Bulgaria: Selected Issues and Statistical Appendix
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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

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.

Table A1.

Bulgaria: National Accounts 2001–05

(NCEA, based on NACE, Rev. 1)

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Source: National Statistical Institute.

Data for 2005 are preliminary.

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)

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Source: National Statistical Institute.

Data for 2005 are preliminary.

Table A3.

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

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Source: National Statistical Institute

Data for 2005 are preliminary.

Including repairs of motor vehicles and personal and household appliances.

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 A4.

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

(NCEA, based on NACE, Rev.l)

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Source: National Statistical Institute.

Data for 2005 are preliminary.

Table A5.

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

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Source: National Statistical Institute.

According to National Classification of Economic Activities.

Data for 2005 are preliminary.

Table A6.

Bulgaria: National Income Accounts, 2001–05

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Source: National Statistical Institute.

Data for 2005 are preliminary.

Net taxes on production include: subsidies (-), other taxes on production (+)-- other subsidies on production (-)

Net taxes on products include: - taxes on products (+)-- subsidies on products (-)

Table A7.

Bulgaria: Acquisition of Tangible Fixed Assets, 2001–05

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Source: National Statistical Institute.

Data for 2005 are preliminary.

Table A8.

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

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Source: National Statistical Institute.

Data for 2005 are preliminary.

Table A9.

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

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Sources: National Statistical Institute; and National Employment Agency.

End of period.

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.

Labor force as a proportion of the population aged 15 and over.

For 2001 - recalculated with 2001 Population Census data.

Table A10.

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

(1995=100)

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Source: National Statistical Institute.
Table A11.

Bulgaria: Consumer and Producer Price Indices, 2001–05

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Source: National Statistical Institute.

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 A12.

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

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Sources: National Statistical Institute and Ministry of Finance.

Data for 2005 are preliminary.

Table A13.

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

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

Data for 2005 are preliminary.

Table A14.

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

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Source: Privatization Agency.
Table A15.

Bulgaria: General Government, 2001–05 1/

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Source: Bulgarian Ministry of Finance.

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/

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Source: Bulgarian Ministry of Finance.

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/

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Source: Bulgarian Ministry of Finance.

Excluding social insurance contributions paid by the general government on behalf of its employees. Cash basis.

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/

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Source: Bulgarian Ministry of Finance.

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/

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Sources: Bulgarian Ministry of Finance; IMF staff calculations.

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

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Source: Bulgarian Ministry of Finance.
Table A21.

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

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Source: Bulgarian Ministry of Finance.
Table A22.

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

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Source: Bulgarian Ministry of Finance.
Table A23.

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

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Source: Bulgarian Ministry of Finance.
Table A24.

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

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Source: Bulgarian Ministry of Finance.
Table A25.

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

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Source: Bulgarian Ministry of Finance.
Table A26.

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

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Source: Bulgarian Ministry of Finance.
Table A27.

Bulgaria: Cash Flow Statement—Local Governments

(GFSM 2001 Definition), 2001–05

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Source: Bulgarian Ministry of Finance.
Table A28.

Bulgaria: Monetary Survey, 2001–05

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Source: Bulgarian National Bank.

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.

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

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Source: Bulgarian National Bank.

Includes international reserves and other foreign assets of BNB

International reserves net of outstanding purchases from the IMF.

Includes claims in non-convertible currency and other illiquid assets in addition to claims on nonresident banks.

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).

Includes foreign assets of BNB and foreign assets of DMB.

Table A30.

Bulgaria: Composition of Broad Money, 2001-06

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Source: Bulgarian National Bank.
Table A31.

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

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Source: Bulgarian National Bank.
Table A32.

Bulgaria: National Bank Balance Sheet, 2002-06

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Source: Bulgarian National Bank.
Table A33.

Bulgaria: Commercial Bank Indicators, 2003-05

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

Annual closing of accounts.

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

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.

Exposures to financial institutions and to NFI and other clients.

Table A34.

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

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Source: Bulgarian National Bank.

Annual closing of accounts.

Table A35.

Bulgaria: Bank Market Structure, 2001–05

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Source: Bulgarian National Bank.
Table A36.

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

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Source: Bulgarian National Bank Credit Registry.
Table A37.

Bulgaria: Financial Sector Structure, 2001–05

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Sources: Bulgarian National Bank, and Financial Supervision Commission.

Under the Bulgarian legislation the CIS are open-end investment companies, closed-end investment companies and contractual funds.

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.

The Financial Supervision Commission (FSC) has no consolidated data on securities firms for 1999-2002.

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)

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Source: Financial Supervision Commission.

Total technical expenses.

Total technical income.

The ratio of gross premium income to GDP.

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.

Base=100 on October 17, 2000.

Table A39:

Bulgaria. Developments in the Insurance sector, 2001-05

(In millions of leva unless specified otherwise)

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Source: Financial Supervision Commission.

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)

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Source: Financial Supervision Commission.

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)

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Source: Financial Supervision Commission.
Table A42.

Bulgaria: Claims Under Lease Contracts–Stocks

(In thousands of leva)

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Source: Reports from leasing companies.

Preliminary data.

Table A43.

Bulgaria: Summary Balance of Payments, 2001–05

(In millions of euros unless specified otherwise)

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Sources: Bulgarian National Bank, and Fund staff estimates.

Excluding valuation changes.

Including valuation changes.

External debt minus gross foreign assets of the banking system.

Table A44.

Bulgaria: Current Account, 2001–05

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Sources: Bulgarian National Bank, and Fund staff estimates.
Table A45.

Bulgaria: Commodity Composition of Exports, 2001–05

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Source: Bulgarian National Bank.
Table A46.

Bulgaria: Commodity Composition of Imports, 2001-05

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Source: Bulgarian National Bank.
Table A47.

Bulgaria: Direction of Trade, 2001-05 1/

(In percent of total)

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Source: Bulgarian National Bank.

Imports and exports recorded according to the date at which goods cross the border.

Excluding Czech Republic, Hungary, Poland, and Slovak Republic.

Excluding new entrants (Cyprus, Czech Republic, Estonia, Hungary, Latvia, Lithuania, Malta, Poland, Slovak Republic, Slovenia).

Includes Czech Republic, Hungary, Poland, Romania, Slovak Republic, and Slovenia.

Table A48.

Bulgaria: Tourism Indicators, 2001-05

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Source: State Agency for Tourism - Bulgaria.
Table A49.

Bulgaria: Financial Account, 2001–05

(In millions of euros)

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Source: Bulgarian National Bank.
Table A50.

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

(In percent of total)

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Source: Bulgarian National Bank.
Table A51.

Bulgaria: External Debt Stock, 2001–05

(In millions of euros)

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Source: Bulgarian National Bank.
Table A52.

Bulgaria: External Debt Service, 2002–05

(In millions of euros)

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Source: Bulgarian National Bank.
Table A53.

Bulgaria: Currency Composition of External Debt, 2001–05

(In percent of total; end of period)

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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)

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Source: Bulgarian National Bank.
Table A55.

Bulgaria: Import Tariffs, 2001–06 1/

(In percent unless otherwise indicated)

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Sources: Customs agency, and Fund staff estimates.

Applied ad valorem tariffs as at 1 January each year.

Excluding the ad-valorem equivalent of mixed tariffs.

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