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Economy of Belarus vs Bulgaria compared: GDP & Debt

Updated on by Georank

Belarus has a GDP of $93.4B compared to $131B for Bulgaria, ranking 80/197 and 63/197 by economy size, respectively.

Belarus has $30.9B in government debt (33.1% of GDP), compared to $35.4B (27.1% of GDP) in Bulgaria.

Belarus vs Bulgaria GDP by year

Belarus
Bulgaria
1x
Year GDP, current $
Belarus Bulgaria
2025 $93,397,215,864 $130,777,235,530
2024 $78,591,839,300 $113,349,149,167
2023 $72,478,760,370 $102,204,457,335
2022 $73,775,179,925 $90,510,784,778
2021 $69,673,747,132 $84,378,926,047
2020 $61,371,673,345 $70,490,478,088
2019 $64,410,170,653 $68,511,235,459
2018 $60,031,026,576 $66,100,606,677
2017 $54,725,405,751 $59,170,671,046
2016 $47,723,545,321 $53,932,152,154
2015 $56,454,769,845 $50,768,512,173
2014 $78,813,069,121 $57,083,817,240
2013 $75,527,558,966 $55,822,115,861
2012 $65,685,890,439 $54,299,825,600
2011 $61,762,382,328 $57,684,243,980
2010 $57,231,904,543 $50,691,645,231
2009 $50,873,167,326 $52,026,461,290
2008 $60,752,106,347 $54,483,464,293
2007 $45,275,711,996 $44,433,521,725
2006 $36,961,894,281 $34,382,295,487
2005 $30,210,091,837 $29,870,182,425
2004 $23,141,566,293 $26,159,078,743
2003 $17,825,444,724 $21,146,038,619
2002 $14,594,900,945 $16,403,880,783
2001 $12,354,820,144 $14,184,170,319
2000 $12,736,856,828 $13,246,669,554
1999 $12,138,486,532 $13,637,793,854
1998 $15,222,012,660 $15,031,821,788
1997 $14,128,408,566 $11,316,706,412
1996 $14,500,437,520 $12,295,588,924
1995 $13,972,683,274 $18,992,388,645
1994 $14,931,435,232 $9,709,230,161
1993 $16,275,073,527 $10,832,041,595
1992 $16,939,790,094 $8,602,874,120
1991 $18,404,907,975 $7,628,764,750
1990 $17,389,558,233 $20,726,605,649
1989 - $21,746,286,447
1988 - $23,003,003,708
1987 - $28,428,718,531
1986 - $20,261,546,635
1985 - $17,562,270,447
1984 - $17,410,894,971
1983 - $16,959,180,922
1982 - $19,803,624,625
1981 - $20,055,685,481
1980 - $20,039,544,133

Data sources: World Bank | Economy & Growth (1980–2025, retrieved 2026-07-08).

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
2025 $10,279 - $20,328 -
2024 $8,606 $33,010 $17,597 $41,969
2023 $7,897 $30,834 $15,854 $38,829
2022 $7,995 $28,429 $14,000 $36,320
2021 $7,490 $27,611 $12,967 $30,959
2020 $6,543 $24,872 $10,761 $27,352
2019 $6,838 $22,302 $10,354 $26,766
2018 $6,360 $20,026 $9,850 $23,998
2017 $5,786 $18,414 $8,697 $22,317
2016 $5,040 $17,832 $7,823 $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 $6,989 $14,188
2008 $6,376 $13,886 $7,272 $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 $2,720 $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 $1,821 $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 $2,377 $7,548
1989 - - $2,450 -
1988 - - $2,561 -
1987 - - $3,169 -
1986 - - $2,262 -
1985 - - $1,960 -
1984 - - $1,943 -
1983 - - $1,897 -
1982 - - $2,221 -
1981 - - $2,256 -
1980 - - $2,261 -

Data sources: World Bank | Economy & Growth (1980–2025, retrieved 2026-07-08).

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

Belarus' GDP per capita is $10,279, ranking 88/197, compared to $20,328 in Bulgaria, ranking 58/197. 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
$93.4B
2025
$131B
2025
GDP rank
80/197
2025
63/197
2025
GDP growth
1.3%
2024-2025
3.1%
2024-2025
GDP per capita
$10,279
2025
$20,328
2025
GDP per capita rank
88/197
2025
58/197
2025
GDP per capita, PPP
$33,010
2024
$41,969
2024
GDP per capita PPP rank
68/197
2024
54/197
2024
Government debt
$30.9B
2025
$35.4B
2025
Debt-to-GDP ratio
33.1%
2025
27.1%
2025
Government debt per person
$3,399
2025
$5,507
2025
Government debt per person rank
98/185
2025
79/185
2025
Average annual personal income after taxes
$8,062
2026
$16,126
2026
Market capitalization of domestic companies
$5.54B
2025
$11.2B
2025
Number of billionaires n/a
2
2026
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
38.9%
2025
Consumer prices inflation
6.6%
2024-2025
3.5%
2024-2025
Central bank interest rate
9.25%
2026
1.81%
2025
Unemployment rate
3.04%
2024
3.5%
2025
Population
9025821
6390149

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
2025 41.3% 33.1% 38.9% 27.1%
2024 40.8% 38.7% 36.3% 23.8%
2023 40.3% 40.7% 37.5% 22.9%
2022 38% 40.8% 37.6% 22.5%
2021 36.7% 41.2% 38.5% 23.9%
2020 38% 47.5% 37.7% 22.7%
2019 37.4% 41% 36.1% 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 (1998–2025, retrieved 2026-07-08); International Monetary Fund (IMF) | Public Finances in Modern History (1995–1997, retrieved 2026-07-08).

