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Economy of Bulgaria vs Croatia compared: GDP & Debt

Updated on by Georank team

Bulgaria has a GDP of $113B compared to $93B for Croatia, ranking 67/197 and 75/197 by economy size, respectively.

Bulgaria has $27.3B in government debt (24.1% of GDP), compared to $53.5B (57.6% of GDP) in Croatia.

Bulgaria vs Croatia GDP by year

Bulgaria
Croatia
1x
Year GDP, current $
Bulgaria Croatia
2024 $113,343,355,780 $92,983,810,329
2023 $102,199,231,385 $85,624,153,964
2022 $90,506,153,294 $71,196,498,671
2021 $84,374,613,233 $69,002,365,163
2020 $70,486,877,546 $57,959,843,541
2019 $68,507,731,354 $61,466,721,186
2018 $66,097,226,262 $61,667,925,219
2017 $59,167,647,388 $56,182,782,586
2016 $53,929,397,039 $52,650,714,172
2015 $50,765,918,159 $50,998,893,385
2014 $57,080,897,012 $59,606,934,501
2013 $55,819,262,375 $59,846,265,182
2012 $54,297,052,002 $57,548,115,904
2011 $57,681,293,007 $62,889,007,657
2010 $50,689,051,382 $58,975,205,417
2009 $52,023,801,230 $62,315,996,675
2008 $54,480,684,188 $68,472,854,617
2007 $44,431,257,129 $59,290,621,398
2006 $34,380,536,496 $49,583,544,860
2005 $29,868,657,858 $45,013,119,282
2004 $26,157,743,369 $41,836,292,157
2003 $21,144,957,990 $35,245,317,002
2002 $16,403,043,850 $26,757,722,429
2001 $14,183,446,026 $23,066,883,850
2000 $13,245,990,274 $22,134,411,297
1999 $13,637,098,579 $23,777,026,779
1998 $15,031,055,047 $25,890,228,430
1997 $11,316,127,379 $24,175,764,812
1996 $12,294,964,838 $24,150,978,347
1995 $18,991,484,420 $22,772,394,547
1994 $9,709,240,034 $15,062,911,617
1993 $10,832,064,942 $11,259,647,874
1992 $8,602,887,623 $10,621,169,291
1991 $7,628,738,475 $18,760,386,775
1990 $20,632,090,909 $25,650,213,280
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/bulgaria/croatia | CC BY

GDP per capita in Bulgaria vs Croatia by year

Bulgaria
GDP per capita

GDP per capita, PPP
Croatia
GDP per capita

GDP per capita, PPP
1x
Year Current $
Bulgaria Croatia
GDP per capita GDP per capita, PPP GDP per capita GDP per capita, PPP
2024 $17,596 $41,969 $24,050 $49,551
2023 $15,853 $38,829 $22,184 $47,760
2022 $13,999 $36,320 $18,466 $42,125
2021 $12,966 $30,959 $17,789 $36,930
2020 $10,760 $27,352 $14,808 $31,594
2019 $10,354 $26,766 $15,564 $33,064
2018 $9,849 $23,998 $15,460 $29,789
2017 $8,697 $22,317 $13,902 $27,888
2016 $7,822 $20,746 $12,820 $25,803
2015 $7,269 $18,896 $12,284 $23,750
2014 $8,070 $17,991 $14,187 $22,706
2013 $7,796 $16,894 $14,135 $22,430
2012 $7,432 $16,327 $13,508 $21,619
2011 $7,850 $15,747 $14,692 $21,191
2010 $6,854 $14,954 $13,730 $20,139
2009 $6,988 $14,188 $14,475 $20,358
2008 $7,271 $14,347 $15,888 $21,018
2007 $5,889 $12,822 $13,756 $19,568
2006 $4,523 $11,406 $11,501 $17,629
2005 $3,900 $10,291 $10,444 $15,451
2004 $3,390 $9,200 $9,719 $14,686
2003 $2,719 $8,416 $8,190 $13,692
2002 $2,093 $7,786 $6,220 $12,775
2001 $1,771 $6,960 $5,365 $11,653
2000 $1,621 $6,424 $4,954 $10,675
1999 $1,661 $5,808 $5,269 $9,943
1998 $1,820 $6,178 $5,713 $9,890
1997 $1,361 $5,751 $5,331 $9,536
1996 $1,470 $6,849 $5,300 $8,806
1995 $2,259 $7,743 $4,929 $8,052
1994 $1,150 $7,338 $3,238 $7,337
1993 $1,279 $7,032 $2,448 $6,861
1992 $1,007 $6,917 $2,321 $7,326
1991 $884 $7,215 $4,001 $7,918
1990 $2,367 $7,548 $5,369 $9,526
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/bulgaria/croatia | CC BY

