	33	184	116	269	1,114
Debt liabilities to affiliated enterprises			0	0	0	0	0	0	0	0	0	0	0	0
	Arrears		0	0	0	0	0	0	0	0	0	0	0	0
	Other		0	0	0	0	0	0	0	0	0	0	0	0
Debt liabilities to direct investors			168	97	251	1,081	16	19	19	33	184	116	269	1,114
	Arrears		0	0	0	0	0	0	0	0	0	0	0	0
	Other		168	97	251	1,081	16	19	19	33	184	116	269	1,114

Source: Bulgarian National Bank.

Table A53.

Bulgaria: Currency Composition of External Debt, 2001–05

(In percent of total; end of period)

Sources: Bulgarian National Bank, and Ministry of Finance.

Table A53.

Bulgaria: Currency Composition of External Debt, 2001–05

(In percent of total; end of period)

		2001	2002	2003	2004	2005
Gross external debt
	Euro	21.3	38.1	47.8	61.2	73.6
	U.S. Dollar	64.0	48.6	39.5	28.4	19.5
	SDR	11.2	9.8	8.9	6.9	3.9
	Japanese Yen	2.6	2.4	2.1	1.6	1.5
	Other	0.8	1.1	1.8	1.9	1.5
Public sector
	Euro	17.5	31.8	38.4	43.0	55.3
	U.S. Dollar	66.2	52.2	45.3	39.4	27.8
	SDR	12.9	12.7	13.1	14.9	12.7
	Japanese Yen	3.0	3.1	3.0	2.5	3.5
	Other	0.3	0.2	0.2	0.3	0.6
Private sector, total
	Euro	48.9	59.0	67.5	77.0	81.6
	U.S. Dollar	47.1	37.0	27.1	18.9	15.9
	BGN	2.9	2.0	3.5	0.9	1.2
	CHF	0.6	1.2	1.0	1.8	0.1
	Other	0.6	0.9	0.9	1.4	1.2
Private sector, commercial banks
	Euro	49.8	54.7	70.6	76.6	86.4
	U.S. Dollar	38.2	30.8	12.7	8.1	7.3
	BGN	11.0	10.2	10.9	7.7	5.4
	CHF	0.4	3.6	3.7	6.5	0.1
	Other	0.6	0.7	2.0	1.2	0.8
Private sector, companies
	Euro	48.4	59.5	70.9	79.3	81.3
	U.S. Dollar	50.3	38.3	26.5	17.2	14.6
	Other	1.3	2.2	2.7	3.5	4.1

Sources: Bulgarian National Bank, and Ministry of Finance.

Table A53.

Bulgaria: Currency Composition of External Debt, 2001–05

(In percent of total; end of period)

		2001	2002	2003	2004	2005
Gross external debt
	Euro	21.3	38.1	47.8	61.2	73.6
	U.S. Dollar	64.0	48.6	39.5	28.4	19.5
	SDR	11.2	9.8	8.9	6.9	3.9
	Japanese Yen	2.6	2.4	2.1	1.6	1.5
	Other	0.8	1.1	1.8	1.9	1.5
Public sector
	Euro	17.5	31.8	38.4	43.0	55.3
	U.S. Dollar	66.2	52.2	45.3	39.4	27.8
	SDR	12.9	12.7	13.1	14.9	12.7
	Japanese Yen	3.0	3.1	3.0	2.5	3.5
	Other	0.3	0.2	0.2	0.3	0.6
Private sector, total
	Euro	48.9	59.0	67.5	77.0	81.6
	U.S. Dollar	47.1	37.0	27.1	18.9	15.9
	BGN	2.9	2.0	3.5	0.9	1.2
	CHF	0.6	1.2	1.0	1.8	0.1
	Other	0.6	0.9	0.9	1.4	1.2
Private sector, commercial banks
	Euro	49.8	54.7	70.6	76.6	86.4
	U.S. Dollar	38.2	30.8	12.7	8.1	7.3
	BGN	11.0	10.2	10.9	7.7	5.4
	CHF	0.4	3.6	3.7	6.5	0.1
	Other	0.6	0.7	2.0	1.2	0.8
Private sector, companies
	Euro	48.4	59.5	70.9	79.3	81.3
	U.S. Dollar	50.3	38.3	26.5	17.2	14.6
	Other	1.3	2.2	2.7	3.5	4.1

Sources: Bulgarian National Bank, and Ministry of Finance.

Table A54.

Bulgaria: Intersectoral Asset and Liability Position (end-December 2005, in millions of EUR) Holder of Liability (Creditor)

Source: Bulgarian National Bank.

Table A54.

