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Economy of Bulgaria vs Latvia compared: GDP & Debt

Updated on by Georank

Bulgaria has a GDP of $131B compared to $48.6B for Latvia, ranking 63/197 and 99/197 by economy size, respectively.

Bulgaria has $35.4B in government debt (27.1% of GDP), compared to $22.8B (46.9% of GDP) in Latvia.

Bulgaria vs Latvia GDP by year

Bulgaria
Latvia
1x
Year GDP, current $
Bulgaria Latvia
2025 $130,777,235,530 $48,618,869,160
2024 $113,349,149,167 $44,001,275,013
2023 $102,204,457,335 $42,779,550,937
2022 $90,510,784,778 $38,003,198,509
2021 $84,378,926,047 $38,183,326,785
2020 $70,490,478,088 $33,379,927,435
2019 $68,511,235,459 $33,099,503,951
2018 $66,100,606,677 $33,247,935,477
2017 $59,170,671,046 $29,391,059,767
2016 $53,932,152,154 $27,117,105,060
2015 $50,768,512,173 $26,344,565,877
2014 $57,083,817,240 $30,277,203,767
2013 $55,822,115,861 $29,152,128,168
2012 $54,299,825,600 $27,116,149,949
2011 $57,684,243,980 $26,575,547,901
2010 $50,691,645,231 $23,468,324,572
2009 $52,026,461,290 $25,691,530,442
2008 $54,483,464,293 $34,135,200,994
2007 $44,433,521,725 $29,420,499,248
2006 $34,382,295,487 $20,434,922,247
2005 $29,870,182,425 $16,306,935,905
2004 $26,159,078,743 $13,827,070,379
2003 $21,146,038,619 $11,244,337,720
2002 $16,403,880,783 $9,249,030,241
2001 $14,184,170,319 $8,190,888,740
2000 $13,246,669,554 $7,761,252,607
1999 $13,637,793,854 $7,324,192,890
1998 $15,031,821,788 $6,974,112,951
1997 $11,316,706,412 $6,349,481,007
1996 $12,295,588,924 $5,799,465,288
1995 $18,992,388,645 $5,608,208,785
1994 $9,709,230,161 -
1993 $10,832,041,595 -
1992 $8,602,874,120 -
1991 $7,628,764,750 -
1990 $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/bulgaria/latvia | CC BY

GDP per capita in Bulgaria vs Latvia by year

Bulgaria
GDP per capita

GDP per capita, PPP
Latvia
GDP per capita

GDP per capita, PPP
1x
Year Current $
Bulgaria Latvia
GDP per capita GDP per capita, PPP GDP per capita GDP per capita, PPP
2025 $20,328 - $26,312 -
2024 $17,597 $41,969 $23,579 $43,394
2023 $15,854 $38,829 $22,710 $42,576
2022 $14,000 $36,320 $20,221 $40,559
2021 $12,967 $30,959 $20,262 $36,912
2020 $10,761 $27,352 $17,564 $32,741
2019 $10,354 $26,766 $17,295 $32,199
2018 $9,850 $23,998 $17,252 $29,818
2017 $8,697 $22,317 $15,132 $25,764
2016 $7,823 $20,746 $13,839 $24,063
2015 $7,269 $18,896 $13,322 $22,544
2014 $8,070 $17,991 $15,186 $21,554
2013 $7,796 $16,894 $14,484 $20,474
2012 $7,432 $16,327 $13,329 $19,417
2011 $7,850 $15,747 $12,903 $17,680
2010 $6,854 $14,954 $11,188 $16,373
2009 $6,989 $14,188 $11,996 $15,545
2008 $7,272 $14,347 $15,678 $17,443
2007 $5,889 $12,822 $13,371 $16,246
2006 $4,523 $11,406 $9,212 $14,180
2005 $3,900 $10,291 $7,284 $12,826
2004 $3,390 $9,200 $6,110 $11,319
2003 $2,720 $8,416 $4,915 $10,193
2002 $2,093 $7,786 $4,004 $9,569
2001 $1,771 $6,960 $3,505 $8,808
2000 $1,621 $6,424 $3,278 $7,849
1999 $1,661 $5,808 $3,064 $7,256
1998 $1,821 $6,178 $2,894 $6,922
1997 $1,361 $5,751 $2,610 $6,366
1996 $1,470 $6,849 $2,360 $5,688
1995 $2,259 $7,743 $2,257 $5,391
1994 $1,150 $7,338 - $5,012
1993 $1,279 $7,032 - $4,722
1992 $1,007 $6,917 - $4,760
1991 $884 $7,215 - $6,762
1990 $2,377 $7,548 - $7,448
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/bulgaria/latvia | CC BY

