Bulgaria, situated in Southeast Europe, is an industrialized free market and upper income country as specified by the World Bank. In 2010, the services sector accounted for 64.6% of the countyâ€™s GDP, followed by industries, comprising 30.1% and agriculture, accounting for 5.3%. Bulgaria recorded an average annual growth rate of 6% during 2004â€“2008 following economic reforms since the 1990s, which saw the country, begin its transition from a socialist to a capitalist economy. Growth was supported by rising exports, growing foreign direct investment (FDI) and expanding domestic consumption.
The global economic crisis, which originated in the US in 2008, led to a contraction of 4.9% in the countryâ€™s GDP in 2009. However, the exports market recovered marginally in 2010 with GDP recording a growth of 0.2%. In 2007, Bulgaria joined the European Union (EU), which is expected to stimulate further industry growth and activity due to an influx of funds from the European Commission, alongside investments from Western European companies owing to the growth potential of the countryâ€™s various construction markets.
Bulgaria has established itself as an attractive outsourcing and off shoring destination. Bulgariaâ€™s accession to the EU in 2007 further stimulated the expanding outsourcing segment, which possesses advantages over Asia due to highly skilled manpower, cultural proximity and excellent language training. Within the manufacturing category, most investments were made in the automobile industry.
The construction of a factory for automotive parts near Rakovski and a car factory initiated by the Chinese Great Wall Motor Company in Lovech were the most significant investments in the manufacturing plant category in 2009.
ICD Research is a full-service global market research agency and premium business information brand specializing in industry analysis in a wide set of B2B and B2C markets. ICD Research has access to over 400 in-house analysts and journalists and a global media presence in over 30 professional markets enabling us to conduct unique and insightful research via our trusted business communities.
Through its unique B2B and B2C research panels and access to key industry bodies, ICD Research delivers insightful and actionable analysis. The ICD Research survey capabilities grant readers access to the opinions and strategies of key business decision makers, industry experts and competitors as well as examining their actions surrounding business priorities.
To purchase ICD Research construction industry reports, please click here .