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

In 2025, Belarus' government spending was $38.6B, accounting for 41.3% of its GDP, while Bulgaria spent $50.8B, or 38.9% of GDP.

Debt-to-GDP ratio is 33.1% in Belarus and 27.1% in Bulgaria, ranking 148/185 and 164/185, respectively.

Government deficit by year

Deficit/surplus
Belarus

Bulgaria
1x
Year Deficit/surplus, % of GDP
Belarus Bulgaria
2025 0.15% -3.01%
2024 0.54% -3.01%
2023 0.76% -3.04%
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 (1998–2025, retrieved 2026-07-08); International Monetary Fund (IMF) | Public Finances in Modern History (1924–1997, retrieved 2026-07-08).

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

In 2025, Belarus' government surplus, the difference between spending and revenue, was $140M, equivalent to 0.15% of GDP. This compares to Bulgaria's deficit of $3.94B, or 3.01% of GDP.

Over the past 25 years, Belarus recorded a fiscal deficit in 18 of those years, while Bulgaria ran a deficit in 16 years. On average, Belarus posted an annual deficit equal to 3.2% of GDP, compared to deficit of 0.7% of GDP for Bulgaria.

Inflation comparison by year

Inflation
Belarus

Bulgaria
1x
Year Consumer prices inflation
Belarus Bulgaria
2025 6.6% 3.5%
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 (1997–2025, retrieved 2026-07-08).

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

Over the past 29 years, Belarus has recorded an average annual inflation rate of 36.2%, compared with 41.1% in Bulgaria. In 2025, inflation was 6.6% in Belarus and 3.5% in Bulgaria.

Top exports between countries

Belarus
Export category Export value
Metals $28.2M
Wood & paper products $9.99M
Machinery & equipment $7.81M
Chemicals & pharma $3.92M
Raw materials & minerals $3.8M
Processed food, beverages & tobacco $1.41M
Raw agricultural goods $1.32M
Textiles & consumer goods $1.02M
Animal & marine products $240K
Precious metals & jewellery $22K
Bulgaria
Export category Export value
Chemicals & pharma $25M
Processed food, beverages & tobacco $18.2M
Textiles & consumer goods $4.15M
Raw agricultural goods $2.91M
Machinery & equipment $2.66M
Metals $2.09M
Raw materials & minerals $1.96M
Miscellaneous $374K
Wood & paper products $123K
Weapons & explosives $47K

Balance of trade

Belarus Bulgaria
Current account balance
-$1.82B
2025
-$7.64B
2025
Current account balance ranking
137/190
2025
170/190
2025
Current account balance, % of GDP
-1.94%
2025
-5.84%
2025
Goods imports
$46B
2025
$58.5B
2025
Goods exports
$40B
2025
$47.9B
2025
Service imports
$7.55B
2025
$9.42B
2025
Service exports
$11.7B
2025
$18.6B
2025
Imports of goods and services, % of GDP
57%
2025
51.8%
2025
Exports of goods and services, % of GDP
55.1%
2025
50.7%
2025

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 2026-07-08).

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
50%
2025
63.3%
2025
Industry, % of GDP
31.6%
2025
21.2%
2025
Agriculture, forestry, and fishing, % of GDP
6.9%
2025
2.47%
2025
GNI, Atlas method
$83.3B
2025
$114B
2025
GNI per capita, PPP
$34,310
2025
$42,170
2025
Total reserves including gold
$14.5B
2025
$47.1B
2025
Total reserves ranking
72/177
2025
51/177
2025
Net foreign direct investment
-$1.43B
2025
-$3.37B
2025
Net inflows of foreign direct investment
$1.74B
2024
$3.05B
2024
Net outflows of foreign direct investment
$170M
2024
$1.21B
2024
Servicing debt to the IMF, % of GNI
6.94%
2024
6.8%
2024
Poverty at national poverty lines
3.5%
2024
21.7%
2023
Gross capital formation, % of GDP
27.1%
2025
21.7%
2025

GDP per capita map

1x

Data sources: World Bank | Economy & Growth (1985–2025, retrieved 2026-07-08); U.S. Census Bureau (1985–2025, retrieved 2026-07-08).

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

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Data sources:

  1. World Bank | Economy & Growth (1980–2025, retrieved 2026-07-08)
  2. International Monetary Fund (IMF) | Fiscal Monitor (1998–2025, retrieved 2026-07-08)
  3. The Heritage Foundation | Economic Freedom Index (1995–2026, retrieved 2026-07-08)
  4. International Monetary Fund (IMF) | Public Finances in Modern History (1924–1997, retrieved 2026-07-08)
  5. U.S. Census Bureau (1985–2025, retrieved 2026-07-08)
  6. TradeMap (2021–2025, retrieved 2026-07-08)
  7. United Nations | World Population Prospects (2026, retrieved 2026-07-08)
  8. LivingCost (2026, retrieved 2026-07-08)

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.