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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 $112B for Bulgaria, ranking 83/197 and 68/197 by economy size, respectively.

Belarus has $33.7B in government debt (42.9% of GDP), compared to $26.2B (28% of GDP) in Bulgaria.

The chart below compares the two countries' GDP growth in both current (nominal) and constant dollars, accounting for inflation over time.

Belarus
GDP, current $

GDP, constant 2015 $
Bulgaria
GDP, current $

GDP, constant 2015 $
Year GDP
Belarus Bulgaria
Current $ Constant $ Current $ Constant $
1980 - - $19,839,230,769 $30,380,971,166
1981 - - $19,870,000,000 $31,869,687,928
1982 - - $19,342,000,000 $32,613,706,697
1983 - - $16,563,666,667 $33,732,456,606
1984 - - $17,594,944,444 $34,878,160,477
1985 - - $17,155,421,053 $35,814,095,245
1986 - - $20,249,294,118 $37,321,009,834
1987 - - $28,101,000,000 $39,580,615,539
1988 - - $22,555,941,176 $43,912,592,027
1989 - - $21,988,444,444 $42,467,919,536
1990 $17,389,558,233 $29,435,120,618 $20,632,090,909 $38,595,959,168
1991 $18,404,907,975 $29,081,900,435 $7,628,738,475 $35,336,393,321
1992 $16,939,790,094 $26,290,037,656 $8,602,887,623 $32,766,593,697
1993 $16,275,073,527 $24,291,994,261 $10,832,064,942 $32,281,577,705
1994 $14,931,435,232 $21,449,829,995 $9,709,240,034 $32,868,460,441
1995 $13,972,683,274 $19,219,047,590 $18,991,484,420 $33,809,162,070
1996 $14,756,846,154 $19,757,181,802 $12,294,964,838 $35,569,061,581
1997 $14,130,585,516 $22,009,501,596 $11,316,127,379 $30,548,353,201
1998 $15,221,352,699 $23,858,297,858 $15,031,055,047 $31,705,867,020
1999 $12,138,243,081 $24,669,479,794 $13,637,098,579 $29,043,813,498
2000 $12,736,780,455 $26,100,310,428 $13,245,990,274 $30,376,118,720
2001 $12,354,820,144 $27,333,629,973 $14,183,446,026 $31,537,611,700
2002 $14,594,900,945 $28,712,684,737 $16,403,043,850 $33,389,478,558
2003 $17,825,444,724 $30,734,974,395 $21,144,957,990 $35,138,136,848
2004 $23,141,566,293 $34,254,050,014 $26,157,743,369 $37,425,778,955
2005 $30,210,091,837 $37,473,931,238 $29,868,657,858 $40,066,672,613
2006 $36,961,894,281 $41,221,322,382 $34,380,536,496 $42,792,243,672
2007 $45,275,711,996 $44,766,358,828 $44,431,257,129 $45,639,805,450
2008 $60,752,106,347 $49,332,527,214 $54,480,684,188 $48,437,324,161
2009 $50,873,167,326 $49,431,189,908 $52,023,801,230 $46,816,058,447
2010 $57,231,904,543 $53,262,115,562 $50,689,051,382 $47,544,216,522
2011 $61,762,382,328 $56,218,149,512 $57,681,293,007 $48,537,973,978
2012 $65,685,890,439 $57,178,272,623 $54,297,052,002 $48,901,433,558
2013 $75,527,558,966 $57,749,323,055 $55,819,262,375 $48,636,020,243
2014 $78,813,069,121 $58,702,836,384 $57,080,897,012 $49,097,794,444
2015 $56,454,769,845 $56,454,769,845 $50,765,918,159 $50,765,918,159
2016 $47,723,545,321 $55,028,470,324 $53,929,397,039 $52,302,414,125
2017 $54,725,405,751 $56,421,892,170 $59,167,647,388 $53,738,599,947
2018 $60,031,026,576 $58,198,729,041 $66,251,582,036 $55,108,646,394
2019 $64,410,170,653 $59,040,547,745 $68,634,004,792 $57,196,630,544
2020 $61,371,673,345 $58,643,356,622 $70,550,652,467 $55,357,337,084
2021 $69,673,747,132 $60,073,587,235 $84,414,122,840 $59,664,478,254
2022 $73,775,179,925 $57,275,121,700 $90,509,236,929 $62,074,193,827
2023 $72,478,760,370 $59,638,602,548 $102,396,840,296 $63,245,418,927
2024 $75,961,865,472 $62,030,020,173 $112,211,952,704 $65,023,138,714