Bulgaria's GDP per capita is $20,328, ranking 58/197, compared to $26,312 in Latvia, ranking 51/197. Adjusted for purchasing power (GDP per capita PPP), Bulgaria ranks 54th at $41,969, while Latvia ranks 53rd at $43,394.

Economic indicators

Bulgaria Latvia
Gross domestic product
$131B
2025
$48.6B
2025
GDP rank
63/197
2025
99/197
2025
GDP growth
3.1%
2024-2025
2.14%
2024-2025
GDP per capita
$20,328
2025
$26,312
2025
GDP per capita rank
58/197
2025
51/197
2025
GDP per capita, PPP
$41,969
2024
$43,394
2024
GDP per capita PPP rank
54/197
2024
53/197
2024
Government debt
$35.4B
2025
$22.8B
2025
Debt-to-GDP ratio
27.1%
2025
46.9%
2025
Government debt per person
$5,507
2025
$12,353
2025
Government debt per person rank
79/185
2025
50/185
2025
Average annual personal income after taxes
$16,126
2026
$16,702
2026
Market capitalization of domestic companies
$11.2B
2025
n/a
Number of billionaires
2
2026
n/a
Income share by richest 10%
31.1%
2023
26.2%
2023
Income share by poorest 10%
2.1%
2023
2.6%
2023
Government expenditure, % of GDP
38.9%
2025
45.4%
2025
Consumer prices inflation
3.5%
2024-2025
3.75%
2024-2025
Central bank interest rate
1.81%
2025
n/a
Unemployment rate
3.5%
2025
6.9%
2025
Population
6390149
1826986

Spending and national debt comparison by year

Bulgaria
Spending

Debt
Latvia
Spending

Debt
1x
Year % of GDP
Bulgaria Latvia
Government spending Government debt Government spending Government debt
2025 38.9% 27.1% 45.4% 46.9%
2024 36.3% 23.8% 44% 46.2%
2023 37.5% 22.9% 42.9% 44.4%
2022 37.6% 22.5% 43.6% 44.4%
2021 38.5% 23.9% 44.6% 45.9%
2020 37.7% 22.7% 42.6% 44%
2019 36.1% 18.4% 39% 37.9%
2018 34.4% 20.1% 39.4% 38.3%
2017 32% 22.9% 37.8% 40.3%
2016 32.7% 27% 37.4% 41.7%
2015 37.3% 25.4% 38.7% 38.3%
2014 37.1% 26.3% 39.2% 43.1%
2013 35.5% 17.2% 38.7% 41.8%
2012 32.5% 16.5% 38.6% 44.4%
2011 32% 14.3% 41.2% 46.8%
2010 34.6% 14.1% 43.6% 48.2%
2009 33.8% 14.5% 43.6% 37.6%
2008 33.5% 14.7% 38.2% 19.3%
2007 33.1% 17.6% 34.8% 9%
2006 32.5% 22.6% 35.5% 10.7%
2005 34% 28.5% 35.8% 12.5%
2004 34.6% 37.8% 34.8% 15.3%
2003 35.8% 45.4% 34.4% 15.4%
2002 35.1% 53.4% 35.4% 15.4%
2001 36.5% 67.1% 35% 17.8%
2000 37.1% 73.3% 37% 15.1%
1999 36.2% 78.7% 40.4% 14.8%
1998 30.6% 67.3% 38.1% 9.81%
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/bulgaria/latvia | CC BY

In 2025, Bulgaria's government spending was $50.8B, accounting for 38.9% of its GDP, while Latvia spent $22.1B, or 45.4% of GDP.

