(202) 234-7973
US diplomatic representation:
chief of mission:
Ambassador William D. MONTGOMERY
embassy:
1 Saborna Street, Sofia
mailing address:
Unit 25402, Sofia; APO AE 09213
telephone:
[359] (2) 88-48-01 through 05
FAX:
[359] (2) 80-19-77
Flag:
three equal horizontal bands of white (top), green, and red; the
national emblem formerly on the hoist side of the white stripe has
been removed - it contained a rampant lion within a wreath of wheat
ears below a red five-pointed star and above a ribbon bearing the
dates 681 (first Bulgarian state established) and 1944 (liberation
from Nazi control)

@Bulgaria, Economy

Overview:
The Bulgarian economy continued its painful adjustment in 1993 from
the misdirected development undertaken during four decades of
Communist rule. Many aspects of a market economy have been put in
place and have begun to function, but much of the economy, especially
the industrial sector, has yet to re-establish market links lost with
the collapse of other centrally planned Eastern European economies.
The prices of many imported industrial inputs, especially energy
products, have risen markedly, and falling real wages have not
sufficed to restore competitiveness. The trade deficit, exacerbated by
UN trade sanctions against neighboring Serbia, grew in late 1993,
accelerating the depreciation of the lev. These difficulties in
adjusting to the challenges of a more open system, together with a
severe drought, caused nonagricultural output to fall by perhaps 8% in
1993. The government plans more extensive privatization in 1994 to
improve the management of state enterprises and to encourage foreign
investment in ailing state firms. Bulgaria resumed payments on its $10
billion in commercial debt in 1993 following the negotiation of a 50%
write-off. An IMF program and second agreement with official creditors
on Bulgaria's smaller amount of official debt are required to close
the debt deal.
National product:
GDP - purchasing power equivalent - $33.9 billion (1993 est.)
National product real growth rate:
-4% (1993 est.)
National product per capita:
$3,800 (1993 est.)
Inflation rate (consumer prices):
64% (1993)
Unemployment rate:
16% (1993)
Budget:
revenues:
$14 billion
expenditures:
$17.4 billion, including capital expenditures of $610 million (1993
est.)
Exports:
$3.5 billion (f.o.b., 1991)
commodities: