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Economy of Belarus vs Bulgaria compared: GDP & Debt

Updated on by Georank team

Belarus has a GDP of $76B compared to $113B for Bulgaria, ranking 83/197 and 67/197 by economy size, respectively.

Belarus has $30.3B in government debt (39.9% of GDP), compared to $27.3B (24.1% of GDP) in Bulgaria.

Belarus vs Bulgaria GDP by year

Belarus
Bulgaria
1x
Year GDP, current $
Belarus Bulgaria
2024 $75,961,865,472 $113,343,355,780
2023 $72,478,760,370 $102,199,231,385
2022 $73,775,179,925 $90,506,153,294
2021 $69,673,747,132 $84,374,613,233
2020 $61,371,673,345 $70,486,877,546
2019 $64,410,170,653 $68,507,731,354
2018 $60,031,026,576 $66,097,226,262
2017 $54,725,405,751 $59,167,647,388
2016 $47,723,545,321 $53,929,397,039
2015 $56,454,769,845 $50,765,918,159
2014 $78,813,069,121 $57,080,897,012
2013 $75,527,558,966 $55,819,262,375
2012 $65,685,890,439 $54,297,052,002
2011 $61,762,382,328 $57,681,293,007
2010 $57,231,904,543 $50,689,051,382
2009 $50,873,167,326 $52,023,801,230
2008 $60,752,106,347 $54,480,684,188
2007 $45,275,711,996 $44,431,257,129
2006 $36,961,894,281 $34,380,536,496
2005 $30,210,091,837 $29,868,657,858
2004 $23,141,566,293 $26,157,743,369
2003 $17,825,444,724 $21,144,957,990
2002 $14,594,900,945 $16,403,043,850
2001 $12,354,820,144 $14,183,446,026
2000 $12,736,856,828 $13,245,990,274
1999 $12,138,486,532 $13,637,098,579
1998 $15,222,012,660 $15,031,055,047
1997 $14,128,408,566 $11,316,127,379
1996 $14,500,437,520 $12,294,964,838
1995 $13,972,683,274 $18,991,484,420
1994 $14,931,435,232 $9,709,240,034
1993 $16,275,073,527 $10,832,064,942
1992 $16,939,790,094 $8,602,887,623
1991 $18,404,907,975 $7,628,738,475
1990 $17,389,558,233 $20,632,090,909
1989 - $21,988,444,444
1988 - $22,555,941,176
1987 - $28,101,000,000
1986 - $20,249,294,118
1985 - $17,155,421,053
1984 - $17,594,944,444
1983 - $16,563,666,667
1982 - $19,342,000,000
1981 - $19,870,000,000
1980 - $19,839,230,769

Data sources: World Bank | Economy & Growth (1980–2024, retrieved 2026-04-06).

GeoRank.org/economy/belarus/bulgaria | CC BY

GDP per capita in Belarus vs Bulgaria by year

Belarus
GDP per capita

GDP per capita, PPP
Bulgaria
GDP per capita

GDP per capita, PPP
1x
Year Current $
Belarus Bulgaria
GDP per capita GDP per capita, PPP GDP per capita GDP per capita, PPP
2024 $8,318 $33,010 $17,596 $41,969
2023 $7,897 $30,834 $15,853 $38,829
2022 $7,995 $28,429 $13,999 $36,320
2021 $7,490 $27,611 $12,966 $30,959
2020 $6,543 $24,872 $10,760 $27,352
2019 $6,838 $22,302 $10,354 $26,766
2018 $6,360 $20,026 $9,849 $23,998
2017 $5,786 $18,414 $8,697 $22,317
2016 $5,040 $17,832 $7,822 $20,746
2015 $5,967 $18,134 $7,269 $18,896
2014 $8,341 $19,038 $8,070 $17,991
2013 $7,998 $19,014 $7,796 $16,894
2012 $6,953 $18,115 $7,432 $16,327
2011 $6,528 $16,563 $7,850 $15,747
2010 $6,035 $15,339 $6,854 $14,954
2009 $5,352 $14,034 $6,988 $14,188
2008 $6,376 $13,886 $7,271 $14,347
2007 $4,735 $12,320 $5,889 $12,822
2006 $3,848 $10,995 $4,523 $11,406
2005 $3,126 $9,637 $3,900 $10,291
2004 $2,378 $8,483 $3,390 $9,200
2003 $1,820 $7,362 $2,719 $8,416
2002 $1,479 $6,697 $2,093 $7,786
2001 $1,244 $6,238 $1,771 $6,960
2000 $1,276 $5,796 $1,621 $6,424
1999 $1,211 $5,331 $1,661 $5,808
1998 $1,511 $5,061 $1,820 $6,178
1997 $1,396 $4,596 $1,361 $5,751
1996 $1,427 $4,039 $1,470 $6,849
1995 $1,371 $3,846 $2,259 $7,743
1994 $1,460 $4,190 $1,150 $7,338
1993 $1,590 $4,641 $1,279 $7,032
1992 $1,658 $4,917 $1,007 $6,917
1991 $1,805 $5,330 $884 $7,215
1990 $1,707 $5,220 $2,367 $7,548
1989 - - $2,477 -
1988 - - $2,511 -
1987 - - $3,132 -
1986 - - $2,260 -
1985 - - $1,915 -
1984 - - $1,964 -
1983 - - $1,853 -
1982 - - $2,169 -
1981 - - $2,235 -
1980 - - $2,239 -