Bulgaria: Intersectoral Asset and Liability Position (end-December 2005, in millions of EUR) Holder of Liability (Creditor)

Issuer of Liability (Debtor)				Government Sector (I)	Financial Private Sector (II)	Nonfinancial Private Sector (III)	Rest of the World (IV)	Total
Government and BNB
	Monetary Base
	Total Other Liabilities				1,461.8		4,397.6	5,859.4
		Short-term			63.5		0.0	63.5
			Domestic Currency		39.5		0.0	39.5
			Foreign Currency		24.0		0.0	24.0
		Medium- and Long-Term			1,398.3		4,397.6	5,795.9
			Domestic Currency		738.3		13.8	752.1
			Foreign Currency		660.0		4,383.8	5,043.8

Financial Private Sector
	Total Liabilities			670.0		3,154.3	2,659.0	6,483.3
		Short-term		614.1		3,074.7	1,746.5	5,435.2
			Domestic Currency	346.7		1,998.6	131.7	2,477.1
			Foreign Currency	267.3		1,076.1	1,614.8	2,958.1
		Medium- and Long-Term		55.9		79.6	912.5	1,048.1
			Domestic Currency	55.9		36.5	4.7	97.1
			Foreign Currency	0.0		43.1	907.9	950.9
	Equity			23.8		77.4	1,347.1	1,448.4

Nonfinancial Private Sector
	Total Liabilities				5,743.0		7,473.8	13,216.8
		Short-term			1,792.9		4,172.2	5,965.1
			Domestic Currency		821.4		93.3	914.7
			Foreign Currency		971.6		4,078.9	5,050.4
		Medium- and Long-Term			3,950.0		3,301.6	7,251.6
			Domestic Currency		1,062.3		15.1	1,077.4
			Foreign Currency		2,887.7		3,286.5	6,174.3
	Equity				25.5		4,257.4	4,282.9

Rest of the World
	Total Liabilities			9,052.4	2,835.4	910.3		12,798.0
		Currency and Short-term			2,251.1	858.8		3,109.9
		Medium- and Long-Term			584.2	51.5		635.7
	Equity				3.3	80.0		83.3

Total
Total liabilities				9,722.4	10,040.2	4,064.6	14,530.4
	Short-term			614.1	4,107.6	3,933.5	5,918.6
			Domestic Currency	346.7	860.9	1,998.6	225.0
			Foreign Currency	267.3	995.6	1,076.1	5,693.6
	Medium- and Long-Term			55.9	5,932.6	131.1	8,611.7
			Domestic Currency	55.9	1,800.6	36.5	33.5
			Foreign Currency	0.0	3,547.7	43.1	8,578.2
	Equity			23.8	28.8	157.4	5,604.5

Source: Bulgarian National Bank.

Table A54.

Bulgaria: Intersectoral Asset and Liability Position (end-December 2005, in millions of EUR) Holder of Liability (Creditor)

Issuer of Liability (Debtor)				Government Sector (I)	Financial Private Sector (II)	Nonfinancial Private Sector (III)	Rest of the World (IV)	Total
Government and BNB
	Monetary Base
	Total Other Liabilities				1,461.8		4,397.6	5,859.4
		Short-term			63.5		0.0	63.5
			Domestic Currency		39.5		0.0	39.5
			Foreign Currency		24.0		0.0	24.0
		Medium- and Long-Term			1,398.3		4,397.6	5,795.9
			Domestic Currency		738.3		13.8	752.1
			Foreign Currency		660.0		4,383.8	5,043.8

Financial Private Sector
	Total Liabilities			670.0		3,154.3	2,659.0	6,483.3
		Short-term		614.1		3,074.7	1,746.5	5,435.2
			Domestic Currency	346.7		1,998.6	131.7	2,477.1
			Foreign Currency	267.3		1,076.1	1,614.8	2,958.1
		Medium- and Long-Term		55.9		79.6	912.5	1,048.1
			Domestic Currency	55.9		36.5	4.7	97.1
			Foreign Currency	0.0		43.1	907.9	950.9
	Equity			23.8		77.4	1,347.1	1,448.4

Nonfinancial Private Sector
	Total Liabilities				5,743.0		7,473.8	13,216.8
		Short-term			1,792.9		4,172.2	5,965.1
			Domestic Currency		821.4		93.3	914.7
			Foreign Currency		971.6		4,078.9	5,050.4
		Medium- and Long-Term			3,950.0		3,301.6	7,251.6
			Domestic Currency		1,062.3		15.1	1,077.4
			Foreign Currency		2,887.7		3,286.5	6,174.3
	Equity				25.5		4,257.4	4,282.9

Rest of the World
	Total Liabilities			9,052.4	2,835.4	910.3		12,798.0
		Currency and Short-term			2,251.1	858.8		3,109.9
		Medium- and Long-Term			584.2	51.5		635.7
	Equity				3.3	80.0		83.3

Total
Total liabilities				9,722.4	10,040.2	4,064.6	14,530.4
	Short-term			614.1	4,107.6	3,933.5	5,918.6
			Domestic Currency	346.7	860.9	1,998.6	225.0
			Foreign Currency	267.3	995.6	1,076.1	5,693.6
	Medium- and Long-Term			55.9	5,932.6	131.1	8,611.7
			Domestic Currency	55.9	1,800.6	36.5	33.5
			Foreign Currency	0.0	3,547.7	43.1	8,578.2
	Equity			23.8	28.8	157.4	5,604.5

Source: Bulgarian National Bank.

