Bulgaria Love/불가리아 뉴스

불가리아 주요 경제뉴스(5 – 14 SEPTEMBER 2007)

Mайка 2007. 9. 15. 17:42






Sections/headline briefs:





·        Bulgaria signs � 198,1 M railway infrastructure deals

·        New term for project at Maritsa Iztok 2 TPP

·        Russia's major missile developer paves its way to Bulgaria's 2nd nuke

·        Gazprom eyes full control of South Stream on Bulgarian territory

·        Bulgaria to keep stake in Balkan oil pipeline

·        Nabucco countries agree on 6th partner

·        Bulgaria free zones decimated by new VAT rules

·        Oresharski Pays off Debts of 1.5 Billion Levs

·        Bulgaria takes part in International Tourism Expo in Tokyo

·        Bulgaria, Iran sign programme for exchange in culture, science, education, sport, tourism in 2007-2009

·        Bulgaria and India to boost economic cooperation

·        India аsks Bulgaria for NSG support

·        Prices of real estates to go down in 3 years

·        Bulgaria 9 positions up in economic freedom of the world 2007

·        3,1% inflation for August

·        Trade deficit in Bulgaria increased by more than � 1B in past year

·        Bulgarian wine number 1 in Russia

·        Bulgaria construction materials prices flattish y/y

  • State ready to finance Trakia motorway

·        Brussels Audits Bulgaria in 2010












·        Bulgaria rises in EIU World Investment Rankings

·        Sofia to Boast 180-Meter-High Skyscraper by 2010

·        Russia to invest � 100m in Kamchia project

·        Pamporovo to have highest holiday complex in Balkans

·        BGN 2.5m mall opens in Radnevo

·        Italy's ELCO to build EUR 4m plant in Bulgaria

·        Danes to Construct Wind Farm for 180 M in Bulgaria

·        Five wind power generators to be installed near Pleven

·        Bulgarian-Greek company to build wind park on Danube river

·        Over � 800M invested in Bulgaria`s Sozopol in 4 years

·        Kirik island earmarked for private developer

·        Rules for encouraging investments revised

·        Poland's GTC to build shopping mall in Burgas

·        EUR 43m for water supply, sewerage in 2007

·        BLD to build 9-ha holiday village in Kavarna

·        Penny Market to build shop in Novi Pazar






·        KRZ Port Burgas logs jump in cargo traffic

·        Navy Consult back in battle for Navibulgar

·        15 more Bulgarian companies to trade meat and dairy products in the EU 

·        9 Bulgarian companies in Deloitte ranking

·        10 companies vie to build new Sofia subway route

·        Actavis has over 10% income growth in first half 2007

·        Enel's gross profit in Bulgaria drops

·        Medica shuts down production line






·        Bulgaria's top 20 companies in terms of revenues

·        Eastern Europe Exhausted










Bulgaria signs � 198,1 M railway infrastructure deals

Bulgaria's Transport Ministry signed on Wednesday two deals with Italy's Astaldi and France's Thales and Alcatel Lucent, worth a combined EUR 198,1 M, to upgrade a key stretch of Bulgaria's railroad infrastructure.Astaldi was picked to build the railway and the electricity infrastructure for the 114 kilometres stretch linking the town of Parvomay in central Bulgaria to the border with Greece and Turkey near Svilengrad in southeastern Bulgaria.The ministry will pay Astaldi EUR 162,5 M to complete the works within 39 months.Thales and Alcatel Lucent will provide the signalling and telecommunications infrastructure for the same stretch in a contract worth EUR 35,6 M, which has to be completed within 37 months.The two contracts are part of a bigger project, which aims to upgrade the railway infrastructure between Plovdiv, Bulgaria's second-largest city, and the border with Greece and Turkey.The total cost of the project is EUR 340 M, with EUR 153 M in funding coming under EU's pre-accession aid fund ISPA and EUR 150 M from a loan contracted from the European Investment Bank.The rest of the money, EUR 37 M, will be allocated from Bulgaria's budget.

New term for project at Maritsa Iztok 2 TPP

The deadline for the submission of the bids in the tender for construction of desulphurising facilities for units five and six at the Maritsa Iztok 2 thermal power plant (TPP) has been extended until October 2. Italy's Alstom Power, Austria's Austrian Energy and Environment and Poland's Rafako, which are candidates for the project, initially had to submit their bids until September 11.The project for the setting up of desulphurising installations is estimated at EUR 80.3 million. A total of EUR 36.1 million of the figure has been secured as a grant under EU's ISPA programme. Some EUR 34 million come as a loan from the European Bank for Reconstruction and Development (EBRD). The TPP will provide EUR 10.1 million for the project.
The contract for supervision and technical assistance was awarded to the consortium between AF Enprima Ltd, Fichtner GmbH&Co KG, Energy Institute AD, Chemoproject A.S. and Complect Consult OOD. The installations should be operational by July 31, 2010.

Russia's major missile developer paves its way to Bulgaria's second nuke

Almaz-Antei, Russia's main producer of air-defence rockets, may join the construction of Bulgaria's second nuclear power plant at Belene after signing an accord with Atomstroyexport.Russia's Atomstroyexport was picked by Bulgaria to build two 1000 MW nuclear reactors at Belene on the Danube coast, with the total cost of the project estimated at close to EUR 2 B.The agreement between the two Russian companies, inked on August 29, provides for cooperation on the energy market in constructing generating facilities, including nuclear power plants, according to a statement of Atomstroyexport.
Under the agreement the two Russian companies "will join their strong sides in implementing investment projects in the energy field in order to secure the development of generating facilities for successful companies in the military-industrial complex", the statement says.Atomstroyexport said it is interested in using Almaz-Antei, one of the world's biggest military concerns, in its nuclear power plants projects in Russia and abroad.Meanwhile the Bulgarian News Agency announced that a total of 300 workers and experts are preparing what will turn into Belene nuke site.The site has been visited by representatives of the companies shortlisted in the tender to pick a strategic investor for 49% in Belene nuclear power plant.A month ago Bulgaria's power grid operator NEK shortlisted Czech CEZ, German E.ON and RWE, Belgian Electrabel, Electricite de France and Italy's Enel.Atomstroyexport has promised to put into operations the first unit in six years after the start of construction works. The second unit launch is scheduled for a year later.The Belene plant will use two third-generation water-cooled VVER-1000 reactors.

Gazprom eyes full control of South Stream on Bulgarian territory

Sofia has balked at the proposal of natural gas major Gazprom that the Russian state-controlled company is granted a majority stake in the joint venture it will co-create with the local Bulgargaz to install and operate the stretch of the South Stream gas pipeline on Bulgarian territory.The Bulgarian side fears possible Russian ownership claims over the gas mains in case of a majority participation, Dnevnik learned from a government source that asked not to be named.An interdepartmental working group set up by the Bulgarian government is already discussing the parameters of the future bilateral agreement on the South Stream project and on the joint venture that will be incorporated by Gazprom and Bulgargaz after the document is signed. It is expected that the two sides will put pen to paper by the end of 2007.It was announced back in May that Bulgaria will join a major Russian energy project. Gazprom later specified that it planned to build a transit gas pipeline connecting the Begerovaya compressor station near Novorosiisk and the Bulgarian Black Sea port of Varna before forking out in two directions, north through Hungary to reach Austria, and south through Greece and on to Otranto, a port near the southeastern tip of Italy.It will be proposed that Bulgargaz Holding control a majority stake in the future company, said Bulgarian deputy economy minister Galia Tosheva, adding that the project is still in its infancy.The cost of the 900 km pipeline is seen at around 10 bln euro. It will include a section that will be laid 2,000 m below sea level.Initial estimates indicate that the pipeline section on Bulgarian territory will cost 1 bln euro. If state-owned Bulgargaz is allocated a majority stake in the pipeline operator, it will most likely have to raise the bulk of the necessary financing.In the course of the South Stream negotiations, the Russian side seems to be employing the same strategy that it used to secure a 51% stake in the Burgas-Alexandroupolis oil pipeline.Greece and Bulgaria, the other two participants in the oil pipeline project, ceded the majority stake in exchange for Moscow's commitment to provide the necessary oil volumes.However, at the last trilateral meeting, Russia asked Sofia and Athens to either provide oil supplies in proportion to their 24.5% stakes in the project or sell their interest to oil-producing companies.News agency RIA Novosti reported last week that Gazprom was about to launch a feasibility study for the South Stream project.The Russian gas monopoly and Italy's Eni have already agreed to start an investment study of the project before June 2008. The two partners have already collaborated on the Blue Stream gas project.

Bulgaria to keep stake in Balkan oil pipeline


The sale of Bulgaria's stake in the Bourgas-Alexandroupolis oil pipeline is not on the agenda. Despite Russia's recent demands, Bulgargaz Holding is not going to pull out of the project, nor sell its stake, the executive director of gas transmission company Bulgargaz EAD, Dimitar Gogov, told the Pari daily in an interview.Bulgargaz's profit before dividend for the first half of 2007 amounted to some BGN 62-63 million. Despite the warmer winter, natural gas consumption increased by 1-1.5% towards the end of August, Gogov went on to say. For the past few years annual consumption has risen by 2 to 3% and we hope the growth rate will be preserved in 2007, he added.Bulgargaz EAD collected 98% of its current receivables in the first eight months of the year. The company's biggest debtors are the heating utilities, which owed it some BGN 200 million at the end of August, Gogov said. The debt of Sofia's heating utility alone exceeded BGN 150 million.


Nabucco countries agree on 6th partner

The partners in the Nabucco gas pipeline project have ironed out differences on selecting a sixth partner and could name the winner as soon as this week, a senior Bulgarian gas official told news agency Reuters on Tuesday.The five signatory companies to the pipeline project -- Austria's OMV , Hungary's MOL , Romania's Transgaz, Bulgaria's Bulgargaz and Turkey's Botas have been in talks with Germany's RWE and France's Gaz de France to choose a sixth partner.'There is a big progress with the process. Up to now, there is no indication about any hurdles,' Lyubomir Denchev, chief executive director of Bulgaria's gas monopoly Bulgargaz Holding told Reuters in an interview.Asked whether that meant that there was an agreement among the partners about the sixth investor, Denchev said: 'Yes, it looks so. The procedure will be completed any moment.' He said an official decision could be announced as soon as Thursday.Denchev declined to give any other information.A Turkish energy ministry official said last month that the partners in Nabucco favoured RWE as the sixth partner.According to Reuters, sources close to the deal have said that a sixth partner in Nabucco could be chosen by October.The 3,300 km pipeline is a key plank in European Union plans to diversify gas supplies away from Russia after Moscow cut off supplies to Ukraine following a political row last year.Bulgargaz, which makes most of its money by transiting Russian gas to Turkey, Greece and Macedonia, will also be a partner in a pipeline project by Gazprom and Italy's ENI to carry gas to central Europe below the Black Sea via Bulgaria.South Stream is seen by some as Gazprom's challenge to Nabucco, even though the Russian giant has denied the project is an alternative to Nabucco.In related news, Reuters reported that Hungary supports the Nabucco gas pipeline project over Gazprom's South Stream and will propose to open Nabucco to third party suppliers, including Russia.Hungarian economy minister Janos Koka was quoted by Reuters as saying that Gazprom's extension of its Blue Stream pipeline into the Balkans and Central Europe is not a real diversification of supply for Hungary and that it was financially not viable to build both the European Nabucco and Gazprom's South Stream.

Bulgaria free zones decimated by new VAT rules

No goods have been shipped from any of Bulgaria's six free zones since the EU newcomer lifted VAT exemption on their territories, said the local Free Zones Association which has been unsuccessfully campaigning to have the tax breaks reinstated. The free zones in Plovdiv, Vidin, Dragoman, Svilengrad, Ruse and Burgas posted a turnover of 1.5 bln euro in '06 with export deals generating 90% of the business. The changes to the VAT Act are prompting export-oriented companies to walk away from the local free zones and take their business to the free zones of non-EU members.

Oresharski Pays off Debts of 1.5 Billion Levs

Bulgaria paid off about 1.5 billion levs (1euro=1.95levs) state debts for the past two years - about a billion levs to the IMF, 350 million levs to the WB and a little over twenty million levs to Spain and to the US Commodity Credit Corporation (CCC)."Bulgaria's debts make only 21,6% of the country's GDP, one of the lowest such indexes in the EU, whereas ten years ago this correlation was 130%," Finance Minister Plamen Oresharski read in his report occasioned by the middle of the Cabinet's term of office."If someone had told me, then, that in ten years Bulgaria's foreign debts would slump to twenty percent of the GDP, I would have laughed at him," the minister went on.He however declined to specify as to when Bulgaria would meet the low inflation criteria, which would allow the introduction of the Euro."We cannot account for factors such as floods and drought," Oresharski said.Until this month, the budget surplus has reached 2.2 billion levs and the fiscal reserve is 7.1 billion levs. According to the minister, these indexes are not very high. He says that if the money necessary for the decommissioning of NPP Kozloduy reactors and for some other target funds is deducted from the fiscal reserve, what's left will be enough to cover the state's expenditures only for two months.
"This money is kept frozen, because of the high deficit on Bulgaria's current account, which is expected to reach 17,6% of the GDP by the end of the year, but it may as well grow higher," Oresharski explained.

