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Economy of Bulgaria vs Cyprus compared: GDP & Debt

Updated on by Georank team

Bulgaria has a GDP of $113B compared to $37.6B for Cyprus, ranking 67/197 and 103/197 by economy size, respectively.

Bulgaria has $27.3B in government debt (24.1% of GDP), compared to $24.5B (65.1% of GDP) in Cyprus.

Bulgaria vs Cyprus GDP by year

Bulgaria
Cyprus
1x
Year GDP, current $
Bulgaria Cyprus
2024 $113,343,355,780 $37,634,533,332
2023 $102,199,231,385 $35,075,423,857
2022 $90,506,153,294 $31,218,038,929
2021 $84,374,613,233 $30,372,642,502
2020 $70,486,877,546 $25,555,093,854
2019 $68,507,731,354 $26,196,667,100
2018 $66,097,226,262 $25,754,001,368
2017 $59,167,647,388 $22,946,570,629
2016 $53,929,397,039 $21,046,462,281
2015 $50,765,918,159 $19,909,278,417
2014 $57,080,897,012 $23,225,918,260
2013 $55,819,262,375 $23,959,712,861
2012 $54,297,052,002 $25,047,436,975
2011 $57,681,293,007 $27,641,549,302
2010 $50,689,051,382 $25,799,940,078
2009 $52,023,801,230 $26,048,179,949
2008 $54,480,684,188 $27,844,646,258
2007 $44,431,257,129 $23,968,727,074
2006 $34,380,536,496 $20,072,754,987
2005 $29,868,657,858 $18,433,412,511
2004 $26,157,743,369 $17,320,551,250
2003 $21,144,957,990 $14,547,329,558
2002 $16,403,043,850 $11,420,228,846
2001 $14,183,446,026 $10,397,898,907
2000 $13,245,990,274 $9,985,847,314
1999 $13,637,098,579 $10,497,907,228
1998 $15,031,055,047 $10,248,618,778
1997 $11,316,127,379 $9,547,816,420
1996 $12,294,964,838 $10,011,914,680
1995 $18,991,484,420 $9,933,137,128
1994 $9,709,240,034 $7,425,703,929
1993 $10,832,064,942 $6,590,291,048
1992 $8,602,887,623 $6,912,150,456
1991 $7,628,738,475 $5,770,197,348
1990 $20,632,090,909 $5,591,130,218
1989 $21,988,444,444 $4,563,482,604
1988 $22,555,941,176 $4,278,792,597
1987 $28,101,000,000 $3,704,813,886
1986 $20,249,294,118 $3,090,734,463
1985 $17,155,421,053 $2,430,411,900
1984 $17,594,944,444 $2,278,248,953
1983 $16,563,666,667 $2,160,364,071
1982 $19,342,000,000 $2,159,242,417
1981 $19,870,000,000 $2,087,496,374
1980 $19,839,230,769 $2,154,311,277
1979 - $1,288,699,776
1978 - $964,024,364
1977 - $734,876,021
1976 - $576,090,074
1975 - $489,912,574

Data sources: World Bank | Economy & Growth (1975–2024, retrieved 2026-04-06).