Economic indicators

Belarus Bulgaria
Gross domestic product
$76B
2024
$112B
2024
GDP rank
83/197
2024
68/197
2024
GDP growth
4.81%
2023-2024
9.59%
2023-2024
GDP per capita
$8,317
2024
$17,412
2024
GDP per capita rank
95/197
2024
64/197
2024
GDP per capita, PPP
$33,006
2024
$41,086
2024
Government debt
$33.7B
2024
$26.2B
2024
Debt-to-GDP ratio
42.9%
2025
28%
2025
Government debt per person
$3,691
2024
$4,067
2024
Government debt per person rank
94/185
2024
90/185
2024
Average annual personal income after taxes
$6,343
2025
$12,784
2025
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
41.3%
2025
39%
2025
Consumer prices inflation
7%
2024-2025
3.6%
2024-2025
Central bank interest rate
9.75%
2025
1.82%
2025
Unemployment rate
3.46%
2023
4.17%
2024
Population
9074112
6403235

GDP per capita in Belarus vs Bulgaria

Belarus' GDP per capita is $8,317, ranking 95/197, compared to $17,412 in Bulgaria, ranking 64/197. Adjusted for purchasing power (GDP per capita PPP), Belarus ranks 68th at $33,006, while Bulgaria ranks 57th at $41,086.

Belarus
GDP per capita

GDP per capita, PPP
Bulgaria
GDP per capita

GDP per capita, PPP
Year Current $
Belarus Bulgaria
GDP per capita GDP per capita, PPP GDP per capita GDP per capita, PPP
1980 - - $2,239 -
1981 - - $2,235 -
1982 - - $2,169 -
1983 - - $1,853 -
1984 - - $1,964 -
1985 - - $1,915 -
1986 - - $2,260 -
1987 - - $3,132 -
1988 - - $2,511 -
1989 - - $2,477 -
1990 $1,707 $5,220 $2,367 $7,546
1991 $1,805 $5,330 $884 $7,213
1992 $1,658 $4,917 $1,007 $6,915
1993 $1,590 $4,641 $1,279 $7,030
1994 $1,460 $4,190 $1,150 $7,335
1995 $1,371 $3,846 $2,259 $7,738
1996 $1,453 $4,039 $1,470 $6,846
1997 $1,397 $4,596 $1,361 $5,749
1998 $1,511 $5,061 $1,820 $6,178
1999 $1,211 $5,331 $1,661 $5,808
2000 $1,276 $5,796 $1,621 $6,423
2001 $1,244 $6,238 $1,771 $6,961
2002 $1,479 $6,697 $2,093 $7,786
2003 $1,820 $7,362 $2,719 $8,417
2004 $2,378 $8,483 $3,390 $9,202
2005 $3,126 $9,637 $3,900 $10,291
2006 $3,848 $10,995 $4,523 $11,408
2007 $4,735 $12,320 $5,889 $12,822
2008 $6,376 $13,886 $7,271 $14,347
2009 $5,352 $14,034 $6,988 $14,181
2010 $6,035 $15,339 $6,854 $14,956
2011 $6,528 $16,563 $7,850 $15,747
2012 $6,953 $18,115 $7,432 $16,327
2013 $7,998 $19,014 $7,796 $16,894
2014 $8,341 $19,038 $8,070 $17,991
2015 $5,967 $18,134 $7,269 $18,901
2016 $5,040 $17,832 $7,822 $20,745
2017 $5,786 $18,414 $8,697 $22,317
2018 $6,360 $20,026 $9,872 $24,053
2019 $6,838 $22,302 $10,373 $26,814
2020 $6,543 $24,872 $10,770 $27,377
2021 $7,490 $27,611 $12,972 $30,974
2022 $7,995 $28,429 $14,000 $35,816
2023 $7,897 $30,834 $15,884 $37,508
2024 $8,317 $33,006 $17,412 $41,086

Spending and national debt comparison

In 2024, Belarus' government spending was $31.1B, accounting for 41.3% of its GDP, while Bulgaria's spent $41.1B, or 39% of GDP.

