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Economy and Banking Sector of Bulgaria

Southeastern Europe
EU Status
member since 2007

Bulgaria is a country in southeastern Europe, a member of the European Union since 2007.


BGN (Bulgarian lev)
Population  (2019)
7,000,039  (-0.01%)
Nominal GDP (2019)
60.7 bln EUR  (+0.08%)
Credit Ratings (as of Nov 2020)

Agriculture and tourism have been important components of Bulgarian economy. In recent years low salaries and low corporate income tax rates, attracted foreign companies into technological and research sector. However, factors like corruption, a weak judiciary, and organized crime impede the country's investment climate and economic growth.


Withholding tax rates in Bulgaria are 0.0-10.0 %. Bulgaria signed 52 double taxation agreements.
Bulgaria signed the automatic information exchange agreement on 29 October 2015 and committed to start the automatic information exchange in September 2017.
Bulgaria has FATCA agreement with the U.S. in effect since 05 December 2014 (Intergovernmental Agreement Model 1).

Banking Sector

Number of Banks
Consolidated Banking Assets (2019)
58,861.77 mln EUR  (+6.56%)
Deposit Guarantee
100,000 EUR

Bulgarian banking system is characterized by relatively high concentration: competition between the major banks is making it difficult for other banks to compete. Another feature of the Bulgarian banking system is a prominent share of foreign capital.

Major Banks

See Also

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