Debt-to-GDP ratio is 27.1% in Bulgaria and 46.9% in Latvia, ranking 164/185 and 112/185, respectively.

Government deficit by year

Deficit/surplus
Bulgaria

Latvia
1x
Year Deficit/surplus, % of GDP
Bulgaria Latvia
2025 -3.01% -4.05%
2024 -3.01% -1.72%
2023 -3.04% -3.36%
2022 -0.8% -3.95%
2021 -2.8% -5.71%
2020 -2.92% -3.85%
2019 -0.96% -0.39%
2018 0.12% -0.77%
2017 0.82% -0.85%
2016 1.54% -0.41%
2015 -2.77% -1.57%
2014 -3.65% -1.74%
2013 -1.75% -0.58%
2012 -0.43% 0.18%
2011 -1.83% -3.38%
2010 -3.77% -6.56%
2009 -0.86% -7.14%
2008 2.73% -3.29%
2007 3.09% 0.63%
2006 3.22% -0.48%
2005 2.19% -1.06%
2004 1.59% -1.04%
2003 0.003% -1.67%
2002 -0.61% -2.59%
2001 -0.58% -2.03%
2000 -0.6% -2.57%
1999 0.15% -3.54%
1998 1.08% -0.66%
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/bulgaria/latvia | CC BY

In 2025, Bulgaria's government deficit, the difference between spending and revenue, was $3.94B, equivalent to 3.01% of GDP. This compares to Latvia's deficit of $1.97B, or 4.05% of GDP.

Over the past 28 years, Bulgaria recorded a fiscal deficit in 17 of those years, while Latvia ran a deficit in 26 years. On average, Bulgaria posted an annual deficit equal to 0.6% of GDP, compared to deficit of 2.29% of GDP for Latvia.

Inflation comparison by year

Inflation
Bulgaria

Latvia
1x
Year Consumer prices inflation
Bulgaria Latvia
2025 3.5% 3.75%
2024 2.6% 1.27%
2023 8.6% 8.94%
2022 13% 17.3%
2021 2.8% 3.28%
2020 1.2% 0.22%
2019 2.5% 2.81%
2018 2.6% 2.53%
2017 1.2% 2.93%
2016 -1.3% 0.14%
2015 -1.1% 0.17%
2014 -1.6% 0.62%
2013 0.4% -0.03%
2012 2.4% 2.26%
2011 3.4% 4.37%
2010 3% -1.08%
2009 2.5% 3.53%
2008 12% 15.4%
2007 7.6% 10.1%
2006 7.4% 6.54%
2005 6% 6.75%
2004 6.1% 6.19%
2003 2.3% 2.94%
2002 5.8% 1.94%
2001 7.4% 2.49%
2000 10.3% 2.65%
1999 2.6% 2.36%
1998 18.7% 4.64%
1997 1,061% 8.45%

Data sources: International Monetary Fund (IMF) | World Economic Outlook (1997–2025, retrieved 2026-07-08); World Bank | Economy & Growth (1997–2025, retrieved 2026-07-08).

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

Over the past 29 years, Bulgaria has recorded an average annual inflation rate of 41.1%, compared with 4.26% in Latvia. In 2025, inflation was 3.5% in Bulgaria and 3.75% in Latvia.