Bulgaria takes part in International Tourism Expo in Tokyo

For third time in a row Bulgaria's State Agency of Tourism (SAT) organizes Bulgaria's participation in the international tourism expo JATA WTF – Tokyo, which will be held September 14 through 16, 2007.Samples from Bulgarian wine and Bulgarian yogurt will be presented on the event. There will be also foreseen national musical folklore performanceThe informational stand will be 36 sq m, informed from money.bg. JATA WTF is the biggest tour expo in Japan. Last year on the event participated 770 exhibitors from 131 countries. The expo was visited by 106,241 people, 38,000 from which were professionals in the field.The exhibition usually goes with JATA World Tourism Congress which this year will be on September 13 and includes seminars discussing tendencies and development of Japanese tour market. A total of 11,316 Japanese tourists visited Bulgaria in 2006, up by 4.6% year on year, the State Tourism Agency said. The interest of Japanese visitors is prompted mainly by the rose festival in Kazanlak and by Bulgaria's cultural and historic landmarks.

Bulgaria, Iran sign programme for exchange in culture, science, education, sport, tourism in 2007-2009

Bulgaria and Iran signed Wednesday a Programme forexchange in culture, science, education, sport, and tourism in 2007-2009. The document was signed by Deputy Foreign Minister Feim Chaoushev and Iran's Ambassador here Habibolla Biazar at an official ceremony in the Foreign Ministry.Chaushev said at the signing ceremony that between Bulgaria and Iran there is active cooperation in the areas in the scope of the programme which creates a good basis for attaining the goals of the initiative for dialogue among the civilizations.The signing of the document opens a new page in bilateral relations, Ambassador Biazar said, adding that the cooperation should not be limited within only the areas of the programme.Bulgaria and Iran are to exchange three educational experts and provide, on a reciprocal basis, up to two study grants annually.Bulgarian establishments of higher education will be able to take on Iranian students paying for their tuition.

Bulgaria and India to boost economic cooperation

The Prime minister Sergei Stanishev leaves today for a working visit in India under the invitation of his Indian colleague. This is the first visit of Bulgarian prime minister in an Asian country since 1974. Stanishev will visit “Georgi Rakovski” school in Delhi. The official program will start on 12 September with a ceremony in the president's palace.Agreement for economic cooperation and contract for promotion and protection of investments are expected to be signed.Stanishev will have talks with the Indian president Pratibha Devisingh Patil, the first woman in India to be elected as such less than a month ago. The Bulgarian prime minister will also meet the vice-president Hamid Ansari and the foreign minister Pranab Mukherjee.Among the priorities of Stanishev's visit in India are the strengthening of the mutual economic cooperation as well as partnership in the field of science and technologies. India is one of the leaders in the information technologies sector and is also partner of the European Union in this field.
In economic aspect, trade between Bulgaria and India is relatively low. For the last year, the goods imported from India are less than half percent of the total import. The situation is the same with Bulgaria's export to the Asian country.During his visit, prime minister Stanishev will open a Bulgarian-Indian business forum. More than 20 business representatives accompany Stanishev in his visit to India.

India аsks Bulgaria for NSG support

India will seek the support of Bulgaria, the southeast European country which is a member of the Nuclear Suppliers Group (NSG), for global civil nuclear cooperation when Prime Minister Manmohan Singh meets his Bulgarian counterpart Sergei Stanishev here Wednesday.'Bulgaria is a member of the NSG that has a positive attitude towards nuclear energy and is likely to take a favourable view of the India-US civil nuclear deal,' an official source told IANS. In an interview before coming here, Stanishev welcomed the 'successful completion' of the India-US civil nuclear cooperation agreement. He also stressed that India and the NSG members should 'continue their dialogue and information exchange' on other dimensions of the India-US civil nuclear initiative, including the conclusion of a safeguards agreement between India and the International Atomic Energy Agency (IAEA).Besides nuclear energy, the intensification of business ties is on top of the agenda. Both sides are expected to sign some economic agreements to scale up business and investment between them.For Stanishev, his week-long visit to India, which began Monday night, has a special resonance as he becomes the first Bulgarian prime minister to visit India in nearly three decades. The accent of his visit is on upgrading business ties, which have remained much below the potential.Bilateral trade is estimated to be just $75 million. Bulgaria is keen to import Indian auto components, information technology and software. Bulgaria is also interested in setting up joint ventures in India in the areas of food-processing, grain-storages and cold storages construction, and is eyeing the growing Indian market for its wines.With the Bulgarian economy growing at the rate of over 6 percent over the last few years and the country's entry into the European Union this year, Stanishev is sure to showcase his country as an investment hub that offers easy access to the large and lucrative European market.He will also focus on the growing convergence of perspectives between the two countries on key global issues like the UN reforms. Bulgaria supports India's candidature for a permanent seat on an expanded UN Security Council.It also backed India in the elections to the Human Rights Council in May 2006 and May 2007. Bulgaria, like India, seeks an early conclusion of the Comprehensive Convention on International Terrorism being negotiated in the UN.

Prices of real estates to go down in 3 years

The prices of real estates in Bulgaria and Romania will go down in the next two to three years, reported the Romanian newspaper Adevarul. According to the newspaper's analyzers, the current crisis in the real estate market across the Atlantic will inevitably affect the markets in the two Balkan countries. Property contractors on the Balkans believe that the market will be least affected by the crisis, because it is still young and is not developed to its full potential. Despite the prognoses, real estates brokers warn that the number of properties on sale may become greater than the demand if all the announced construction projects are realized. If so, than the real estate prices will surely go down. At present, there is a construction boom in Bulgaria and Romania. Analyzers believe that the current situation in the property market will soon calm down and the prices may even fall down. Those changes are likely to take place in the next 24 to 36 months.