Debt-to-GDP ratio is 42.9% in Belarus and 28% in Bulgaria, ranking 127/185 and 162/185, respectively.

Belarus
Government spending

Government debt
Bulgaria
Government spending

Government debt
Year % of GDP
Belarus Bulgaria
Government spending Government debt Government spending Government debt
1995 - - 45.4% 72%
1996 - - 44% 113.8%
1997 - - 32.9% 88.4%
1998 - - 30.6% 67.3%
1999 - - 36.2% 78.7%
2000 - - 37.1% 73.3%
2001 42.4% - 36.5% 67.1%
2002 43.8% - 35.1% 53.4%
2003 43.5% - 35.8% 45.4%
2004 44% 9.22% 34.6% 37.8%
2005 45% 8.12% 34% 28.5%
2006 47.2% 12.3% 32.5% 22.6%
2007 49.2% 15.8% 33.1% 17.6%
2008 60% 20.3% 33.5% 14.7%
2009 51.7% 32.5% 33.8% 14.5%
2010 44.3% 36.8% 34.6% 14.1%
2011 40.3% 58.2% 32% 14.3%
2012 38.9% 36.9% 32.5% 16.5%
2013 40.8% 36.9% 35.5% 17.2%
2014 38.8% 38.8% 37.1% 26.3%
2015 41.8% 53% 37.3% 25.4%
2016 40.7% 53.5% 32.7% 27%
2017 39% 53.2% 32% 22.9%
2018 37.8% 47.5% 34.4% 20.1%
2019 37.4% 41% 36% 18.4%
2020 38% 47.5% 37.6% 22.7%
2021 36.7% 41.2% 38.4% 22.4%
2022 38% 40.8% 37.6% 21.5%
2023 40.3% 40.7% 37.4% 21.9%
2024 41% 44.4% 36.6% 23.4%
2025 41.3% 42.9% 39% 28%

Government deficit by year

In 2024, Belarus' government surplus, the difference between spending and revenue, was $567M, equivalent to 0.75% of GDP. This compares to Bulgaria's deficit of -$3.4B, or -3.03% 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 -3.34% of GDP, compared to deficit of -0.6% of GDP for Bulgaria.

Deficit/surplus
Belarus

Bulgaria
Year Deficit/surplus, % of GDP
Belarus Bulgaria
1924 - 1.26%
1925 - -0.97%
1926 - -0.25%
1927 - -0.02%
1928 - -1.09%
1929 - -6.67%
1930 - -5.48%
1931 - -3.07%
1932 - -2.14%
1933 - -0.56%
1934 - -0.12%
1935 - 1.34%
1936 - 1.17%
1937 - 1.41%
1938 - 1%
1939 - 0.72%
1940 - 0.75%
1941 - 3.96%
1942 - -0.3%
1943 - 0%
1944 - 0%
1945 - 0%
1946 - 0%
1947 - 0%
1948 - 0%
1949 - 0%
1950 - 0%
1951 - 0%
1952 - 0%
1953 - 0%
1954 - 0%
1955 - 0%
1956 - 0%
1957 - 0%
1958 - 0%
1959 - 0%
1960 - 0%
1961 - 0%
1962 - 0%
1963 - 0%
1964 - 0%
1965 - 0%
1966 - 0%
1967 - 0%
1968 - 0%
1969 - 0%
1970 - 0%
1971 - 0%
1972 - 0%
1973 - 0%
1974 - 0%
1975 - 0%
1976 - 0%
1977 - 0%
1978 - 0%
1979 - 0%
1980 - 0%
1981 - 0%
1982 - 0%
1983 - 0%
1984 - 0%
1985 - 0%
1986 - 0%
1987 - 0%
1988 - 0%
1989 - 0%
1990 - 0%
1991 - 0%
1992 - 0%
1993 - 0%
1994 - 0%
1995 - -7.98%
1996 - -10.1%
1997 - 0.83%
1998 - 1.08%
1999 - 0.15%
2000 - -0.6%
2001 -4.74% -0.58%
2002 -7.81% -0.61%
2003 -6.74% 0.003%
2004 -7.06% 1.59%
2005 -6.71% 2.19%
2006 -7.71% 3.22%
2007 -7.82% 3.09%
2008 -10.9% 2.73%
2009 -7.23% -0.86%
2010 -4.19% -3.77%
2011 -2.81% -1.83%
2012 0.36% -0.43%
2013 -0.98% -1.75%
2014 0.09% -3.65%
2015 -2.96% -2.77%
2016 -1.66% 1.54%
2017 -0.34% 0.82%
2018 1.8% 0.12%
2019 0.91% -0.96%
2020 -2.87% -2.92%
2021 -0.22% -2.8%
2022 -2.04% -0.8%
2023 0.71% -3.03%
2024 0.75% -3.03%
2025 0.24% -3.03%

