Bulgaria

Summary

Bulgaria is located in South Eastern Europe bordering the Black Sea between Romania and Turkey. In addition, it shares common borders with Greece, the former Yugoslavian Republic of Macedonia, Serbia and Montenegro. Strategically, Bulgaria provides a natural gateway to the large markets of the CIS, Asia and North Africa.

The country benefits from a temperate continental climate with a clearly marked four seasons. A mild Mediterranean influence is felt in the more southerly regions and the Black Sea coast with average summer temperatures there rarely exceeding 30 degrees Centigrade. Winters can be very cold in other parts of the country. The biggest resort on the Black Sea coast is called Sunny Beach, which provides 1,700 hours of sunshine from May to October

The total population is about 7.8 million people with the highest concentrations living in the major cities or towns of Sofia (the capital), Plovdiv, Pleven, Stara Zagora, Silven, Varna and Bourgas (the last two being resorts on the Black Sea coast which boasts 220 miles of sandy coastline).

Travelling time from London is just over 3 hours to Sofia and 4 hours to Varna or Bourgas.

Having firmly embraced the principles of democracy and market economics, Bulgaria is now a full member of NATO (as of May 2004), and is set to join the European Union in 2007. Since the fall of the socialist government in 1996 due to a major economic downturn, the country has experienced macroeconomic stability and positive growth rates under a stable parliamentary democracy with a majority in parliament and public consensus on key social and economic priorities.

Currently, Bulgaria demonstrates a stable and predictable macro economic climate showing economic growth at 4.5% (one of the highest in Europe), annual inflation at 3.8% and strong growth figures in the tourism industry (up 12% in 2003 compared to 2002). It boasts low rates of taxation across the board and is one of the lowest cost centres in Europe even though the workforce is highly skilled and qualified.

The currency is the Bulgarian Lev (£1 = 2.8Lev) which is pegged to the Euro.

Information provided by the Embassy of the Republic of Bulgaria in the United Kingdom