Bulgaria 9 positions up in economic freedom of the world 2007

Bulgaria went nine positions up in the economic freedom of the world 2007 list according to a report published by the Canadian Fraser Institute.Bulgaria ranked 56th in 2007, while in 2006 it was 65th.Poland, Greece and Uruguay also improved their ranking by as much. The 2007 list is led by Hong Kong, followed by Singapore, New Zealandand and Switzerland.The Economic freedom of the world 2007 report measures the degree to which the policies and institutions of countries support economic freedom. Ahead of Bulgaria were placed Chili, Salvador, Costa Rica, Botswana and Mongolia.Prerequisites for high economic freedom are personal choice, voluntary exchange, freedom to compete, and security of privately owned property.Indicators for Bulgaria's listing that have improved most compared to 2004 include its legal structure and security of property rights,its size of government, and its regulation of credit, labor and business.The area in which Bulgaria performs worse than 2004 is the freedom to trade internationally. Research showed that countries with high economic freedom have high GDP per capita, higher economic growth, more foreign investments, low corruption level, higher life expectancy and lower child death rate, according to The Fraser Institute.

3,1% inflation for August

National Statistical Institute revealed data about the inflation in the country for August 2007, which compared to July is 3,1%.On annual base, compared to August 2006 inflation is 12%.European Central Bank demands from the EU zone countries to hold up annual inflation under 2%. This means that Bulgaria excesses 6 times the European criteria.From the beginning of 2007 prices increased with 7,5%. Last year, the increase was 6,3%.The price of the bread jumped with 12,4% in August, chicken is more expensive with 12%, eggs with 27%. Milk costs with 6,5% more, cheese with almost 20%, potatoes - with 26%.The going up of cost of living, owing to Bulgaria's entering in EU was expected, but the surprising is the heartless reaction and attitude of the government towards the questions of vital standards, commented from money.bg.


Trade deficit in Bulgaria increased by more than � 1 billion in past year

Bulgarian trade deficit for the first six months of 2007 reached 3.29 billion euro which is 12.3 per cent of the planned annual GDP, according to data of Bulgarian National Bank (BNB).Negative trade balance increased with 1.05 billion euro compared to the first six months of 2006 when it was 2.23 billion euro or 8.9 per cent of the GDP, investor.bg reported. For June 2007 trade deficit was 540.1 million euro which is 190.1 million euro more that in June 2006.Export for the first half of 2007 was 6.16 billion euro, an increase of 7.5 per cent on annual basis. Import for the same period was 9.44 billion euro, a growth of 18.6 per cent for a year.Import of non-energy goods increased by 25.9 per cent to 8.06 billion euro, import of energy resources decreased by 3.8 per cent to 1.85 billion euro.In the first half of 2007, 63 per cent of the country's export was to European Union (EU) countries compared to 61.3 per cent  for the same period of 2006. BNB said that the increase resulted from increased export to Germany, Romania, Italy and GreeceThe largest share in the country's export to non-European countries have Turkey, Serbia and Croatia.Import from EU was 5.26 billion euro which is 53.1 per cent of total import compared to 51.2 per cent a year earlier. The growth was attributed to increased import of goods from Italy, Greece, Austria, Holland and Hungary.

Bulgarian wine number 1 in Russia

Russia announced that the Bulgarian wines held place N 1 in sales in the country. Russian National Association of Alcoholic drinks reported that the figure of wines imported from Bulgaria held the record sales at present. Import of Bulgarian wines and other alcoholic drinks increased by 70 percent in the first seven months of 2007, compared to the same period in 2006. The Russian newspaper Novye Izvestiya reported that wine imports from Moldova had been replaced by Bulgarian production and that the vodka produced in Russia could be replaced by imports from abroad. Bulgarian wines hold between 25 and 27 percent of the market in Russia, said Krassimir Krastenov, chairman of Vini-Sliven before The Standart.The Bulgarian wines are at reasonable prices and that make them favourite among consumers, writes Novye Izvestiya in its report. French wines take the second place on the Russian market, but they come at much higher price, followed by the Spanish wines. The Bulgarian wines are sold between 100 and 110 rubles, which come around 4 - 4.5 US dollars per bottle.The wines make around 75 percent of the Bulgarian exports to the Russian Federation; Merlot, Cabernet, Muscat and Chardonnay and the sweet-flavored Kadarka wine. Bulgarian wine producers, who export their production to the Russian market, are Chateau Roussinovo and the wine factories in Rousse, Dolna Banya, Pomorie, Slavyantsi, Vini-Sliven and Sunny Castle.

Bulgaria construction materials prices flattish y/y

The Bulgarian market for construction materials was unchanged in terms of year-on-year growth in the first half of 2007, snapping a four-year run of 12-15% annual growth, said local construction materials distribution companies.The national statistical authority reported a decline in H1 residential building permits versus the year-ago period as the supply of buildable land plots and the number of Bulgarians that can afford a new home both dwindle.Construction material prices rose 5-8% at the beginning of the year and have hardly budged since, said Toshko Totev from Bulgarian Construction Markets.Regular bricks are back in business as developers grow frustrated with the difficulties in procuring the much in demand aerated concrete products, said Totev.Xella-Bulgaria, the Bulgarian subsidiary of the German manufacturer of the aerated concrete bricks Ytong, said local sales are steady and forecast a 20% year-on-year gain for 2007. The Ytong bricks appreciated by 6% in January with no further price revision planned for the remainder of the year, said the company.

State ready to finance Trakia motorway

By the end of October the government will decide whether to grant a concession on the Trakia motorway or look for other sources of financing for the project, minister of regional development and public works Assen Gagauzov said. By then Eurostat is expected to come up with a stand. If Bulgaria signs a concession agreement with Bulgarian-Portuguese consortium Magistrala Trakia, the project will be completed in three years.If the talks with the concessionaire fall through, the government will look for loan financing form the European Investment Bank or another institution, the regional minister went on to say. Budget financing may also be considered. This means that the budget will have to allocate some EUR 150-200 million a year.Toll fees for distance for using for the Trakia motorway will not be introduced before 2010, when the system of toll stickers for time will be revoked, Gagauzov said.A total of 147 km of highways have been built for the past two years. In 2005-6 Bulgaria rehabilitated 2,129 km of roads, another 2,000 km will be repaired by this year's end. The investments in road infrastructure in 2007 will reach BGN 500 million.