Bulgaria's GDP per capita is $17,596, ranking 64/197, compared to $24,050 in Croatia, ranking 50/197. Adjusted for purchasing power (GDP per capita PPP), Bulgaria ranks 54th at $41,969, while Croatia ranks 46th at $49,551.

Economic indicators

Bulgaria Croatia
Gross domestic product
$113B
2024
$93B
2024
GDP rank
67/197
2024
75/197
2024
GDP growth
3.39%
2023-2024
3.83%
2023-2024
GDP per capita
$17,596
2024
$24,050
2024
GDP per capita rank
64/197
2024
50/197
2024
GDP per capita, PPP
$41,969
2024
$49,551
2024
GDP per capita PPP rank
54/197
2024
46/197
2024
Government debt
$27.3B
2024
$53.5B
2024
Debt-to-GDP ratio
24.1%
2024
57.6%
2024
Government debt per person
$4,237
2024
$13,844
2024
Government debt per person rank
90/185
2024
42/185
2024
Average annual personal income after taxes
$14,263
2026
$20,856
2026
Market capitalization of domestic companies
$8.41B
2024
$27.8B
2024
Number of billionaires
2
2025
1
2025
Income share by richest 10%
31.1%
2023
23.3%
2023
Income share by poorest 10%
2.1%
2023
2.9%
2023
Government expenditure, % of GDP
36.7%
2024
48%
2024
Consumer prices inflation
2.6%
2023-2024
2.97%
2023-2024
Central bank interest rate
1.81%
2025
n/a
Unemployment rate
4.17%
2024
5.03%
2024
Population
6359449
3812193

Spending and national debt comparison by year

Bulgaria
Spending

Debt
Croatia
Spending

Debt
1x
Year % of GDP
Bulgaria Croatia
Government spending Government debt Government spending Government debt
2024 36.7% 24.1% 48% 57.6%
2023 37.4% 22.9% 46.8% 61.8%
2022 37.6% 22.5% 45% 68.5%
2021 38.4% 23.8% 48.1% 78.2%
2020 37.6% 22.7% 53.7% 86.5%
2019 36% 18.4% 44.3% 70.9%
2018 34.4% 20.1% 44.9% 72.8%
2017 32% 22.9% 44.1% 76.2%
2016 32.7% 27% 45.9% 79.3%
2015 37.3% 25.4% 47.5% 82.8%
2014 37.1% 26.3% 48.7% 83.2%
2013 35.5% 17.2% 47.9% 79.5%
2012 32.5% 16.5% 47.3% 68.9%
2011 32% 14.3% 48.6% 63.1%
2010 34.6% 14.1% 48.1% 56.8%
2009 33.8% 14.5% 49.2% 47.9%
2008 33.5% 14.7% 46.3% 38.9%
2007 33.1% 17.6% 46.3% 37.1%
2006 32.5% 22.6% 44.6% 38.4%
2005 34% 28.5% 46.5% 40.9%
2004 34.6% 37.8% 49% 40%
2003 35.8% 45.4% 49.6% 37.8%
2002 35.1% 53.4% 49.2% 36.5%
2001 36.5% 67.1% 50.6% 36.6%
2000 37.1% 73.3% 54.6% 35.4%
1999 36.2% 78.7% 58.9% 30%
1998 30.6% 67.3% 56.8% 23.3%
1997 32.9% 88.4% 51.7% 22.5%
1996 44% 113.8% 52.1% -
1995 45.4% 72% 50.3% -
1994 - - 45.4% -
1993 - - 36% -
1992 - - 37.1% -

Data sources: International Monetary Fund (IMF) | Fiscal Monitor (1992–2024, retrieved 2026-02-20); International Monetary Fund (IMF) | Public Finances in Modern History (1995–1997, retrieved 2026-02-20).

