Bulgaria ranks 50th in terms of wealth out of 133 countries according to Harvard University

Bulgaria ranks 50th in terms of wealth per capita out of a total of 133 countries surveyed. It ranks 39th in the world in terms of complexity in Harvard University's Economic Complexity Index (ECI).

The 6.93 million people living in Bulgaria have a GDP per capita of $ 10,079. Over the past five years, GDP per capita growth has averaged 2.3%, which is above the regional average, according to the Harvard analysis.

Compared to the previous decade, Bulgaria's economy has become more complex, improving by 5 positions in the ECI ranking. The improvement in the complexity of the Bulgarian economy is due to the diversification of its exports, according to the index.

"In the future, Bulgaria is able to take advantage of many opportunities to diversify its production by using its existing know-how," the analysts say.

According to them, Bulgaria is slightly more complex than expected for its income level. The economy is expected to grow slowly. The Economic Complexity Index forecasts for growth until 2030 predict growth in Bulgaria of 1.6% per year over the next decade, which ranks it at the bottom among countries worldwide.

In 2020, Bulgaria exported products worth EUR 40.1 billion dollars. Over the past five years, exports have grown by an average of 3.3% per year, outpacing overall economic growth, as exports represent a growing segment of the economy. Exports of non-oil products grew by 3.7% per year over the past five years, outpacing global average growth. Imports amounted to EUR 38.4 billion US dollars in 2020, which leaves Bulgaria with a trade surplus in goods and services.

The top 3 export destinations for Bulgaria are Germany - 16.22%, Romania - 9.02%, Italy - 7.08%

According to Harvard University's Atlas of Complexity, the most complex economies in the world are: Japan (1st), Switzerland (2nd), Germany (3rd), South Korea (4th) and Singapore (5th). The countries of the region are also doing very well, with the Czech Republic in 6th place and Hungary in 9th. On the other hand, Poland, the most developed economy in the region, is in 26th place - another proof that it is not only the size of GDP that matters.