Brussels Audits Bulgaria in 2010

Two of the programs for absorbing EU funds in Bulgaria - Administration Capacity and Human Resources Development have been approved by the European Union, said Bulgaria's Minister of Public Administration Nikolay Vassilev and Deputy Minister of Labour and Social Policy Dimitar Dimitrov at a press conference yesterday.A total of twelve billion euro will be poured into Bulgaria in the course of the next few years. The EU, though, have thought of a back-up plan as well, in 2010 Bulgaria will undergo a thorough audit on behalf of the Union which will curb to minimum the risk of funds abuse. on the two programs, co-financed by European Social Fund, Bulgaria will absorb 1.4 billion euro. The money has to be allotted by 2013.The Ministry of Public Administration and Administrative Reform was the first to prepare a programme, explained Minister Vassilev.By the end of the year his ministry will have to conclude a contract for 13 million euro. The total amount of funds to be allotted on Administrative Capacity programme is 181 million euro.



Bulgaria rises in EIU World Investment Rankings

Growing foreign direct investment (FDI) has pushed Bulgaria higher in the Economist Intelligence Unit's (EIU) latest world investment rankings.On the back of improving business environment, EU integration and sustained economic growth, FDI last year reached a record USD 5,2 B, the equivalent of 16,4% of gross domestic product (GDP).However, with most privatisations complete, it is expected to stabilise around USD 2,3-2,5 B over the period 2007-2011.Nevertheless, EIU's estimates for the period put Bulgaria in ninth place as a share of GDP, at a figure 6,15%, higher than any of its neighbours in the region.Bulgaria is also among the top ranked countries in terms of investment projects, with 286 projects last year, more than double compared to 2005, ranking tenth in the world and outperformed only by Russia, Romania and Poland in eastern Europe.The energy sector remains the only area in which significant privatisations are still to be carried out, but capital-intensive investment projects in the water, electric power, coal mining and transport sectors should keep annual inflows of FDI high over the forecast period, EIU said.With most of the government's industrial assets already sold off, FDI has shifted from manufacturing towards real estate, transport and domestic trade, both wholesale and retail, in recent years and the trend is expected to remain unchanged in the medium term.Overall, in terms of business environment for investment, Bulgaria ranked 44th among 82 countries that the report looks at, rising five places, with a score of 6,77 on a scale of 10.It scored better on components such as political stability, foreign trade controls and taxation, but lost ground in the financing and opportunities categories.EIU's "World investment prospects to 2011" report was co-written by the Columbia Program of International Investment of the Columbia University.


Sofia to Boast 180-Meter-High Skyscraper by 2010

Sofia is about to join many world capitals and sport its own skyscraper by 2010, the investors in the project announced. Germany's ECE Projektmanagement and Advance Properties Ltd. together with Balkancar Sredez AD and GTM-Angel Balevski EAD, are building Europe Park Sofia, a new urban quarter in the Bulgarian capital Sofia.Part of it will be the new landmark of the bustling city Europe Tower Sofia, a 180-meter-high, 40-floor building. The design of the building is in the hands of Germany's architecture studio Hentrich-Petschnigg and Partner KG. The planned investment in Europe Park Sofia totals � 500 M. It will emerge on a former factory site in the heart of the city, a multi-use urban quarter comprising shopping facilities, offices, apartments, hotels, a cinema and other entertainment facilities.During the initial phase, for which joint venture structures between the two groups are set up, a shopping center with around 70,000 m² of retail space and an office tower with around 40,000 m² of rental space will be developed. The project also includes the creation of approx. 3,000 parking spaces.The start of construction for the first phase is scheduled for the fall of 2007 and will be completed by 2010.


Russia to invest � 100m in Kamchia project


The Russian government will invest more than EUR 100 million in the construction of a modern children's camp at the mouth of the Kamchia river in the Bulgarian municipality of Avren, the executive director of the Kamchia rehabilitation complex, Stanka Shopova, told the Pari daily.The project will be located on a total area of 30 ha. It will include a hotel part, a sports complex, training rooms and halls. The camp will have capacity to accommodate 2,000 children. They will be taken care of by nearly 2,000 teachers, psychologists, medical and service staff etc.The project has been designed by leading Russian architects, the construction works will be carried out by Bulgarian companies. The complex is expected to be opened officially in late 2009.





Pamporovo to have highest holiday complex in Balkans


Plovdiv-registered Magnolia Holidays has launched construction works on a new holiday complex in Bulgaria's mountain resort of Pamporovo. The holiday complex will be built 1,800 metres above sea to become the highest in the Balkans, owner of the company, Viktor Drehemov, said. Magnolia Dream Resort & Spa will be built on a 1.8-ha plot in the northern part of the resort. The complex will accommodate a four-star hotel, a residential section with 420 apartments, as well as shops and boutiques, a bowling hall, a business centre, a computer hall and a kindergarten. A 3,000 sq. m spa centre, designed by a German company, will also be built in the complex. It will accommodate an indoor pool, jacuzzi and solarium facilities, gyms and etc. A total of EUR 3.5 million will be invested in the infrastructure of the complex, which will offer more than 50 services and target attracting tourists year-round, Drehemov said. Holiday property prices in Pamporovo range from EUR 900 to 1,200 per sq. m, Strahil Ivanov, manager of Yavlena real estate agency said. The new complex is expected to holiday property buyers mainly from Russia and Greece.

BGN 2.5m mall opens in Radnevo

More than BGN 2.5 million were invested in the first commercial and entertainment complex in Radnevo. The commercial area in the new complex amounts to more than 3,500 sq. m, Dobromir Neykov, a partner in the Concord consortium, said. The company acquired the incomplete site two years ago from the Radnevo municipality. The project was launched in 1986 and was subsequently shelved. More than 60% of the commercial space in the mall has already been rented out. The commercial centre will accommodate a convenience store of the Evropa chain, a lobby bar, gyms, a beauty salon, a medical centre, three banking offices and other public service establishments.


Italy's ELCO to build EUR 4m plant in Bulgaria


The Bulgarian branch of Italy's ELCO S.p.A., Elco Bg Property, will build a plant for mechanical components in the town of Krivodol. An agreement was signed with mayor Nikolay Ivanov last week. The investment will amount to EUR 4 million.The project will be carried out in three stages and is expected to be completed by the end of 2010. The plant will be built on a total area of 3.6 ha. The investment project will be submitted for approval to the municipality's chief architect.