Data sources: World Bank | Economy & Growth (1980–2024, retrieved 2026-04-06).

GeoRank.org/economy/belarus/bulgaria | CC BY

Belarus' GDP per capita is $8,318, ranking 92/197, compared to $17,596 in Bulgaria, ranking 64/197. Adjusted for purchasing power (GDP per capita PPP), Belarus ranks 68th at $33,010, while Bulgaria ranks 54th at $41,969.

Economic indicators

Belarus Bulgaria
Gross domestic product
$76B
2024
$113B
2024
GDP rank
83/197
2024
67/197
2024
GDP growth
4.01%
2023-2024
3.39%
2023-2024
GDP per capita
$8,318
2024
$17,596
2024
GDP per capita rank
92/197
2024
64/197
2024
GDP per capita, PPP
$33,010
2024
$41,969
2024
GDP per capita PPP rank
68/197
2024
54/197
2024
Government debt
$30.3B
2024
$27.3B
2024
Debt-to-GDP ratio
39.9%
2024
24.1%
2024
Government debt per person
$3,318
2024
$4,237
2024
Government debt per person rank
97/185
2024
90/185
2024
Average annual personal income after taxes
$7,345
2026
$14,263
2026
Market capitalization of domestic companies
$6.01B
2024
$8.41B
2024
Number of billionaires n/a
2
2025
Income share by richest 10%
20.7%
2020
31.1%
2023
Income share by poorest 10%
4.5%
2020
2.1%
2023
Government expenditure, % of GDP
40.9%
2024
36.7%
2024
Consumer prices inflation
5.7%
2023-2024
2.6%
2023-2024
Central bank interest rate
9.75%
2025
1.81%
2025
Unemployment rate
3.04%
2024
4.17%
2024
Population
9013835
6359449

Spending and national debt comparison by year

Belarus
Spending

Debt
Bulgaria
Spending

Debt
1x
Year % of GDP
Belarus Bulgaria
Government spending Government debt Government spending Government debt
2024 40.9% 39.9% 36.7% 24.1%
2023 40.3% 40.7% 37.4% 22.9%
2022 38% 40.8% 37.6% 22.5%
2021 36.7% 41.2% 38.4% 23.8%
2020 38% 47.5% 37.6% 22.7%
2019 37.4% 41% 36% 18.4%
2018 37.8% 47.5% 34.4% 20.1%
2017 39% 53.2% 32% 22.9%
2016 40.7% 53.5% 32.7% 27%
2015 41.8% 53% 37.3% 25.4%
2014 38.8% 38.8% 37.1% 26.3%
2013 40.8% 36.9% 35.5% 17.2%
2012 38.9% 36.9% 32.5% 16.5%
2011 40.3% 58.2% 32% 14.3%
2010 44.3% 36.8% 34.6% 14.1%
2009 51.7% 32.5% 33.8% 14.5%
2008 60% 20.3% 33.5% 14.7%
2007 49.2% 15.8% 33.1% 17.6%
2006 47.2% 12.3% 32.5% 22.6%
2005 45% 8.12% 34% 28.5%
2004 44% 9.22% 34.6% 37.8%
2003 43.5% - 35.8% 45.4%
2002 43.8% - 35.1% 53.4%
2001 42.4% - 36.5% 67.1%
2000 - - 37.1% 73.3%
1999 - - 36.2% 78.7%
1998 - - 30.6% 67.3%
1997 - - 32.9% 88.4%
1996 - - 44% 113.8%
1995 - - 45.4% 72%

Data sources: International Monetary Fund (IMF) | Fiscal Monitor (1998–2024, retrieved 2026-02-20); International Monetary Fund (IMF) | Public Finances in Modern History (1995–1997, retrieved 2026-02-20).

