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Economy of Bulgaria vs Cape Verde compared: GDP & Debt

Updated on by Georank team

Bulgaria has a GDP of $113B compared to $2.73B for Cape Verde, ranking 67/197 and 172/197 by economy size, respectively.

Bulgaria has $27.3B in government debt (24.1% of GDP), compared to $3.03B (111.2% of GDP) in Cape Verde.

Bulgaria vs Cape Verde GDP by year

Bulgaria
Cape Verde
1x
Year GDP, current $
Bulgaria Cape Verde
2024 $113,343,355,780 $2,725,414,151
2023 $102,199,231,385 $2,504,525,549
2022 $90,506,153,294 $2,247,003,344
2021 $84,374,613,233 $2,051,842,619
2020 $70,486,877,546 $1,821,565,614
2019 $68,507,731,354 $2,252,177,124
2018 $66,097,226,262 $2,205,099,507
2017 $59,167,647,388 $1,996,741,540
2016 $53,929,397,039 $1,849,789,986
2015 $50,765,918,159 $1,749,857,620
2014 $57,080,897,012 $2,041,930,125
2013 $55,819,262,375 $2,028,910,915
2012 $54,297,052,002 $1,913,081,210
2011 $57,681,293,007 $2,046,817,987
2010 $50,689,051,382 $1,824,751,468
2009 $52,023,801,230 $1,852,334,575
2008 $54,480,684,188 $1,959,620,648
2007 $44,431,257,129 $1,649,621,739
2006 $34,380,536,496 $1,107,571,458
2005 $29,868,657,858 $972,241,677
2004 $26,157,743,369 $924,940,012
2003 $21,144,957,990 $813,260,469
2002 $16,403,043,850 $620,507,387
2001 $14,183,446,026 $563,090,490
2000 $13,245,990,274 $539,227,278
1999 $13,637,098,579 $592,416,703
1998 $15,031,055,047 $521,910,561
1997 $11,316,127,379 $490,608,658
1996 $12,294,964,838 $501,979,270
1995 $18,991,484,420 $487,148,994
1994 $9,709,240,034 $406,580,652
1993 $10,832,064,942 $490,417,390
1992 $8,602,887,623 $357,160,985
1991 $7,628,738,475 $319,827,059
1990 $20,632,090,909 $306,890,963
1989 $21,988,444,444 $267,448,571
1988 $22,555,941,176 $264,308,140
1987 $28,101,000,000 $235,253,065
1986 $20,249,294,118 $190,651,168
1985 $17,155,421,053 $137,728,205
1984 $17,594,944,444 $132,019,039
1983 $16,563,666,667 $138,476,176
1982 $19,342,000,000 $140,630,679
1981 $19,870,000,000 $139,468,209
1980 $19,839,230,769 $142,246,815