Danes to Construct Wind Farm for 180 M in Bulgaria

Dutch company ‘Grintex' declared through its daughter company in Bulgaria its intentions to build wind farm in Georgy Damianovo municipality in Western Stara Planina Mountain (Montana district, North-Western Bulgaria).The company wants to place 58 posts with 2 mW power on an area of 100 decares in the countryside of Chuban kuria and Roga, next to Galgi del village, informed from money.bg.‘Grintex' already signed an agreement with Chiprovtsi municipality (North Western Bulgaria) for the placing of 60 posts that generate electricity from wind.The firm promises to build roads in the mountain and to open new work places for local people.Investments should be made until the end of 2010. The amount of the sum is round EUR 180 million.



Five wind power generators to be installed near Pleven


Lovech-based furniture company, Velga, will install five new wind power generators near the village of Somovit, near Pleven, the company said. The first of them will start generating power in by the end of 2008. The company will use a EUR 3 million bank loan to mount the generators. The loan has a one-year grace period.Three such wind power generators are currently operating. They were installed with the EUR 400,000 grant from the European Bank for Reconstruction and Development (EBRD).The produced by the wind power generators will be purchased at a price of BGN 0.175 per kWh.


Bulgarian-Greek company to build wind park on Danube river

A Bulgarian-Greek joint venture has announced plans for the construction of a 500MW wind park in Bulgaria's Gulyantsi municipality, on the Danube.The investment project was submitted by the GP Energy company for approval to the local authorities last week. The project will also have to be reviewed by the regional environment and waters directorate based in Pleven.The 2.0 ha park will consist of 25 wind-powered generators deployed in the area of the Somovit and Dolni Vit villages and a further 35 generators installed near the villages of Gigen and Iskar, all in the Pleven region.The electricity output will be sold to national power grid operator NEK at 9 euro cents/kWh without taxes.Gulyantsi mayor Violin Ivanov said several companies have indicated their interest in harnessing the power of the wind in the area.Three wind turbines are already in operation near Somovit. They were installed by Lovech-based company Velga which plans to add a few more turbines next year.A Sofia-based company will build a second wind farm near Somovit, said Ivanov, withholding the name of the investor.Yet another investor is in the process of acquiring private land plots in the Somovit area suitable for wind power generation.Some 100 wind turbines have been installed across Bulgaria in the past two years. Over 90% of the facilities have been deployed by non-energy companies.

Over � 800M invested in Bulgaria`s Sozopol in 4 years

More than 800 million euro private capital has been invested in Bulgarian coastal town of Sozopol in the period from 2003 to 2007.Sozopol municipality representatives said, as quoted by Focus News Agency that the town's steady economic development in recent years made it one of the most attractive places for investment.The municipality had encouraged investors to improve electric transmission network and water supply net in the resort. Good co-operation between the businesses and municipality administration boosted economic growth, Sozopol mayor Veska Karamanova said.Sozopol's business climate significantly improved in the past four years. According to real estate agencies, property prices in the region of Budzhaka increased from 60-90 euro to 250 euro a sq m. More than 710 000 sq m has been built up in the period from 2003 to 2007.Large-scale investment made it possible to reconstruct several tourism sites including Dyuni, tourism complex Santa Marina, St. Nikola, and Martines.A total of 14000 private companies were registered in Sozopol in the four-year period and 2300 companies in the region of Sozopol.Unemployment rate significantly decreased from 13.12 per cent in 2003 to 5.5 per cent in July 2007.The investment climate increased municipality's budget from 4.4 million leva in 2003 to 15.6 million leva in 2007.

Kirik island earmarked for private developer

The Bulgarian regional development ministry plans to select an investor to develop the Black Sea island of Kirik under a concession arrangement. The investor will be required to present a concept for the development of the island, a decommissioned military base, and raise the necessary financing. The 8.25 ha island is located off the coastal city of Sozopol.

Rules for encouraging investments revised


Bulgaria will encourage businesses that generate high value added. The implementing regulations for the Investment Encouragement Act were approved by the cabinet on Wednesday, September 5. They are connected with the legal amendments that entered into force on August 30.Investments will be divided into two classes, which will replace the three groups used so far. Class A investments have to amount to at least BGN 70 million. The threshold for class B investments stands at BGN 40 million. The regulations also stipulate the financial support for professional qualification, which will encourage the employment of specialists aged below 30. Projects exceeding 70 mln levs will be eligible for state aid if they are in the processing or renewable energy industries. In the services sector, only high-tech, R&D, education and health care projects will be eligible


Poland's GTC to build shopping mall in Burgas

Polish developer Globe Trade Center (GTC) said it will develop a mall-type retail and amusement center in Bulgarian city Burgas, on the Black Sea.The information was confirmed by the Bulgarian office of the company.A GTC official told news agency SeeNews that the Polish company has acquired 66.7% stake in the Gallery Burgas scheme for an undisclosed amount.In July this year, GTC announced the purchase of a 75% stake in a company building a shopping mall in Stara Zagora.GTC said it has acquired a plot of 12,500 sq m in the city and plans to construct a shopping mall with net area of 23,000 sq m.The opening is planned for spring 2009.In May of this year, GTC Bulgaria also acquired a majority stake in a company constructing a shopping mall in Varna.

EUR 43m for water supply, sewerage in 2007

A total of BGN 43 million will be invested in Bulgaria's water supply and sewerage sector in 2007, a report of the regional development and public works ministry shows. The sum will be divided among 85 projects. A total of BGN 15 million for 38 water supply and sewerage projects were allocated in 2006. one of the top priorities is the setting up of potable water treatment facilities in several towns, including Madan, Rudozem, Sliven and Veliko Tarnovo.Constriction works are being carried out on the completion of the Kyustendil, Indje Voyvoda and Studena dams. Improvements will also be made on the sewerage systems in Sliven, Smolyan, Stara Zagora, Dobrich and Targovishte. The projects will be funded with part of the EUR 109 million loan obtained from the World Bank.



BLD to build 9-ha holiday village in Kavarna

Bulgarian Land Development (BLD), which is listed on the London Stock Exchange, is launching the construction of a holiday village on a 9-ha plot in the coastal town of Kavarna, executive director Dimitar Savov said. July Morning will be the biggest project of the fund in Bulgaria and one of the largest investments in the municipality of Kavarna.
BLD plans to invest more than EUR 40 million in the village. The construction works will be carried out in four stages, the first of which is due to be completed by 2010. The total built-up area of the project will be 100,000 sq. m. It will consist of apartments, swimming pools, restaurants and bars, a spar centre and sports facilities, shops.
BLD's first project is the Harmony Hills holiday complex near the village of Rogachevo, 5 km from the Albena resort. The investment there amounts to some EUR 6 million. The fund is also planning to build a holiday complex in the mountain resort of Borovets, as well as a 13-storey luxury apartment block near Kempinski Hotel Zografski in Sofia.

