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Economy of Bulgaria vs Liberia compared: GDP & Debt

Updated on by Georank team

Bulgaria has a GDP of $113B compared to $4.78B for Liberia, ranking 67/197 and 163/197 by economy size, respectively.

Bulgaria has $27.3B in government debt (24.1% of GDP), compared to $2.73B (57.2% of GDP) in Liberia.

Bulgaria vs Liberia GDP by year

Bulgaria
Liberia
1x
Year GDP, current $
Bulgaria Liberia
2024 $113,343,355,780 $4,779,300,900
2023 $102,199,231,385 $4,390,000,000
2022 $90,506,153,294 $4,001,047,000
2021 $84,374,613,233 $3,513,049,500
2020 $70,486,877,546 $3,176,126,300
2019 $68,507,731,354 $3,319,596,500
2018 $66,097,226,262 $3,422,754,800
2017 $59,167,647,388 $3,390,703,400
2016 $53,929,397,039 $3,398,419,600
2015 $50,765,918,159 $3,227,075,700
2014 $57,080,897,012 $3,225,652,000
2013 $55,819,262,375 $3,177,198,100
2012 $54,297,052,002 $2,791,614,000
2011 $57,681,293,007 $2,398,000,000
2010 $50,689,051,382 $1,998,000,000
2009 $52,023,801,230 $1,768,000,000
2008 $54,480,684,188 $1,726,000,000
2007 $44,431,257,129 $1,373,000,000
2006 $34,380,536,496 $1,119,000,000
2005 $29,868,657,858 $949,000,000
2004 $26,157,743,369 $897,000,000
2003 $21,144,957,990 $748,000,000
2002 $16,403,043,850 $927,000,000
2001 $14,183,446,026 $906,000,000
2000 $13,245,990,274 $874,000,000
1999 $13,637,098,579 $441,800,000
1998 $15,031,055,047 $359,600,000
1997 $11,316,127,379 $295,900,000
1996 $12,294,964,838 $159,400,000
1995 $18,991,484,420 $134,800,000
1994 $9,709,240,034 $132,200,000
1993 $10,832,064,942 $160,400,000
1992 $8,602,887,623 $223,500,000
1991 $7,628,738,475 $348,000,000
1990 $20,632,090,909 $384,400,000
1989 $21,988,444,444 $786,300,000
1988 $22,555,941,176 $1,038,300,000
1987 $28,101,000,000 $972,800,000
1986 $20,249,294,118 $840,964,400
1985 $17,155,421,053 $851,296,100
1984 $17,594,944,444 $848,478,300
1983 $16,563,666,667 $823,374,900
1982 $19,342,000,000 $863,933,200
1981 $19,870,000,000 $846,514,500
1980 $19,839,230,769 $854,711,500
1979 - $814,067,900
1978 - $717,240,400
1977 - $673,010,600
1976 - $596,675,700
1975 - $577,549,300
1974 - $486,955,000
1973 - $386,968,300
1972 - $368,098,000
1971 - $341,543,100
1970 - $323,099,700
1969 - $306,961,800
1968 - $276,820,700
1967 - $261,024,300
1966 - $244,459,500
1965 - $229,260,800
1964 - $218,929,100
1963 - $200,229,600
1962 - $191,861,800
1961 - $183,920,900
1960 - $190,495,600

Data sources: World Bank | Economy & Growth (1960–2024, retrieved 2026-04-06).

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

GDP per capita in Bulgaria vs Liberia by year

Bulgaria
GDP per capita

GDP per capita, PPP
Liberia
GDP per capita

GDP per capita, PPP
1x
Year Current $
Bulgaria Liberia
GDP per capita GDP per capita, PPP GDP per capita GDP per capita, PPP
2024 $17,596 $41,969 $851 $1,871
2023 $15,853 $38,829 $799 $1,795
2022 $13,999 $36,320 $745 $1,692
2021 $12,966 $30,959 $668 $1,539
2020 $10,760 $27,352 $617 $1,660
2019 $10,354 $26,766 $658 $1,900
2018 $9,849 $23,998 $692 $1,800
2017 $8,697 $22,317 $699 $1,665
2016 $7,822 $20,746 $715 $1,490
2015 $7,269 $18,896 $693 $1,340
2014 $8,070 $17,991 $707 $1,419
2013 $7,796 $16,894 $711 $1,360
2012 $7,432 $16,327 $638 $1,157
2011 $7,850 $15,747 $568 $1,041
2010 $6,854 $14,954 $492 $980
2009 $6,988 $14,188 $448 $939
2008 $7,271 $14,347 $452 $915
2007 $5,889 $12,822 $374 $873
2006 $4,523 $11,406 $321 $815
2005 $3,900 $10,291 $287.5 $774
2004 $3,390 $9,200 $284.1 $745
2003 $2,719 $8,416 $239.8 $716
2002 $2,093 $7,786 $299.5 $1,013
2001 $1,771 $6,960 $300 $987
2000 $1,621 $6,424 $298.5 $965
1999 $1,661 $5,808 $156.6 $762
1998 $1,820 $6,178 $134.7 $652
1997 $1,361 $5,751 $122.6 $548
1996 $1,470 $6,849 $71.4 $282.2
1995 $2,259 $7,743 $62.1 $254.4
1994 $1,150 $7,338 $61.5 $262.6
1993 $1,279 $7,032 $74.4 $328
1992 $1,007 $6,917 $107.8 $497
1991 $884 $7,215 $177.9 $793
1990 $2,367 $7,548 $172.9 $787
1989 $2,477 - $312 -
1988 $2,511 - $424 -
1987 $3,132 - $409 -
1986 $2,260 - $364 -
1985 $1,915 - $380 -
1984 $1,964 - $390 -
1983 $1,853 - $391 -
1982 $2,169 - $422 -
1981 $2,235 - $426 -
1980 $2,239 - $443 -
1979 - - $435 -
1978 - - $394 -
1977 - - $381 -
1976 - - $347 -
1975 - - $346 -
1974 - - $299.4 -
1973 - - $244.4 -
1972 - - $238.6 -
1971 - - $227.1 -
1970 - - $220.3 -
1969 - - $214.7 -
1968 - - $198.6 -
1967 - - $192.2 -
1966 - - $184.6 -
1965 - - $177.6 -
1964 - - $173.9 -
1963 - - $163.1 -
1962 - - $160.3 -
1961 - - $157.5 -
1960 - - $167.2 -