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

GeoRank.org/economy/bulgaria/cape-verde | CC BY

GDP per capita in Bulgaria vs Cape Verde by year

Bulgaria
GDP per capita

GDP per capita, PPP
Cape Verde
GDP per capita

GDP per capita, PPP
1x
Year Current $
Bulgaria Cape Verde
GDP per capita GDP per capita, PPP GDP per capita GDP per capita, PPP
2024 $17,596 $41,969 $5,192 $11,195
2023 $15,853 $38,829 $4,795 $10,242
2022 $13,999 $36,320 $4,323 $9,481
2021 $12,966 $30,959 $3,971 $7,685
2020 $10,760 $27,352 $3,539 $6,853
2019 $10,354 $26,766 $4,381 $8,646
2018 $9,849 $23,998 $4,295 $7,916
2017 $8,697 $22,317 $3,893 $7,936
2016 $7,822 $20,746 $3,609 $7,351
2015 $7,269 $18,896 $3,415 $6,773
2014 $8,070 $17,991 $3,986 $6,417
2013 $7,796 $16,894 $3,961 $6,367
2012 $7,432 $16,327 $3,737 $6,318
2011 $7,850 $15,747 $4,002 $6,384
2010 $6,854 $14,954 $3,579 $6,039
2009 $6,988 $14,188 $3,660 $5,901
2008 $7,271 $14,347 $3,909 $6,011
2007 $5,889 $12,822 $3,325 $5,567
2006 $4,523 $11,406 $2,257 $4,758
2005 $3,900 $10,291 $2,004 $4,324
2004 $3,390 $9,200 $1,929 $3,969
2003 $2,719 $8,416 $1,718 $3,551
2002 $2,093 $7,786 $1,329 $3,388
2001 $1,771 $6,960 $1,223 $3,217
2000 $1,621 $6,424 $1,190 $3,124
1999 $1,661 $5,808 $1,327 $2,714
1998 $1,820 $6,178 $1,187 $2,443
1997 $1,361 $5,751 $1,134 $2,182
1996 $1,470 $6,849 $1,180 $1,963
1995 $2,259 $7,743 $1,165 $1,762
1994 $1,150 $7,338 $991 $1,540
1993 $1,279 $7,032 $1,220 $1,291
1992 $1,007 $6,917 $908 $1,186
1991 $884 $7,215 $832 $1,069
1990 $2,367 $7,548 $817 $1,044
1989 $2,477 - $727 -
1988 $2,511 - $729 -
1987 $3,132 - $658 -
1986 $2,260 - $541 -
1985 $1,915 - $396 -
1984 $1,964 - $385 -
1983 $1,853 - $410 -
1982 $2,169 - $423 -
1981 $2,235 - $425 -
1980 $2,239 - $440 -

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

GeoRank.org/economy/bulgaria/cape-verde | CC BY

Bulgaria's GDP per capita is $17,596, ranking 64/197, compared to $5,192 in Cape Verde, ranking 118/197. Adjusted for purchasing power (GDP per capita PPP), Bulgaria ranks 54th at $41,969, while Cape Verde ranks 129th at $11,195.

Economic indicators

Bulgaria Cape Verde
Gross domestic product
$113B
2024
$2.73B
2024
GDP rank
67/197
2024
172/197
2024
GDP growth
3.39%
2023-2024
7.24%
2023-2024
GDP per capita
$17,596
2024
$5,192
2024
GDP per capita rank
64/197
2024
118/197
2024
GDP per capita, PPP
$41,969
2024
$11,195
2024
GDP per capita PPP rank
54/197
2024
129/197
2024
Government debt
$27.3B
2024
$3.03B
2024
Debt-to-GDP ratio
24.1%
2024
111.2%
2024
Government debt per person
$4,237
2024
$5,776
2024
Government debt per person rank
90/185
2024
76/185
2024
Average annual personal income after taxes
$14,263
2026
$2,576
2026
Market capitalization of domestic companies
$8.41B
2024
n/a
Number of billionaires
2
2025
n/a
Income share by richest 10%
31.1%
2023
32.3%
2015
Income share by poorest 10%
2.1%
2023
2.2%
2015
Government expenditure, % of GDP
36.7%
2024
26.1%
2024
Consumer prices inflation
2.6%
2023-2024
1%
2023-2024
Central bank interest rate
1.81%
2025
1.5%
2024
Unemployment rate
4.17%
2024
11.3%
2019
Population
6359449
530391

Spending and national debt comparison by year

Bulgaria
Spending

Debt
Cape Verde
Spending

Debt
1x
Year % of GDP
Bulgaria Cape Verde
Government spending Government debt Government spending Government debt
2024 36.7% 24.1% 26.1% 111.2%
2023 37.4% 22.9% 25.7% 117.5%
2022 37.6% 22.5% 26.6% 127.6%
2021 38.4% 23.8% 30.8% 149.5%
2020 37.6% 22.7% 34.5% 144.3%
2019 36% 18.4% 27.5% 109.8%
2018 34.4% 20.1% 27.5% 112.3%
2017 32% 22.9% 28% 113%
2016 32.7% 27% 26.6% 115.6%
2015 37.3% 25.4% 28.7% 115.7%
2014 37.1% 26.3% 27.8% 105.7%
2013 35.5% 17.2% 30.9% 93.5%
2012 32.5% 16.5% 31.6% 82.9%
2011 32% 14.3% 30.3% 71.6%
2010 34.6% 14.1% 35.7% 73.5%
2009 33.8% 14.5% 30.6% 58.8%
2008 33.5% 14.7% 27.6% 57.5%
2007 33.1% 17.6% 27.1% 59.6%
2006 32.5% 22.6% 28.4% 66.2%
2005 34% 28.5% 26.2% 66.7%
2004 34.6% 37.8% 26.3% 67.8%
2003 35.8% 45.4% 23.4% 65.6%
2002 35.1% 53.4% 28.5% 64.7%
2001 36.5% 67.1% 24.2% 62.2%
2000 37.1% 73.3% 36.7% 71.9%
1999 36.2% 78.7% 35% 66.4%
1998 30.6% 67.3% 29.8% 72.9%
1997 32.9% 88.4% 34.8% 79.3%
1996 44% 113.8% 38.9% 85.7%
1995 45.4% 72% 44.5% 74.3%
1994 - - 48.1% 73.4%