Penny Market to build shop in Novi Pazar

German food chain Penny Market is willing to buy a plot in Novi Pazar and build a shop, the mayor of the Bulgarian town, Rumen Panayotov, said. The investment cannot be carried out before 2008, because the plot is currently owned by the State Agency for Youth and Sports and its status has to be changed before the project kicks off.
The shops of the Penny Market chain are owned by Germany's REWE, which is also owner of the BILLA supermarkets. In the next few years the company plans to build between 90 and 100 shops. The investment will amount to some EUR 100 million.







KRZ Port Burgas logs jump in cargo traffic

KRZ Port Burgas, an Industrial Holding Bulgaria company, reported a record increase in bulk and metal cargo traffic. The Burgas-based private shipyard, which recently sold its floating dock, is reinventing itself as a cargo port operator. It plans to install a 12.5 ton crane by the end of '07 as well as resurface all asphalt pavements in the port area and build a transportation link to the nearby railway.

Navy Consult back in battle for Navibulgar


The Privatisation Agency (PA) has extended the preliminary stage in the privatisation procedure for Navigation Maritime Bulgare (Navibulgar) until November 8.
International consortium Navy Consult, which operates with ships and shipyards, announced at the end of August that it was quitting the procedure due to the short terms given to the candidate buyers for financial, legal and economic assessment of Navibulgar.
The interest of the company in Navibulgar is still strong. Our consortium will review the new terms and will take decisions concerning its future actions, Bisser Dimitrov of Navy Consult said. A total of 23 candidates purchased the tender documentation for the privatisation procedure for 70% of Navibulgar. The fact that the state intends to keep a 30-percent stake in Navibulgar, also obstructs the process of obtaining additional funding, according to Navy Consult.

15 more Bulgarian companies to trade meat and dairy products in the EU 

The EU Standing Committee on the Food Chain and Animal Health approved 15 Bulgarian companies for free meat and dairy products trade within the Union.With the 15 newly approved, the total number of Bulgarian companies allowed to trade dairy and meat products in the EU rose to 71, an Agriculture and Food Ministry press release said.Another 585 companies from the same industry were still in a “transition period” and would need to meet EU standards.The Standing Committee on the Food Chain and Animal Health also decided the deadline for Bulgaria’s companies to meet EU standards would be the end of 2009.Companies failing to meet EU requirements will be closed after the deadline expires.Bulgarian authorities have the right to nominate companies for approval every two months.

Nine BG companies in Deloitte ranking


A total of nine Bulgarian companies made it into Deloitte's Top 500 ranking of Central and Eastern European companies in terms of sales revenue for 2006. Lukoil Neftochim Bourgas occupies the highest 65th spot among the Bulgarian companies included in the ranking. Lukoil Neftochim posted EUR 1.63 billion sales revenue for 2006. The National Electric Company occupied the number 120 spot in the ranking with EUR 522 million less sales revenue compared to Lukoil Neftochim.Petrol Holding with its 200 spot is the third highest-ranked Bulgarian company. The managing company booked EUR 766 million sales revenue for 2006. The figure includes the sales of subsidiary Petrol AD, which clinched the number 236 spot in the ranking. Petrol AD's subsidiary Naftex Petrol narrowly missed the top 500 making the ranking. Taking into consideration the line of business of our companies, it is only logical for them to be part of a similar regional ranking Orlin Todorov, executive director of Petrol Holding, said.The increasing importance of the Bulgarian Stock Exchange (BSE) is one of the factors for the growing influence of Bulgarian companies in the region, according to Bernard Atlan, corporate finances director at Deloitte Bulgaria.Bulgarian Telecommunications Company (BTC) and and Kremikovtzi ranked 307th and 353rd, respectively. Bulgargas, which occupied the number 316 spot in the ranking, recently announced its plans to go public.State-owned Kozloduy nuclear power plant (NPP), which posted EUR 378 million sales revenue for 2006 clinched the number 455 spot. Metro Cash & Carry was four spots lower in the ranking and was the ninth Bulgaria company presented by Deloitte.


10 companies vie to build new Sofia subway route

Ten companies and consortia have handed in their offers for the construction of a new section of the Sofia subway system, connecting the northern-lying Nadezhda borough with the downtown Cherni Vrah boulevard.The list includes Italian tie-ins Pizrotti-Seli and Condotte-Ansaldo, Spain's FCC, Czech Metrostav, Greek consortium Aktor-Terna and JP Avax also from Greece. Three Bulgarian companies are also in the frame. Geotechmin is the only local entrant not part of any alliance with foreign corporations. Glavbolgarstroy will contest the contract in partnership with Germany's Hochtief while Moststroy has teamed up with Turkey's Dogus Group.The project will receive funding from the EU.During the first phase of the selection procedure, the candidates will be assessed on the basis of their prior experience in similar projects and in terms of manpower as well as financial and equipment capabilities.The shortlisted candidates are expected to be invited by the end of the year to submit their price offers for the implementation of the project.The construction of the new route - stretching from the Nadezhda residential district down south-east to the Central Train Station, the Tzum department store, the National Palace of Culture, the Hemus hotel up to the Cherni Vrah boulevard, should get underway in the spring of 2008.This route will have a total of seven subway stations.Work on a route going in the opposite direction - from Nadezhda further up north to the Obelia boroughs, is scheduled to begin in late 2008.Service along both new routes should start in late 2011.Work is currently underway on an 8 km stretch of the subway system from the St. Nedelya square through the Interpred World Trade Center to the Mladost 1 residential district. The route, with a total of six stations, should be operational by 2009.A further 7.2 km will be added to the metropolitan subway system with a route from Mladost up north to the Druzhba borough and the Sofia International Airport. The selection of the a contractor for this section is due to get underway in the second half of 2008.The existing 12 km of subway routes have 8 stations and are used by 25 mln commuters annually.