GeoRank.org/economy/belarus/bulgaria | CC BY

In 2024, Belarus' government spending was $31.1B, accounting for 40.9% of its GDP, while Bulgaria spent $41.5B, or 36.7% of GDP.

Debt-to-GDP ratio is 39.9% in Belarus and 24.1% in Bulgaria, ranking 133/185 and 169/185, respectively.

Government deficit by year

Deficit/surplus
Belarus

Bulgaria
1x
Year Deficit/surplus, % of GDP
Belarus Bulgaria
2024 1.05% -3.04%
2023 0.76% -3.03%
2022 -1.98% -0.8%
2021 -0.22% -2.8%
2020 -2.87% -2.92%
2019 0.91% -0.96%
2018 1.8% 0.12%
2017 -0.34% 0.82%
2016 -1.66% 1.54%
2015 -2.96% -2.77%
2014 0.09% -3.65%
2013 -0.98% -1.75%
2012 0.36% -0.43%
2011 -2.81% -1.83%
2010 -4.19% -3.77%
2009 -7.23% -0.86%
2008 -10.9% 2.73%
2007 -7.82% 3.09%
2006 -7.71% 3.22%
2005 -6.71% 2.19%
2004 -7.06% 1.59%
2003 -6.74% 0.003%
2002 -7.81% -0.61%
2001 -4.74% -0.58%
2000 - -0.6%
1999 - 0.15%
1998 - 1.08%
1997 - 0.83%
1996 - -10.1%
1995 - -7.98%
1994 - -
1993 - -
1992 - -
1991 - -
1990 - -
1989 - -
1988 - -
1987 - -
1986 - -
1985 - -
1984 - -
1983 - -
1982 - -
1981 - -
1980 - -
1979 - -
1978 - -
1977 - -
1976 - -
1975 - -
1974 - -
1973 - -
1972 - -
1971 - -
1970 - -
1969 - -
1968 - -
1967 - -
1966 - -
1965 - -
1964 - -
1963 - -
1962 - -
1961 - -
1960 - -
1959 - -
1958 - -
1957 - -
1956 - -
1955 - -
1954 - -
1953 - -
1952 - -
1951 - -
1950 - -
1949 - -
1948 - -
1947 - -
1946 - -
1945 - -
1944 - 0%
1943 - 0%
1942 - -0.3%
1941 - 3.96%
1940 - 0.75%
1939 - 0.72%
1938 - 1%
1937 - 1.41%
1936 - 1.17%
1935 - 1.34%
1934 - -0.12%
1933 - -0.56%
1932 - -2.14%
1931 - -3.07%
1930 - -5.48%
1929 - -6.67%
1928 - -1.09%
1927 - -0.02%
1926 - -0.25%
1925 - -0.97%
1924 - 1.26%

Data sources: International Monetary Fund (IMF) | Fiscal Monitor (1998–2024, retrieved 2026-02-20); International Monetary Fund (IMF) | Public Finances in Modern History (1924–1997, retrieved 2026-02-20).

GeoRank.org/economy/belarus/bulgaria | CC BY

In 2024, Belarus' government surplus, the difference between spending and revenue, was $796M, equivalent to 1.05% of GDP. This compares to Bulgaria's deficit of $3.44B, or 3.04% of GDP.

Over the past 24 years, Belarus recorded a fiscal deficit in 18 of those years, while Bulgaria ran a deficit in 15 years. On average, Belarus posted an annual deficit equal to 3.32% of GDP, compared to deficit of 0.6% of GDP for Bulgaria.