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

GDP per capita in Bulgaria vs Cyprus by year

Bulgaria
GDP per capita

GDP per capita, PPP
Cyprus
GDP per capita

GDP per capita, PPP
1x
Year Current $
Bulgaria Cyprus
GDP per capita GDP per capita, PPP GDP per capita GDP per capita, PPP
2024 $17,596 $41,969 $27,707 $63,007
2023 $15,853 $38,829 $26,079 $59,875
2022 $13,999 $36,320 $23,448 $55,876
2021 $12,966 $30,959 $23,057 $47,633
2020 $10,760 $27,352 $19,624 $42,569
2019 $10,354 $26,766 $20,360 $44,394
2018 $9,849 $23,998 $20,267 $40,262
2017 $8,697 $22,317 $18,295 $37,768
2016 $7,822 $20,746 $17,013 $35,247
2015 $7,269 $18,896 $16,326 $31,380
2014 $8,070 $17,991 $19,326 $29,893
2013 $7,796 $16,894 $20,238 $30,416
2012 $7,432 $16,327 $21,493 $31,924
2011 $7,850 $15,747 $24,110 $33,406
2010 $6,854 $14,954 $22,876 $33,502
2009 $6,988 $14,188 $23,480 $33,901
2008 $7,271 $14,347 $25,522 $34,830
2007 $5,889 $12,822 $22,344 $32,888
2006 $4,523 $11,406 $19,037 $30,009
2005 $3,900 $10,291 $17,790 $27,763
2004 $3,390 $9,200 $17,016 $25,942
2003 $2,719 $8,416 $14,553 $24,278
2002 $2,093 $7,786 $11,636 $23,556
2001 $1,771 $6,960 $10,785 $22,866
2000 $1,621 $6,424 $10,537 $21,296
1999 $1,661 $5,808 $11,273 $19,663
1998 $1,820 $6,178 $11,206 $18,760
1997 $1,361 $5,751 $10,637 $17,781
1996 $1,470 $6,849 $11,373 $17,320
1995 $2,259 $7,743 $11,514 $17,096
1994 $1,150 $7,338 $8,791 $15,735
1993 $1,279 $7,032 $7,978 $14,852
1992 $1,007 $6,917 $8,530 $14,759
1991 $884 $7,215 $7,222 $13,546
1990 $2,367 $7,548 $7,092 $13,348
1989 $2,477 - $5,870 -
1988 $2,511 - $5,584 -
1987 $3,132 - $4,908 -
1986 $2,260 - $4,159 -
1985 $1,915 - $3,324 -
1984 $1,964 - $3,167 -
1983 $1,853 - $3,055 -
1982 $2,169 - $3,100 -
1981 $2,235 - $3,030 -
1980 $2,239 - $3,154 -
1979 - - $1,902 -
1978 - - $1,434 -
1977 - - $1,102 -
1976 - - $870 -
1975 - - $743 -

Data sources: World Bank | Economy & Growth (1975–2024, retrieved 2026-04-06).

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

Bulgaria's GDP per capita is $17,596, ranking 64/197, compared to $27,707 in Cyprus, ranking 45/197. Adjusted for purchasing power (GDP per capita PPP), Bulgaria ranks 54th at $41,969, while Cyprus ranks 29th at $63,007.

Economic indicators

Bulgaria Cyprus
Gross domestic product
$113B
2024
$37.6B
2024
GDP rank
67/197
2024
103/197
2024
GDP growth
3.39%
2023-2024
3.94%
2023-2024
GDP per capita
$17,596
2024
$27,707
2024
GDP per capita rank
64/197
2024
45/197
2024
GDP per capita, PPP
$41,969
2024
$63,007
2024
GDP per capita PPP rank
54/197
2024
29/197
2024
Government debt
$27.3B
2024
$24.5B
2024
Debt-to-GDP ratio
24.1%
2024
65.1%
2024
Government debt per person
$4,237
2024
$18,034
2024
Government debt per person rank
90/185
2024
34/185
2024
Average annual personal income after taxes
$14,263
2026
$25,384
2026
Market capitalization of domestic companies
$8.41B
2024
$10.9B
2024
Number of billionaires
2
2025
10
2025
Income share by richest 10%
31.1%
2023
26.3%
2023
Income share by poorest 10%
2.1%
2023
3.6%
2023
Government expenditure, % of GDP
36.7%
2024
40%
2024
Consumer prices inflation
2.6%
2023-2024
1.8%
2023-2024
Central bank interest rate
1.81%
2025
n/a
Unemployment rate
4.17%
2024
4.87%
2024
Population
6359449
1386362