Data sources: International Monetary Fund (IMF) | Fiscal Monitor (1994–2024, retrieved 2026-02-20); International Monetary Fund (IMF) | Public Finances in Modern History (1994–1997, retrieved 2026-02-20).

GeoRank.org/economy/bulgaria/cape-verde | CC BY

In 2024, Bulgaria's government spending was $41.5B, accounting for 36.7% of its GDP, while Cape Verde spent $711M, or 26.1% of GDP.

Debt-to-GDP ratio is 24.1% in Bulgaria and 111.2% in Cape Verde, ranking 169/185 and 16/185, respectively.

Government deficit by year

Deficit/surplus
Bulgaria

Cape Verde
1x
Year Deficit/surplus, % of GDP
Bulgaria Cape Verde
2024 -3.04% -1.07%
2023 -3.03% -0.28%
2022 -0.8% -4.25%
2021 -2.8% -7.51%
2020 -2.92% -9.29%
2019 -0.96% -1.62%
2018 0.12% -2.36%
2017 0.82% -2.63%
2016 1.54% -2.73%
2015 -2.77% -4.16%
2014 -3.65% -6.93%
2013 -1.75% -8.49%
2012 -0.43% -9.36%
2011 -1.83% -6.98%
2010 -3.77% -9.6%
2009 -0.86% -5.32%
2008 2.73% -1.42%
2007 3.09% -0.86%
2006 3.22% -4.32%
2005 2.19% -4.69%
2004 1.59% -2.98%
2003 0.003% -3.63%
2002 -0.61% -6.14%
2001 -0.58% -5.03%
2000 -0.6% -15.5%
1999 0.15% -10.9%
1998 1.08% -3.16%
1997 0.83% -10.2%
1996 -10.1% -11.2%
1995 -7.98% -11.1%
1994 - -12.8%
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 (1994–2024, retrieved 2026-02-20); International Monetary Fund (IMF) | Public Finances in Modern History (1924–1997, retrieved 2026-02-20).

GeoRank.org/economy/bulgaria/cape-verde | CC BY

In 2024, Bulgaria's government deficit, the difference between spending and revenue, was $3.44B, equivalent to 3.04% of GDP. This compares to Cape Verde's deficit of $29.1M, or 1.07% of GDP.

Over the past 30 years, Bulgaria recorded a fiscal deficit in 18 of those years, while Cape Verde ran a deficit in 30 years. On average, Bulgaria posted an annual deficit equal to 1.04% of GDP, compared to deficit of 5.79% of GDP for Cape Verde.

Inflation comparison by year

Inflation
Bulgaria

Cape Verde
1x
Year Consumer prices inflation
Bulgaria Cape Verde
2024 2.6% 1%
2023 8.6% 3.7%
2022 13% 7.9%
2021 2.8% 1.9%
2020 1.2% 0.6%
2019 2.5% 1.1%
2018 2.6% 1.3%
2017 1.2% 0.8%
2016 -1.3% -1.4%
2015 -1.1% 0.1%
2014 -1.6% -0.2%
2013 0.4% 1.5%
2012 2.4% 2.5%
2011 3.4% 4.5%
2010 3% 2.1%
2009 2.5% 1%
2008 12% 6.8%
2007 7.6% 4.4%
2006 7.4% 4.8%
2005 6% 0.4%
2004 6.1% -1.9%
2003 2.3% 1.2%
2002 5.8% 1.9%
2001 7.4% 3.7%
2000 10.3% -2.4%
1999 2.6% 4.3%
1998 18.7% 4.4%
1997 1,061% 8.6%

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

GeoRank.org/economy/bulgaria/cape-verde | CC BY

Over the past 28 years, Bulgaria has recorded an average annual inflation rate of 42.5%, compared with 2.31% in Cape Verde. In 2024, inflation was 2.6% in Bulgaria and 1% in Cape Verde.