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

In 2024, Bulgaria's government spending was $41.5B, accounting for 36.7% of its GDP, while Croatia spent $44.6B, or 48% of GDP.

Debt-to-GDP ratio is 24.1% in Bulgaria and 57.6% in Croatia, ranking 169/185 and 86/185, respectively.

Government deficit by year

Deficit/surplus
Bulgaria

Croatia
1x
Year Deficit/surplus, % of GDP
Bulgaria Croatia
2024 -3.04% -1.95%
2023 -3.03% -0.79%
2022 -0.8% 0.12%
2021 -2.8% -2.58%
2020 -2.92% -7.23%
2019 -0.96% 2.31%
2018 0.12% 0.23%
2017 0.82% 0.8%
2016 1.54% -1.04%
2015 -2.77% -3.53%
2014 -3.65% -5.19%
2013 -1.75% -5.52%
2012 -0.43% -5.46%
2011 -1.83% -7.53%
2010 -3.77% -6.46%
2009 -0.86% -7.15%
2008 2.73% -2.34%
2007 3.09% -2.28%
2006 3.22% -2.01%
2005 2.19% -3.24%
2004 1.59% -6.09%
2003 0.003% -5.03%
2002 -0.61% -4.9%
2001 -0.58% -4.79%
2000 -0.6% -9.2%
1999 0.15% -11.1%
1998 1.08% -6.36%
1997 0.83% -4.93%
1996 -10.1% -4.41%
1995 -7.98% -4.23%
1994 - -0.82%
1993 - -2.67%
1992 - -5.69%
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 (1992–2024, retrieved 2026-02-20); International Monetary Fund (IMF) | Public Finances in Modern History (1924–1997, retrieved 2026-02-20).

GeoRank.org/economy/bulgaria/croatia | 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 Croatia's deficit of $1.82B, or 1.95% of GDP.

Over the past 30 years, Bulgaria recorded a fiscal deficit in 18 of those years, while Croatia ran a deficit in 26 years. On average, Bulgaria posted an annual deficit equal to 1.04% of GDP, compared to deficit of 4.06% of GDP for Croatia.

Inflation comparison by year

Inflation
Bulgaria

Croatia
1x
Year Consumer prices inflation
Bulgaria Croatia
2024 2.6% 2.97%
2023 8.6% 7.94%
2022 13% 10.8%
2021 2.8% 2.55%
2020 1.2% 0.15%
2019 2.5% 0.77%
2018 2.6% 1.5%
2017 1.2% 1.13%
2016 -1.3% -1.12%
2015 -1.1% -0.46%
2014 -1.6% -0.22%
2013 0.4% 2.22%
2012 2.4% 3.41%
2011 3.4% 2.27%
2010 3% 1.03%
2009 2.5% 2.38%
2008 12% 6.08%
2007 7.6% 2.9%
2006 7.4% 3.19%
2005 6% 3.32%
2004 6.1% 2.06%
2003 2.3% 1.77%
2002 5.8% 1.67%
2001 7.4% 3.78%
2000 10.3% 4.61%
1999 2.6% 4.02%
1998 18.7% 6.4%
1997 1,061% 4.17%

Data sources: International Monetary Fund (IMF) | World Economic Outlook (1997–2024, retrieved 2026-02-20); World Bank | Economy & Growth (1997–2024, retrieved 2026-04-06).

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

Over the past 28 years, Bulgaria has recorded an average annual inflation rate of 42.5%, compared with 2.9% in Croatia. In 2024, inflation was 2.6% in Bulgaria and 2.97% in Croatia.