Inflation comparison by year

Inflation
Belarus

Bulgaria
1x
Year Consumer prices inflation
Belarus Bulgaria
2024 5.7% 2.6%
2023 5% 8.6%
2022 15.2% 13%
2021 9.5% 2.8%
2020 5.5% 1.2%
2019 5.6% 2.5%
2018 4.9% 2.6%
2017 6% 1.2%
2016 11.8% -1.3%
2015 13.5% -1.1%
2014 18.1% -1.6%
2013 18.3% 0.4%
2012 59.2% 2.4%
2011 53.2% 3.4%
2010 7.7% 3%
2009 13% 2.5%
2008 14.8% 12%
2007 8.4% 7.6%
2006 7% 7.4%
2005 10.3% 6%
2004 18.1% 6.1%
2003 28.4% 2.3%
2002 42.6% 5.8%
2001 61.1% 7.4%
2000 168.6% 10.3%
1999 293.7% 2.6%
1998 73% 18.7%
1997 63.8% 1,061%

Data sources: International Monetary Fund (IMF) | World Economic Outlook (1997–2024, retrieved 2026-02-20).

GeoRank.org/economy/belarus/bulgaria | CC BY

Over the past 28 years, Belarus has recorded an average annual inflation rate of 37.2%, compared with 42.5% in Bulgaria. In 2024, inflation was 5.7% in Belarus and 2.6% in Bulgaria.

Top exports between countries

Belarus
Export category Export value
Metals $28.2M
Transport & tourism services $18.8M
Manufacturing & construction services $17.5M
Wood & paper products $9.99M
Machinery & equipment $7.81M
Chemicals & pharma $3.92M
Raw materials & minerals $3.8M
Business & finance services $3.01M
IT & IP services $2.12M
Processed food, beverages & tobacco $1.41M
Bulgaria
Export category Export value
Chemicals & pharma $24.7M
Processed food, beverages & tobacco $12.1M
Machinery & equipment $9.03M
Textiles & consumer goods $7.86M
Metals $6.37M
Raw agricultural goods $2.48M
Raw materials & minerals $1.91M
Wood & paper products $729K
Miscellaneous $460K
Weapons & explosives $46K

Balance of trade

Belarus Bulgaria
Current account balance
-$1.94B
2024
-$1.74B
2024
Current account balance ranking
142/190
2024
138/190
2024
Current account balance, % of GDP
-2.56%
2024
-1.54%
2024
Goods imports
$44.2B
2024
$52.8B
2024
Goods exports
$39.5B
2024
$47.3B
2024
Service imports
$6.82B
2024
$8.26B
2024
Service exports
$10.1B
2024
$16.6B
2024
Imports of goods and services, % of GDP
66.9%
2024
53.9%
2024
Exports of goods and services, % of GDP
65.1%
2024
56.4%
2024

Economic freedom indices

The indices of economic freedom below are issued by the Heritage Foundation. Higher scores indicate stronger economic health.

Belarus Bulgaria
Economic freedom 49.1 68.9
Economic freedom ranking 166/197 44/197
Property rights 20 75.8
Government integrity 28.3 48.4
Judicial effectiveness 11.5 58.5
Tax burden 93.5 89.1
Government spending 52.6 58.4
Fiscal health 96.8 90.4
Business freedom 50.3 78.2
Labor freedom 48 62.4
Monetary freedom 69 75.8
Trade freedom 69.2 79.4
Investment freedom 30 60
Financial freedom 20 50

Economic freedom comparison by year

Belarus
Bulgaria
1x
Year Economic freedom index
Belarus Bulgaria
2026 49.1 68.9
2025 48.9 68.8
2024 48.4 68.5
2023 51 69.3
2022 53 71
2021 61 70.4
2020 61.7 70.2
2019 57.9 69
2018 58.1 68.3
2017 58.6 67.9
2016 48.8 65.9
2015 49.8 66.8
2014 50.1 65.7
2013 48 65
2012 49 64.7
2011 47.9 64.9
2010 48.7 62.3
2009 45 64.6
2008 45.3 63.7
2007 47 62.7
2006 47.5 64.1
2005 46.7 62.3
2004 43.1 59.2
2003 39.7 57
2002 39 57.1
2001 38 51.9
2000 41.3 47.3
1999 35.4 46.2
1998 38 45.7
1997 39.8 47.6
1996 38.7 48.6
1995 40.4 50

Data sources: The Heritage Foundation | Economic Freedom Index (1995–2026, retrieved 2026-03-09).

