the preceding years figure by 1.4% and by December amounting to USD 4,623.5 million. The value of the imported consumer goods noted a leap of 41.8% for the year, which is not surprising for a country with a currency board and anchored national currency. This, however, was strongly unfavourable for the weak domestic production, as retail consumption grew by merely 5.1% within the year. Sovereign Debt: Countrys gross foreign debt bounced to over $10 billion from the end-1999 level of $9.68 billion, now heading to reach in dollar value the figures of 2000 and 1999. A major increase faced the long-term public debt from $8.5 billion at the end of 1999 to over $9 billion, reflecting loans extended by the IMF and the World Bank. For 2001 Bulgaria has scheduled foreign debt servicing to the total of USD 882.6 million, half of which stands for interest payments, mostly on its Brady bonds. Reforming: Privatisation in the banking sector continued with the sale of many banks in Bulgaria such as, Bulgarian Post Bank, which ranks among the seven biggest financial institutions in Bulgaria. CONCLUSIONIn conclusion, the economy in Bulgaria in getting better little by little. The GDP is finally on a rise after a long series of collapse, now estimate to have grown by 3.5%. A draft for denomination of the national currency was introduced, envisaging a new currency to be put in circulation with three zeros less than the present. Thus as of 5 July 2001 one new Bulgarian equals one Deutsche mark. The CPI adjusted increase in the wages was 22.4% in 2000, reaching USD 111.4 vs the average of USD78.20in 1999. The GDP is increasing, expected to note the peak acceleration of the 90s according to the preliminary data. Government estimates point on growth of 3.55on annual basis. However, Exports fell by 13.1% on annual basis, triggered by the low competitiveness of Bulgarian goods and shrinking international demand for basic commodities as a result of the...