Top exports between countries

Bulgaria
Export category Export value
Raw materials & minerals $259M
Metals $129M
Textiles & consumer goods $51.6M
Chemicals & pharma $34.5M
Machinery & equipment $34.3M
Processed food, beverages & tobacco $28.5M
Raw agricultural goods $7.06M
Transport & tourism services $6.6M
Wood & paper products $4.79M
Animal & marine products $2.55M
Croatia
Export category Export value
Chemicals & pharma $53.5M
Machinery & equipment $48.7M
Business & finance services $43.3M
Processed food, beverages & tobacco $30.2M
Transport & tourism services $22.2M
Textiles & consumer goods $18.5M
Wood & paper products $18.1M
Weapons & explosives $10.5M
Raw agricultural goods $10.1M
Metals $8.94M

Balance of trade

Bulgaria Croatia
Current account balance
-$1.74B
2024
-$1.05B
2024
Current account balance ranking
138/190
2024
125/190
2024
Current account balance, % of GDP
-1.54%
2024
-1.13%
2024
Goods imports
$52.8B
2024
$41.5B
2024
Goods exports
$47.3B
2024
$21.9B
2024
Service imports
$8.26B
2024
$8.35B
2024
Service exports
$16.6B
2024
$24.7B
2024
Imports of goods and services, % of GDP
53.9%
2024
54.8%
2024
Exports of goods and services, % of GDP
56.4%
2024
50.1%
2024

Economic freedom indices

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

Bulgaria Croatia
Economic freedom 68.9 67.5
Economic freedom ranking 44/197 56/197
Property rights 75.8 81.1
Government integrity 48.4 52.6
Judicial effectiveness 58.5 71.7
Tax burden 89.1 70
Government spending 58.4 34.9
Fiscal health 90.4 92.2
Business freedom 78.2 79.6
Labor freedom 62.4 58.9
Monetary freedom 75.8 69.9
Trade freedom 79.4 79.4
Investment freedom 60 60
Financial freedom 50 60

Economic freedom comparison by year

Bulgaria
Croatia
1x
Year Economic freedom index
Bulgaria Croatia
2026 68.9 67.5
2025 68.8 68.7
2024 68.5 67.2
2023 69.3 66.4
2022 71 67.6
2021 70.4 63.6
2020 70.2 62.2
2019 69 61.4
2018 68.3 61
2017 67.9 59.4
2016 65.9 59.1
2015 66.8 61.5
2014 65.7 60.4
2013 65 61.3
2012 64.7 60.9
2011 64.9 61.1
2010 62.3 59.2
2009 64.6 55.1
2008 63.7 54.1
2007 62.7 53.4
2006 64.1 53.6
2005 62.3 51.9
2004 59.2 53.1
2003 57 53.3
2002 57.1 51.1
2001 51.9 50.7
2000 47.3 53.6
1999 46.2 53.1
1998 45.7 51.7
1997 47.6 46.7
1996 48.6 48
1995 50 -

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

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

The Economic Freedom Index for Bulgaria is 68.9, ranking 44/197, compared to 67.5 for Croatia, ranking 56/197. The chart above displays a comparison of annual changes in economic freedom indexes.

Other economic metrics

Bulgaria Croatia
Services, % of GDP
63.8%
2024
60.8%
2024
Industry, % of GDP
21.1%
2024
19.2%
2024
Agriculture, forestry, and fishing, % of GDP
2.35%
2024
2.9%
2024
GNI, Atlas method
$99B
2024
$86B
2024
GNI per capita, PPP
$39,850
2024
$49,740
2024
Total reserves including gold
$43.7B
2024
$3.34B
2024
Total reserves ranking
47/177
2024
116/177
2024
Net foreign direct investment
-$2.22B
2024
-$1.88B
2024
Net inflows of foreign direct investment
$3.55B
2024
$4.54B
2024
Net outflows of foreign direct investment
$1.13B
2024
$2.79B
2024
Servicing debt to the IMF, % of GNI
6.8%
2024
n/a
Poverty at national poverty lines
21.7%
2023
20.3%
2023
Gross capital formation, % of GDP
20.4%
2024
24.4%
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/croatia | 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 (1992–2024, 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)

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.