Top exports between countries

Bulgaria
Export category Export value
IT & IP services $91.6M
Machinery & equipment $17.9M
Chemicals & pharma $17.4M
Textiles & consumer goods $16.2M
Transport & tourism services $10.1M
Processed food, beverages & tobacco $8.18M
Business & finance services $5.95M
Metals $4.55M
Raw agricultural goods $2.91M
Raw materials & minerals $1.14M
Latvia
Export category Export value
Machinery & equipment $28.8M
Transport & tourism services $23.8M
Processed food, beverages & tobacco $14.1M
Textiles & consumer goods $9.02M
Raw materials & minerals $8.46M
Animal & marine products $6.29M
Chemicals & pharma $6.2M
Metals $3.29M
Business & finance services $3.25M
IT & IP services $3.24M

Balance of trade

Bulgaria Latvia
Current account balance
-$7.64B
2025
-$1.64B
2025
Current account balance ranking
170/190
2025
133/190
2025
Current account balance, % of GDP
-5.84%
2025
-3.38%
2025
Goods imports
$58.5B
2025
$25.6B
2025
Goods exports
$47.9B
2025
$21.1B
2025
Service imports
$9.42B
2025
$7.07B
2025
Service exports
$18.6B
2025
$9.33B
2025
Imports of goods and services, % of GDP
51.8%
2025
67.2%
2025
Exports of goods and services, % of GDP
50.7%
2025
62.6%
2025

Economic freedom indices

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

Bulgaria Latvia
Economic freedom 68.9 71.6
Economic freedom ranking 44/197 31/197
Property rights 75.8 88.8
Government integrity 48.4 67.7
Judicial effectiveness 58.5 70.9
Tax burden 89.1 70.9
Government spending 58.4 42.7
Fiscal health 90.4 80.8
Business freedom 78.2 80.7
Labor freedom 62.4 60.5
Monetary freedom 75.8 76.3
Trade freedom 79.4 79.4
Investment freedom 60 80
Financial freedom 50 60

Economic freedom comparison by year

Bulgaria
Latvia
1x
Year Economic freedom index
Bulgaria Latvia
2026 68.9 71.6
2025 68.8 71.4
2024 68.5 71.5
2023 69.3 72.8
2022 71 74.8
2021 70.4 72.3
2020 70.2 71.9
2019 69 70.4
2018 68.3 73.6
2017 67.9 74.8
2016 65.9 70.4
2015 66.8 69.7
2014 65.7 68.7
2013 65 66.5
2012 64.7 65.2
2011 64.9 65.8
2010 62.3 66.2
2009 64.6 66.6
2008 63.7 68.3
2007 62.7 67.9
2006 64.1 66.9
2005 62.3 66.3
2004 59.2 67.4
2003 57 66
2002 57.1 65
2001 51.9 66.4
2000 47.3 63.4
1999 46.2 64.2
1998 45.7 63.4
1997 47.6 62.4
1996 48.6 55
1995 50 -

Data sources: The Heritage Foundation | Economic Freedom Index (1995–2026, retrieved 2026-07-08).

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

The Economic Freedom Index for Bulgaria is 68.9, ranking 44/197, compared to 71.6 for Latvia, ranking 31/197. The chart above displays a comparison of annual changes in economic freedom indexes.

Other economic metrics

Bulgaria Latvia
Services, % of GDP
63.3%
2025
64.2%
2025
Industry, % of GDP
21.2%
2025
18.7%
2025
Agriculture, forestry, and fishing, % of GDP
2.47%
2025
4.01%
2025
GNI, Atlas method
$114B
2025
$46.1B
2025
GNI per capita, PPP
$42,170
2025
$45,740
2025
Total reserves including gold
$47.1B
2025
$6.1B
2025
Total reserves ranking
51/177
2025
95/177
2025
Net foreign direct investment
-$3.37B
2025
$72.5M
2025
Net inflows of foreign direct investment
$3.05B
2024
$1.51B
2024
Net outflows of foreign direct investment
$1.21B
2024
$257M
2024
Servicing debt to the IMF, % of GNI
6.8%
2024
n/a
Poverty at national poverty lines
21.7%
2023
22.5%
2022
Gross capital formation, % of GDP
21.7%
2025
24.1%
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/bulgaria/latvia | 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 (2023–2025, 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.