Bulgaria now Europe's 6th poorest country with GDP per capita at 12.77 euro (2024)

FAQs

Bulgaria now Europe's 6th poorest country with GDP per capita at 12.77 euro? ›

Ukraine is the poorest country in Europe, with a GNI per capita of $3,500, while Moldova is the second poorest country with $4,600, Albania the third, with $5.200, the Republic of Macedonia comes fourth, with a GNI of $5,700, and Bosnia and Herzegovina the fifth poorest, with $6,100.

Ukraine is the poorest country in Europe, with a GNI per capita of $3,500, while Moldova is the second poorest country with $4,600, Albania the third, with $5.200, the Republic of Macedonia comes fourth, with a GNI of $5,700, and Bosnia and Herzegovina the fifth poorest, with $6,100.

In real terms, the economy contracted by 5.5 percent in 2009 primarily due to a decline in foreign direct investment and international trade. Since then, growth has not returned to previous levels, with 2011 figures showing GDP growth to be 1.7 percent.

Bulgaria is a member of the United Nations and is one of the newest members of the European Union. It is a member of other major organizations, including the Organization for Security and Cooperation in Europe and NATO. The World Bank classifies Bulgaria as an upper-middle income nation.

Here are the countries with the lowest per capita GDP, all below the global average. Burundi, with a population of nearly 13 million people, is one of the smallest countries in Africa by physical size. The country has the lowest per capita GDP at $308.

In the world, the poorest countries are mostly located in Africa and Asia, with Burundi being the poorest country followed by Somalia, Mozambique, Central African Republic, and Madagascar.

Following the European Union standard, the national poverty line in Bulgaria is set at 60 percent of equivalized median disposable income after social transfers.

The strongest sectors in the economy are energy, mining, metallurgy, machine building, agriculture and tourism.

The country is remarkable for its variety of scenery; its rugged mountains and relaxing Black Sea resorts attract many visitors. Like other nations of the Balkan Peninsula, Bulgaria claims a mix of Eastern and Western cultures, and the mingling is evident in its cuisine, its architecture, and its religious heritage.

Bulgaria's economic freedom score is 69.3, making its economy the 32nd freest in the 2023 Index. Its score has declined by 1.7 points. Bulgaria is ranked 19th out of 44 countries in the Europe region, and its overall score is above the world and regional averages.

Is Bulgaria poorer than Mexico? ›

Bulgaria has a GDP per capita of $22,400 as of 2020, while in Mexico, the GDP per capita is $17,900 as of 2020. In Bulgaria, 23.8% live below the poverty line as of 2019. In Mexico, however, that number is 41.9% as of 2018.

Reasons why in Bulgaria cheap property, a few: The consequences of the 2008 crisis and the sharp drop in demand, causing prices have fallen by 40%. Lower purchasing power of the population compared to an average level. The socialist heritage of the country.

About 55% of the Bulgarian autosomal genetic legacy is Mediterranean, about the half of which resembles the Caucasian, Middle Eastern and to a lesser extent the North African genetics.

Iceland stands at the top of countries with the lowest poverty rates with a poverty rate of 4.9% in 2021.

And these conditions are exemplified by what the UN has identified as the poorest city in the world, Monrovia, the capital of Liberia. Liberia was founded in the early 19th century by free African Americans (not by freed slaves, as is often presumed, though many freed slaves followed).

1. Haiti. The poorest country in North America, Haiti is experiencing rapid population growth, which is outpacing the country's ability to provide for its current population.

The National Statistical Institute pointed to the low birth rate, high mortality rate and migration as key factors in Bulgaria's demographic decline.

What is the crisis in Bulgaria? ›

The 2021–2023 Bulgarian political crisis is an unresolved period of instability in Bulgaria, which has seen the country face five elections over two years: April 2021, July 2021, November 2021, October 2022 and April 2023.

According to the independent charity organization “Caritas”, there are hundreds of thousands homeless people in Bulgaria today.

Companies registered in Bulgaria have 3,211,038 employees, which represents 0.83% of all employees of companies available in the HitHorizons database. The company with the highest number of employees is NATIONAL RAILWAY INFRASTRUCTURE COMPANY with 10,679 people followed by KAUFLAND BULGARIA EOOD & CO.

In the "Catch-Up Index 2019", Bulgaria occupies 29th place with 36 points. The country performs best in the categories "Economy" - 28th place with 40 points and in "Governance" - also 28th place with 38 points. The worst performance is in the "Quality of Life" category, where this country ranks 30th with 29 points.

Bulgaria is among Europe's largest producers of lead, zinc and copper, and produces around ten percent of the world's hydraulic machinery.

Traditional Bulgarian foods

Banitsa – baked pastry made of layered stuffing and phyllo. There are many varieties with different names, with arguably the most famous one being with eggs, sirene, and yogurt. Tutmanik – similar to pita, made with yeast dough and milk, but with white cheese.

Bulgaria is the oldest country in Europe that hasn't changed its name since it was first established. This happened in 681 AD. Sofia, the capital of Bulgaria, was founded 7000 years ago. This makes it the second oldest city in Europe.

Bulgaria has been a parliamentary democracy since 1990. Four parliamentary and two presidential elections have been held since the fall of the communist dictatorship in November 1989, each followed by peaceful and orderly change.

By the first definition, some examples of second world countries include: Bulgaria, the Czech Republic, Hungary, Poland, Romania, Russia, and China, among others.