GeoRank.org/economy/belarus/bulgaria | CC BY

The Economic Freedom Index for Belarus is 49.1, ranking 166/197, compared to 68.9 for Bulgaria, ranking 44/197. The chart above displays a comparison of annual changes in economic freedom indexes.

Other economic metrics

Belarus Bulgaria
Services, % of GDP
49.7%
2024
63.8%
2024
Industry, % of GDP
30.7%
2024
21.1%
2024
Agriculture, forestry, and fishing, % of GDP
6.87%
2024
2.35%
2024
GNI, Atlas method
$75.4B
2024
$99B
2024
GNI per capita, PPP
$32,300
2024
$39,850
2024
Total reserves including gold
$8.91B
2024
$43.7B
2024
Total reserves ranking
82/177
2024
47/177
2024
Net foreign direct investment
-$1.57B
2024
-$2.22B
2024
Net inflows of foreign direct investment
$1.74B
2024
$3.55B
2024
Net outflows of foreign direct investment
$170M
2024
$1.13B
2024
Servicing debt to the IMF, % of GNI
7.19%
2024
6.8%
2024
Poverty at national poverty lines
3.9%
2022
21.7%
2023
Gross capital formation, % of GDP
25.8%
2024
20.4%
2024

GDP per capita map

1x

Data sources: World Bank | Economy & Growth (1985–2024, retrieved 2026-04-06); U.S. Census Bureau (1985–2024, retrieved 2026-02-08).

GeoRank.org/economy/belarus/bulgaria | CC BY

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Data sources:

  1. World Bank | Economy & Growth (1980–2024, retrieved 2026-04-06)
  2. International Monetary Fund (IMF) | Fiscal Monitor (1998–2024, retrieved 2026-02-20)
  3. The Heritage Foundation | Economic Freedom Index (1995–2026, retrieved 2026-03-09)
  4. International Monetary Fund (IMF) | Public Finances in Modern History (1924–1997, retrieved 2026-02-20)
  5. U.S. Census Bureau (1985–2024, retrieved 2026-02-08)
  6. TradeMap (2021–2024, retrieved 2026-02-08)
  7. United Nations | World Population Prospects (2026, retrieved 2026-03-10)
  8. LivingCost (2026, retrieved 2025-10-14)

Creative Commons Attribution (CC BY) — you’re free to copy, share, remix, adapt, and use even commercially as long as you give appropriate credit and clearly indicate if you made changes. Other sources may be subject to different license terms.

The current account balance is the sum of net trade in goods and services, net earnings from cross-border investments, and net transfer payments. It reflects a country's economic transactions with the rest of the world and is a fundamental component of the balance of payments. A surplus indicates that a country exports more than it imports, while a deficit shows the opposite.

Gross National Income (GNI) measures a country's total income. It encompasses income earned by residents, businesses, and foreign sources, defined as employee compensation and investment profits. GNI adds product taxes not included elsewhere and subtracts subsidies. It accounts for income from residents working abroad but excludes earnings from foreigners within the country.

A negative value for Net Foreign Direct Investment indicates a country is a net receiver of investments, as foreign inflows exceed outflows after Balance of Payments adjustments. A positive value indicates a net provider, with outflows exceeding inflows. Inflows are credits (increasing foreign claims on domestic assets), while outflows are debits (increasing domestic assets abroad).

Foreign direct investment (FDI, net inflows) shows how much capital foreign investors bring into a country after accounting for any funds that flow back in the opposite direction. It represents the net value of overseas companies establishing, expanding, or financing businesses in the reporting country. A positive number means more capital entered the country than was withdrawn, while a negative number means foreign investors pulled out more than they invested.

Foreign direct investment (FDI, net outflows) shows how much capital residents of a country invest abroad after accounting for any funds that flow back in the opposite direction. It represents the net value of domestic companies establishing, expanding, or financing businesses in other countries. A positive number means more capital was invested abroad than withdrawn, while a negative number means residents pulled back more than they invested.

Principal and interest payments to the IMF in currency, goods, or services on long-term debt expressed as a share of GNI.

Formerly gross domestic investment, gross capital formation measures the share of a country’s economic output invested in fixed assets, including buildings, machinery, and infrastructure. It indicates how much of the economy is devoted to building productive capacity.