Top exports between countries

Bulgaria
Export category Export value
Textiles & consumer goods $208K
Processed food, beverages & tobacco $28K
Wood & paper products $22K
Machinery & equipment $11K
Cape Verde
Export category Export value

Balance of trade

Bulgaria Cape Verde
Current account balance
-$1.74B
2024
$107M
2024
Current account balance ranking
138/190
2024
67/190
2024
Current account balance, % of GDP
-1.54%
2024
+3.91%
2024
Goods imports
$52.8B
2024
$1.17B
2024
Goods exports
$47.3B
2024
$328M
2024
Service imports
$8.26B
2024
$298M
2024
Service exports
$16.6B
2024
$830M
2024
Imports of goods and services, % of GDP
53.9%
2024
54%
2024
Exports of goods and services, % of GDP
56.4%
2024
42.5%
2024

Economic freedom indices

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

Bulgaria Cape Verde
Economic freedom 68.9 71.4
Economic freedom ranking 44/197 32/197
Property rights 75.8 72.7
Government integrity 48.4 63.3
Judicial effectiveness 58.5 77.1
Tax burden 89.1 84.4
Government spending 58.4 79.5
Fiscal health 90.4 74.4
Business freedom 78.2 78.9
Labor freedom 62.4 59.5
Monetary freedom 75.8 80.4
Trade freedom 79.4 66.6
Investment freedom 60 60
Financial freedom 50 60

Economic freedom comparison by year

Bulgaria
Cape Verde
1x
Year Economic freedom index
Bulgaria Cape Verde
2026 68.9 71.4
2025 68.8 68.7
2024 68.5 62.9
2023 69.3 65.8
2022 71 66.7
2021 70.4 63.8
2020 70.2 63.6
2019 69 63.1
2018 68.3 60
2017 67.9 56.9
2016 65.9 66.5
2015 66.8 66.4
2014 65.7 66.1
2013 65 63.7
2012 64.7 63.5
2011 64.9 64.6
2010 62.3 61.8
2009 64.6 61.3
2008 63.7 57.9
2007 62.7 56.5
2006 64.1 58.6
2005 62.3 57.8
2004 59.2 58.1
2003 57 56.1
2002 57.1 57.6
2001 51.9 56.3
2000 47.3 51.9
1999 46.2 50.7
1998 45.7 48
1997 47.6 47.7
1996 48.6 49.7
1995 50 -

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

GeoRank.org/economy/bulgaria/cape-verde | CC BY

The Economic Freedom Index for Bulgaria is 68.9, ranking 44/197, compared to 71.4 for Cape Verde, ranking 32/197. The chart above displays a comparison of annual changes in economic freedom indexes.

Other economic metrics

Bulgaria Cape Verde
Services, % of GDP
63.8%
2024
68.7%
2024
Industry, % of GDP
21.1%
2024
10.7%
2024
Agriculture, forestry, and fishing, % of GDP
2.35%
2024
4.92%
2024
GNI, Atlas method
$99B
2024
$2.6B
2024
GNI per capita, PPP
$39,850
2024
$11,000
2024
Total reserves including gold
$43.7B
2024
$783M
2024
Total reserves ranking
47/177
2024
144/177
2024
Net foreign direct investment
-$2.22B
2024
-$89.2M
2024
Net inflows of foreign direct investment
$3.55B
2024
$110M
2024
Net outflows of foreign direct investment
$1.13B
2024
$20.8M
2024
Servicing debt to the IMF, % of GNI
6.8%
2024
5.69%
2024
Poverty at national poverty lines
21.7%
2023
24.8%
2023
Gross capital formation, % of GDP
20.4%
2024
16.4%
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/bulgaria/cape-verde | 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 (1994–2024, 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 (2023–2024, retrieved 2026-02-08)
  7. United Nations | World Population Prospects (2026, retrieved 2026-03-10)
  8. LivingCost (2026, retrieved 2025-10-14)

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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.