Inflation comparison by year

Over the past 30 years, Belarus has recorded an average annual inflation rate of 36.7%, compared with 43.9% in Bulgaria. In 2025, inflation was 7% in Belarus and 3.6% in Bulgaria.

Inflation
Belarus

Bulgaria
Year Inflation
Belarus Bulgaria Belarus Bulgaria
1996 52.7% 123%
1997 63.8% 1,061%
1998 73% 18.7%
1999 293.7% 2.6%
2000 168.6% 10.3%
2001 61.1% 7.4%
2002 42.6% 5.8%
2003 28.4% 2.3%
2004 18.1% 6.1%
2005 10.3% 6%
2006 7% 7.4%
2007 8.4% 7.6%
2008 14.8% 12%
2009 13% 2.5%
2010 7.7% 3%
2011 53.2% 3.4%
2012 59.2% 2.4%
2013 18.3% 0.4%
2014 18.1% -1.6%
2015 13.5% -1.1%
2016 11.8% -1.3%
2017 6% 1.2%
2018 4.9% 2.6%
2019 5.6% 2.5%
2020 5.5% 1.2%
2021 9.5% 2.8%
2022 15.2% 13%
2023 5% 8.6%
2024 5.7% 2.6%
2025 7% 3.6%

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
-$2.01B
2024
Current account balance ranking
141/189
2024
142/189
2024
Current account balance, % of GDP
-2.56%
2024
-1.79%
2024
Goods imports
$44.2B
2024
$51.8B
2024
Goods exports
$39.5B
2024
$46B
2024
Service imports
$6.82B
2024
$8.2B
2024
Service exports
$10.1B
2024
$16.6B
2024
Imports of goods and services, % of GDP
66.9%
2024
53.5%
2024
Exports of goods and services, % of GDP
65.1%
2024
55.8%
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 48.9 68.8
Economic freedom ranking 168/197 43/197
Property rights 20.9 75.7
Government integrity 28.8 48.5
Judicial effectiveness 10.5 56.6
Tax burden 89.3 94.2
Government spending 55.6 56.7
Fiscal health 96.2 91.1
Business freedom 50.9 74.9
Labor freedom 48 68
Monetary freedom 67.2 70.8
Trade freedom 69.2 79.6
Investment freedom 30 60
Financial freedom 20 50

Economic freedom by year comparison

The Economic Freedom Index for Belarus is 48.9, ranking 168/197, compared to 68.8 for Bulgaria, ranking 43/197. The chart below displays a comparison of annual changes in economic freedom indexes.

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

More economic indicators

Belarus Bulgaria
Services, % of GDP
49.7%
2024
62.6%
2024
Industry, % of GDP
30.7%
2024
22.5%
2024
Agriculture, forestry, and fishing, % of GDP
6.87%
2024
2.07%
2024
GNI, Atlas method
$75.2B
2024
$98.7B
2024
GNI per capita, PPP
$32,220
2024
$39,130
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
-$2.47B
2024
Net inflows of foreign direct investment
$1.74B
2024
$3.5B
2024
Net outflows of foreign direct investment
$170M
2024
$1.03B
2024
Servicing debt to the IMF, % of GNI
11.3%
2023
n/a
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

GDP per capita

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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.