Table A55.

Bulgaria: Import Tariffs, 2001–06 1/

(In percent unless otherwise indicated)

Sources: Customs agency, and Fund staff estimates.

^{^1/}Applied ad valorem tariffs as at 1 January each year.

^{^2/}Excluding the ad-valorem equivalent of mixed tariffs.

Table A55.

Bulgaria: Import Tariffs, 2001–06 1/

(In percent unless otherwise indicated)

		2001	2002	2003	2004	2005	2006
All products:
	Minimum MFN tariff rate	0	0	0	0	0	0
	Maximum MFN tariff rate	74	74	75	75	75	75
	Simple average MFN tariff rate 2/	12.4	11.1	11.2	11.6	11.5	11.8
	Number of tariff lines	10,500	10,619	10,606	10,373	10,302	10,044
Industrial products:
	Minimum MFN tariff rate	0	0	0	0	0	0
	Maximum MFN tariff rate	30	27	27	27	26.8	26.8
	Simple average MFN tariff rate 2/	10.0	8.6	8.6	8.7	8.6	8.8
	Number of tariff lines	8,112	8,178	8,165	7,962	7,916	7,670
Agricultural products:
	Minimum MFN tariff rate	0	0	0	0	0	0
	Maximum MFN tariff rate	74	74	75	75	75	75
	Simple average MFN tariff rate 2/	21.9	21.3	21.6	22.9	22.9	23.5
	Number of tariff lines	2,388	2,441	2,441	2,411	2,386	2,374
Memorandum item:
	Import surcharge	0	0	0	0	0	0

Sources: Customs agency, and Fund staff estimates.

^{^1/}Applied ad valorem tariffs as at 1 January each year.

^{^2/}Excluding the ad-valorem equivalent of mixed tariffs.

Table A55.

Bulgaria: Import Tariffs, 2001–06 1/

(In percent unless otherwise indicated)

		2001	2002	2003	2004	2005	2006
All products:
	Minimum MFN tariff rate	0	0	0	0	0	0
	Maximum MFN tariff rate	74	74	75	75	75	75
	Simple average MFN tariff rate 2/	12.4	11.1	11.2	11.6	11.5	11.8
	Number of tariff lines	10,500	10,619	10,606	10,373	10,302	10,044
Industrial products:
	Minimum MFN tariff rate	0	0	0	0	0	0
	Maximum MFN tariff rate	30	27	27	27	26.8	26.8
	Simple average MFN tariff rate 2/	10.0	8.6	8.6	8.7	8.6	8.8
	Number of tariff lines	8,112	8,178	8,165	7,962	7,916	7,670
Agricultural products:
	Minimum MFN tariff rate	0	0	0	0	0	0
	Maximum MFN tariff rate	74	74	75	75	75	75
	Simple average MFN tariff rate 2/	21.9	21.3	21.6	22.9	22.9	23.5
	Number of tariff lines	2,388	2,441	2,441	2,411	2,386	2,374
Memorandum item:
	Import surcharge	0	0	0	0	0	0

Sources: Customs agency, and Fund staff estimates.

^{^1/}Applied ad valorem tariffs as at 1 January each year.

^{^2/}Excluding the ad-valorem equivalent of mixed tariffs.

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Bulgaria: Selected Issues and Statistical Appendix

Author:

International Monetary Fund

Volume/Issue:: Volume 2006: Issue 299

Publisher:: International Monetary Fund

ISBN:: 9781451804553

ISSN:: 1934-7685

Pages:: 148

DOI:: https://doi.org/10.5089/9781451804553.002

Keywords

Table A55.

Bulgaria: Import Tariffs, 2001–06 1/

(In percent unless otherwise indicated)

		2001	2002	2003	2004	2005	2006
All products:
	Minimum MFN tariff rate	0	0	0	0	0	0
	Maximum MFN tariff rate	74	74	75	75	75	75
	Simple average MFN tariff rate 2/	12.4	11.1	11.2	11.6	11.5	11.8
	Number of tariff lines	10,500	10,619	10,606	10,373	10,302	10,044
Industrial products:
	Minimum MFN tariff rate	0	0	0	0	0	0
	Maximum MFN tariff rate	30	27	27	27	26.8	26.8
	Simple average MFN tariff rate 2/	10.0	8.6	8.6	8.7	8.6	8.8
	Number of tariff lines	8,112	8,178	8,165	7,962	7,916	7,670
Agricultural products:
	Minimum MFN tariff rate	0	0	0	0	0	0
	Maximum MFN tariff rate	74	74	75	75	75	75
	Simple average MFN tariff rate 2/	21.9	21.3	21.6	22.9	22.9	23.5
	Number of tariff lines	2,388	2,441	2,441	2,411	2,386	2,374
Memorandum item:
	Import surcharge	0	0	0	0	0	0

Sources: Customs agency, and Fund staff estimates.

^{^1/}Applied ad valorem tariffs as at 1 January each year.

^{^2/}Excluding the ad-valorem equivalent of mixed tariffs.

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