Spending and national debt comparison by year

Bulgaria
Spending

Debt
Cyprus
Spending

Debt
1x
Year % of GDP
Bulgaria Cyprus
Government spending Government debt Government spending Government debt
2024 36.7% 24.1% 40% 65.1%
2023 37.4% 22.9% 42% 73.6%
2022 37.6% 22.5% 38% 81.1%
2021 38.4% 23.8% 42.6% 96.5%
2020 37.6% 22.7% 45.9% 113.6%
2019 36% 18.4% 40.3% 92.3%
2018 34.4% 20.1% 44.3% 100.7%
2017 32% 22.9% 38.4% 96.4%
2016 32.7% 27% 39.6% 106.8%
2015 37.3% 25.4% 43% 111.6%
2014 37.1% 26.3% 52.1% 113%
2013 35.5% 17.2% 42.1% 102.7%
2012 32.5% 16.5% 41.9% 79.2%
2011 32% 14.3% 42.1% 64.8%
2010 34.6% 14.1% 41.7% 55.3%
2009 33.8% 14.5% 41.9% 52.8%
2008 33.5% 14.7% 38.2% 44.1%
2007 33.1% 17.6% 37.6% 53.1%
2006 32.5% 22.6% 39.1% 59%
2005 34% 28.5% 39.7% 64%
2004 34.6% 37.8% 38.6% 64.7%
2003 35.8% 45.4% 40.4% 63%
2002 35.1% 53.4% 37.4% 61%
2001 36.5% 67.1% 35.7% 57.5%
2000 37.1% 73.3% 35% 56%
1999 36.2% 78.7% 34.3% 55.7%
1998 30.6% 67.3% 34.4% 55%
1997 32.9% 88.4% 34.2% 53.5%
1996 44% 113.8% 32.4% 48.8%
1995 45.4% 72% 30.4% 46.7%

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

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

In 2024, Bulgaria's government spending was $41.5B, accounting for 36.7% of its GDP, while Cyprus spent $15B, or 40% of GDP.

Debt-to-GDP ratio is 24.1% in Bulgaria and 65.1% in Cyprus, ranking 169/185 and 68/185, respectively.

Government deficit by year

Deficit/surplus
Bulgaria

Cyprus
1x
Year Deficit/surplus, % of GDP
Bulgaria Cyprus
2024 -3.04% 4.28%
2023 -3.03% 1.7%
2022 -0.8% 2.65%
2021 -2.8% -1.64%
2020 -2.92% -5.57%
2019 -0.96% 1.03%
2018 0.12% -3.36%
2017 0.82% 2.13%
2016 1.54% 0.45%
2015 -2.77% -0.77%
2014 -3.65% -8.8%
2013 -1.75% -5.16%
2012 -0.43% -5.55%
2011 -1.83% -5.65%
2010 -3.77% -4.68%
2009 -0.86% -5.43%
2008 2.73% 0.87%
2007 3.09% 3.23%
2006 3.22% -1.04%
2005 2.19% -2.22%
2004 1.59% -3.71%
2003 0.003% -5.91%
2002 -0.61% -4.13%
2001 -0.58% -2.11%
2000 -0.6% -2.24%
1999 0.15% -4.05%
1998 1.08% -3.85%
1997 0.83% -4.82%
1996 -10.1% -2.96%
1995 -7.98% -0.71%
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 (1995–2024, retrieved 2026-02-20); International Monetary Fund (IMF) | Public Finances in Modern History (1924–1997, retrieved 2026-02-20).

GeoRank.org/economy/bulgaria/cyprus | 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 Cyprus' surplus of $1.61B, or 4.28% of GDP.

Over the past 30 years, Bulgaria recorded a fiscal deficit in 18 of those years, while Cyprus ran a deficit in 22 years. On average, Bulgaria posted an annual deficit equal to 1.04% of GDP, compared to deficit of 2.27% of GDP for Cyprus.

Inflation comparison by year

Inflation
Bulgaria

Cyprus
1x
Year Consumer prices inflation
Bulgaria Cyprus
2024 2.6% 1.8%
2023 8.6% 3.54%
2022 13% 8.4%
2021 2.8% 2.45%
2020 1.2% -0.64%
2019 2.5% 0.25%
2018 2.6% 1.44%
2017 1.2% 0.53%
2016 -1.3% -1.43%
2015 -1.1% -2.1%
2014 -1.6% -1.35%
2013 0.4% -0.4%
2012 2.4% 2.39%
2011 3.4% 3.29%
2010 3% 2.43%
2009 2.5% 0.33%
2008 12% 4.67%
2007 7.6% 2.37%
2006 7.4% 2.3%
2005 6% 2.56%
2004 6.1% 2.29%
2003 2.3% 4.14%
2002 5.8% 2.8%
2001 7.4% 1.97%
2000 10.3% 4.14%
1999 2.6% 1.63%
1998 18.7% 2.23%
1997 1,061% 3.61%

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/cyprus | CC BY

Over the past 28 years, Bulgaria has recorded an average annual inflation rate of 42.5%, compared with 1.99% in Cyprus. In 2024, inflation was 2.6% in Bulgaria and 1.8% in Cyprus.