Actavis has over 10% income growth in first half 2007

The income growth of Actavis in the first half as compared to last year is over 10%, Nikolay Hadzhidonchev, executive director of Actavis generic pharmaceuticals company, said in an interview with Focus News Agency.“This is an extremely good index, having in mind we are speaking of Actavis, which has been a leading company on the Bulgarian market for years, and having in mind the market as a whole does not grow at such pace,” he commented.He described the first half of the year as not easy. At the same time, however, most of Actavis tasks have been achieved, and others even over-fulfilled.
“We report successful performance as to our planned turnover, launch of new products. We managed to assert our team in marketing and sales as one of the leading teams in the pharmaceutical sector in Bulgaria. So if I have to strike a balance, I would say – we had a good half a year. The main plans of Actavis this year are launch of new products, going into segments the company has not been presented on the market with. This is for example medical cosmetics DECUBAL, which we launched in the beginning of the second quarter. Some of the other products have been developed by Actavis Group, while others by companies we have contracts with. Out of planned 20 products we have 26 so far, which I regard as a success,” Hadzhidonchev added.

Enel's gross profit in Bulgaria drops


Enel's gross operating profit in Bulgaria for the first half of 2007 declined by EUR 23 million, the company told the Pari daily. That affected Enel's results in Southeastern Europe, where the reduction for the period stands at EUR 10 million. But in Romania, the company posted a rise in its gross operating profit.Enel booked a EUR 627 million gross profit for the first six months of the year from its operations in six countries outside Italy. For the year-ago period, Enel logged a EUR 254 million profit.


Medica shuts down production line


Medicinal products and medical dressing materials maker, Medica AD, has shut down a plaster components production line, the company said. The move was prompted by Medica's inability to meet the tougher environmental requirements, which came into effect in the middle of 2007.Medica will open new storage facilities at its production site in Sandanski, next week. The investment is estimated at BGN 1.6 million. The company exports its products to Greece, Macedonia, Serbia and Romania and is also interested in the markets of former Soviet republics.Doverie-Capital is a majority shareholder in Medica with an 83-percent stake. The remainder of the capital is owned by a group of individuals.Medica's stock was last traded on Monday at an average price of BGN 129.9 per share, up by 8.25% month on month, data of the Bulgarian Stock Exchange (BSE) showed.






Bulgaria's top 20 companies in terms of revenues

Profit.bg already presented the 20 Bulgarian companies with highest profit in H1.This week we compiled a chart of the Top 20 Bulgarian companies in terms of revenues in first half.In spite of a 13% decline year-on-year, fuel distributor Petrol AD topped the chart with revenues in the amount of 566 mln leva (289.391 mln euros) in H1. The figure exceeds the company's market capitalization.With more than half a million leva in revenues, the Bulgarian Telecommunications Company ranks second. The telcom registered a small increase in figures for this H1. The company will be delisted from the public register as soon as the tender offer procedures are finalized.Chimimport AD's revenues increased by the significant 123% to more than 373 mln leva (190.711 mln euros). Chimimport will probably become the biggest public company in the country after the delisting of BTC.A large increase in revenues was also posted by Sopharma, which ranked sixth with nearly 167 mln leva (85.385 mln euros), and by Lead and Zinc Complex, which came 12th after H1 revenues surged 92.7% to 124.5 mln leva (63.655 mln euros).Kremikovtzi is the only other company here (after Petrol) with declining revenues. The company ranked 4th with 363 mln leva (185.598 mln euros), or 22% down compared with the same period last year.The total amount of revenues generated by the companies on the list in H1 exceeds 3.65 bln leva (1.866 bln euros), and they boast a total market capitalization of 13.7 bln leva (7.004 bln euros).Here is the complete list:



Revenues (in thousand BGN)

Difference %



Petrol AD





Bulgarian Telecommunication Company















Bulgartabak Holding










Synergon Holding





First Investment Bank




















Lead and Zinc Complex





Insurance and Reinsurance DZI





Blagoevgrad BT





Insurance Company Bulstrad





Drujba Staklarski Zavodi





Eurohold Bulgaria





Doverie United Holding




















Eastern Europe Exhausted

Britain and US economists determined that growth of Foreign direct investment (FDI) in countries from Eastern Europe and Commonwealth of Independent States (CIS) already reached its supreme value and soon its amount will start to fall down. The research of the Economist Intelligence Unit (EIU) in cooperation with a Programme of the Columbian University of Foreign Investment at the end of last week published a report for the global dynamics of foreign direct investment (FDI) with a forecast until 2011. The information is published by the RBCDaily. According to the experts' opinion, the investment potential of the Eastern Europe countries is almost drained. In 2008 is expected that the amounts of FDI will decrease with $ 2 billion. The most serious decrease so far is in Bulgaria: in 2006 FDI were $ 5,2 billion, in the period 2007-2011 according to the forecast the investments' amount will fall to $ 2,6 billion. The share of Bulgaria for the distribution of the investments in the region is 2.7%. Last year foreign citizens entered in Eastern Europe 37% more funds than in 2005. This corresponds to the global growth of the Foreign direct investment (FDI. Data shows that the extreme growth in Eastern Europe reached its maximum in 2006 - $ 106 billion. The resources entered in the region takes second place after dynamic Asia region, shifting from their positions the countries of Latin America and the Caribbean. From the list of countries that received the biggest share of foreign investments, there are 3 countries from Eastern Europe – Russia, holding the third place in the world, Poland, taking the tenth place, and Rumania, coming on eleventh place. The authors of the report are convinced the tendency will change. In 2007, according their opinion, the overall volume of investments will reach 104 milliards of dollars. After this becomes a fact, the FDI index will decrease. This will be the outcome from the drained possibilities as a result of the process of privatization in most countries and the unexpected rise of the local labor hand. Russia will be the only exception in the region and will be the leader as far as FDI, receiving the average amount of $30 milliards per year. According the EIU, this tendency will remain steady even with the interference of the State. The dynamics of the flow of FDI in Russia has very unexpected characteristics. This phenomenon can be explained with the very influential role of the state owned companies in the process of the formation of the index, along with the presence of large – scale companies on the market which actions can produce significant waves in the dynamics of the planned growth. one of the main risks for foreign investors in Eastern Europe is varied political risks: protectionism, instability of cabinets, threatens related with geopolitical insecurity. Nevertheless the economic factors in Eastern Europe remain in their leading positions.


FDI for the countries in Eastern Europe in USD billions




Year 2006

Period - 2007-2011 forecast






















Czech Republic



















Sources: EIU, CPII, money.bg, rbcdaily.ru