Government and politics

According to article 1, "The People's Republic of Bulgaria is a socialist state, headed by the working people of the village and the city. The leading force in society and politics is the Bulgarian Communist Party."

Can Americans live in Bulgaria? ›

Americans traveling to Bulgaria don't need to apply for a visa if they're staying for fewer than 90 days. However, if you're planning to move, you'll need a residency permit and a Type D visa. To be considered for a residency permit, you need to apply for a Type D visa first.

Bulgaria continues to participate actively in military missions and to have a close security partnership with the U.S., NATO and the European Union.

Is Bulgaria safe to live? Bulgaria is not only a safe place to live, but it's a great place to live. There are many reasons to visit Bulgaria: there's a great climate, the cost of living is low, there's rich history, some lovely natural landscapes and a fairly laid back lifestyle.

Bulgarian law allows foreigners to own property in the country, but, however, there are some restrictions. A foreigner can buy a property in their own name, provided that the property doesn't come with the land it is built on. In most cases, apartments in Bulgaria are sold without land.

A three-bedroom house tends to be the most popular type of dwelling when it comes to properties available for sale in Bulgaria. The average price of such homes comes to approximately 32,000 euros, and it works out at about 7,000 euro more for an extra bedroom. Meanwhile, the 2-bedroom property costs about 25,000 euros.

The most important thing to consider is that as a foreigner you cannot buy land in Bulgaria, but you can acquire a house with a plot if you are an EU or EEA citizen. If you are not citizens of these countries, you can access the golden visa scheme that has certain advantages.

The United States has one of the highest numbers of Bulgarians of any country in the world. As many as 250,000 Bulgarians live in the country.

Tap water is safe to drink all over the country but not always pleasant in taste or appearance. Bulgaria's vast supplies of mineral water are widely available in 0.5 litre and 1.5 litre bottles.

Approximately 85% of the population is Bulgarian, with other major ethnic groups being Turkish (8.8%), Roma (4.9%) and about 40 small minority groups totaling 0.7%.

While the poverty rate for the population as a whole is 11.6% the rate varies greatly by race. Blacks have the highest poverty rate at 19.5% and Non-Hispanic whites have the lowest at 8.1%.

What is 100% of the US poverty level? ›

Official Poverty Measure

The official poverty rate in 2021 was 11.6 percent, with 37.9 million people in poverty.

Look no further than Denmark. The Nordic nation has been named the country with the most positive influence on people living in poorer nations.

According to World Bank, the countries with the highest poverty rates in the world are: South Sudan - 82.30% Equatorial Guinea - 76.80% Madagascar - 70.70%

U.S. poverty rate for 2019 was 1.70%, a 0% increase from 2018. U.S. poverty rate for 2018 was 1.70%, a 0.3% decline from 2017. U.S. poverty rate for 2017 was 2.00%, a 0% increase from 2016. U.S. poverty rate for 2016 was 2.00%, a 0.2% decline from 2015.

In the United States (in 2017), the place with the lowest median household income was Little River, California (population 117), while the place with the lowest median household income with a population of more than 1,000 was Comerío Zona Urbana in Comerío, Puerto Rico (population 4,312).

Beattyville, Kentucky - Wikipedia.

1. Zip code: 15929 │ East Wheatfield, Pennsylvania.

Norway has a per capita GDP of $88,750 (IMF, 2023), making it the fourth-richest economy in Europe.

Which European economy is the lowest? ›

Luxembourg had the highest average annual wage in Europe in 2021, at approximately 75 thousand U.S. dollars, compared with Slovakia, which had an average annual salary of just over 24.7 thousand U.S dollars a year, the lowest among the countries provided in this statistic.

As of January 2021, 37.9 million Americans lived in poverty, accounting for 11.6% of the total population, according to the latest report from the United States Census Bureau. That's despite the fact that America ranks first as the richest nation in the world in terms of GDP.

Africa is considered the poorest continent on Earth. Almost every second person living in the states of sub-Saharan Africa lives below the poverty line. Particularly affected by poverty in Africa are the weakest members of society, their children and women.

Indeed the US is roughly 40% to 50% richer than the EU on a PPP basis. That's partly due to fewer hours worked and partly due to lower productivity.

Who is the richest man in the world? As of April 1, 2023, the richest man in the world is Bernard Arnault, the CEO and chairman of LVMH of France; he's worth nearly $226 billion. He moved into the number one spot after Elon Musk's fortune fell in late 2022 as shares of electric carmaker Tesla fell.

The European Union has the third-largest economy in the world and accounts for one-sixth of global trade, says Visual Capitalist. The GDPs of Germany, France and Italy make up more than half of the EU's entire economic output.

GDP in Bulgaria is expected to reach 86.58 USD Billion by the end of 2023, according to Trading Economics global macro models and analysts expectations.

Why are US salaries higher than Europe? ›

In general, wages in the United States tend to be higher than those in Europe, particularly for skilled and high-paying jobs. Part of the reason for this is that the cost of living in the U.S. is usually higher than in Europe. This means that workers need to make more money to keep their standard of living the same.

The average salary in USA per month or year varies widely across industries, jobs, age, experience & education, and geographical locations. According to the latest figures by the Bureau of Labor and Statistics, the average salary in USA per month is $6,228 or $74,738 per year.

The cost of living is among the biggest draws, and can be as low as $650 for those living on a budget, and scale up from there to $1,000 per month for a middle-class life, and $2,000 for a lot of luxury.