Top exports between countries

Bulgaria
Export category Export value
Processed food, beverages & tobacco $42.6M
Machinery & equipment $40.9M
Transport & tourism services $15.8M
IT & IP services $15.7M
Metals $15.2M
Wood & paper products $9.72M
Textiles & consumer goods $8.8M
Chemicals & pharma $8.33M
Animal & marine products $7.43M
Manufacturing & construction services $4.48M
Cyprus
Export category Export value
Business & finance services $24.2M
Transport & tourism services $12.9M
Chemicals & pharma $12M
Metals $5.84M
Machinery & equipment $2.86M
Government & miscellaneous services $1.33M
Textiles & consumer goods $1.06M
Animal & marine products $458K
Processed food, beverages & tobacco $240K
Weapons & explosives $134K

Balance of trade

Bulgaria Cyprus
Current account balance
-$1.74B
2024
-$3.07B
2024
Current account balance ranking
138/190
2024
157/190
2024
Current account balance, % of GDP
-1.54%
2024
-8.16%
2024
Goods imports
$52.8B
2024
$11.9B
2024
Goods exports
$47.3B
2024
$4.43B
2024
Service imports
$8.26B
2024
$23.2B
2024
Service exports
$16.6B
2024
$32.1B
2024
Imports of goods and services, % of GDP
53.9%
2024
93.4%
2024
Exports of goods and services, % of GDP
56.4%
2024
97%
2024

Economic freedom indices

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

Bulgaria Cyprus
Economic freedom 68.9 74.1
Economic freedom ranking 44/197 21/197
Property rights 75.8 85.1
Government integrity 48.4 59.7
Judicial effectiveness 58.5 89.8
Tax burden 89.1 80.8
Government spending 58.4 52.1
Fiscal health 90.4 91.5
Business freedom 78.2 82.3
Labor freedom 62.4 60.3
Monetary freedom 75.8 78.7
Trade freedom 79.4 79.4
Investment freedom 60 70
Financial freedom 50 60

Economic freedom comparison by year

Bulgaria
Cyprus
1x
Year Economic freedom index
Bulgaria Cyprus
2026 68.9 74.1
2025 68.8 73.2
2024 68.5 72.2
2023 69.3 72.3
2022 71 72.9
2021 70.4 71.4
2020 70.2 70.1
2019 69 68.1
2018 68.3 67.8
2017 67.9 67.9
2016 65.9 68.7
2015 66.8 67.9
2014 65.7 67.6
2013 65 69
2012 64.7 71.8
2011 64.9 73.3
2010 62.3 70.9
2009 64.6 70.8
2008 63.7 71.3
2007 62.7 71.7
2006 64.1 71.8
2005 62.3 71.9
2004 59.2 74.1
2003 57 73.3
2002 57.1 73
2001 51.9 71
2000 47.3 67.2
1999 46.2 67.8
1998 45.7 68.2
1997 47.6 67.9
1996 48.6 67.7
1995 50 -

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

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

The Economic Freedom Index for Bulgaria is 68.9, ranking 44/197, compared to 74.1 for Cyprus, ranking 21/197. The chart above displays a comparison of annual changes in economic freedom indexes.

Other economic metrics

Bulgaria Cyprus
Services, % of GDP
63.8%
2024
76.5%
2024
Industry, % of GDP
21.1%
2024
11.1%
2024
Agriculture, forestry, and fishing, % of GDP
2.35%
2024
1.16%
2024
GNI, Atlas method
$99B
2024
$32B
2024
GNI per capita, PPP
$39,850
2024
$56,200
2024
Total reserves including gold
$43.7B
2024
$2.09B
2024
Total reserves ranking
47/177
2024
124/177
2024
Net foreign direct investment
-$2.22B
2024
-$5.49B
2024
Net inflows of foreign direct investment
$3.55B
2024
-$50.4B
2024
Net outflows of foreign direct investment
$1.13B
2024
-$55.9B
2024
Servicing debt to the IMF, % of GNI
6.8%
2024
n/a
Poverty at national poverty lines
21.7%
2023
13.9%
2021
Gross capital formation, % of GDP
20.4%
2024
20.7%
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/cyprus | CC BY

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Data sources:

  1. World Bank | Economy & Growth (1975–2024, retrieved 2026-04-06)
  2. International Monetary Fund (IMF) | Fiscal Monitor (1995–2024, 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 (2010–2024, 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.