Data sources: World Bank | Economy & Growth (1960–2024, retrieved 2026-04-06).

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

Bulgaria's GDP per capita is $17,596, ranking 64/197, compared to $851 in Liberia, ranking 184/197. Adjusted for purchasing power (GDP per capita PPP), Bulgaria ranks 54th at $41,969, while Liberia ranks 188th at $1,871.

Economic indicators

Bulgaria Liberia
Gross domestic product
$113B
2024
$4.78B
2024
GDP rank
67/197
2024
163/197
2024
GDP growth
3.39%
2023-2024
4.02%
2023-2024
GDP per capita
$17,596
2024
$851
2024
GDP per capita rank
64/197
2024
184/197
2024
GDP per capita, PPP
$41,969
2024
$1,871
2024
GDP per capita PPP rank
54/197
2024
188/197
2024
Government debt
$27.3B
2024
$2.73B
2024
Debt-to-GDP ratio
24.1%
2024
57.2%
2024
Government debt per person
$4,237
2024
$487
2024
Government debt per person rank
90/185
2024
167/185
2024
Average annual personal income after taxes
$14,263
2026
$1,191
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
27.1%
2016
Income share by poorest 10%
2.1%
2023
2.9%
2016
Government expenditure, % of GDP
36.7%
2024
24.3%
2024
Consumer prices inflation
2.6%
2023-2024
8.2%
2023-2024
Central bank interest rate
1.81%
2025
n/a
Unemployment rate
4.17%
2024
5.93%
2017
Population
6359449
5887000

Spending and national debt comparison by year

Bulgaria
Spending

Debt
Liberia
Spending

Debt
1x
Year % of GDP
Bulgaria Liberia
Government spending Government debt Government spending Government debt
2024 36.7% 24.1% 24.3% 57.2%
2023 37.4% 22.9% 27.1% 57.8%
2022 37.6% 22.5% 26.9% 54.3%
2021 38.4% 23.8% 29.8% 53.3%
2020 37.6% 22.7% 35.3% 58.7%
2019 36% 18.4% 32.3% 48.6%
2018 34.4% 20.1% 32.7% 37.1%
2017 32% 22.9% 35.1% 31.8%
2016 32.7% 27% 35.8% 28.6%
2015 37.3% 25.4% 37.1% 24.8%
2014 37.1% 26.3% 33.4% 24.3%
2013 35.5% 17.2% 27.4% 20.6%
2012 32.5% 16.5% 30.8% 20.5%
2011 32% 14.3% 30.1% 22.7%
2010 34.6% 14.1% 25.2% 25.6%
2009 33.8% 14.5% 23.7% 130.9%
2008 33.5% 14.7% 21.6% 233.1%
2007 33.1% 17.6% 17.2% 394%
2006 32.5% 22.6% 11.1% 472%
2005 34% 28.5% 12.8% 535%
2004 34.6% 37.8% 12.1% 543%
2003 35.8% 45.4% 9.85% 658%
2002 35.1% 53.4% 13.2% 481%
2001 36.5% 67.1% 12.6% 484%
2000 37.1% 73.3% 15.2% 489%
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 (1998–2024, retrieved 2026-02-20); International Monetary Fund (IMF) | Public Finances in Modern History (1995–1997, retrieved 2026-02-20).

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

In 2024, Bulgaria's government spending was $41.5B, accounting for 36.7% of its GDP, while Liberia spent $1.16B, or 24.3% of GDP.

Debt-to-GDP ratio is 24.1% in Bulgaria and 57.2% in Liberia, ranking 169/185 and 91/185, respectively.

Government deficit by year

Deficit/surplus
Bulgaria

Liberia
1x
Year Deficit/surplus, % of GDP
Bulgaria Liberia
2024 -3.04% -1.98%
2023 -3.03% -7.03%
2022 -0.8% -5.33%
2021 -2.8% -2.5%
2020 -2.92% -4.02%
2019 -0.96% -4.92%
2018 0.12% -4.7%
2017 0.82% -7.14%
2016 1.54% -3.83%
2015 -2.77% -3.74%
2014 -3.65% -4.92%
2013 -1.75% 1.29%
2012 -0.43% -2.86%
2011 -1.83% -4.43%
2010 -3.77% 1.17%
2009 -0.86% -1.39%
2008 2.73% -2.68%
2007 3.09% 2.44%
2006 3.22% 4.42%
2005 2.19% -0.55%
2004 1.59% -0.56%
2003 0.003% 0.39%
2002 -0.61% -1.63%
2001 -0.58% -0.98%
2000 -0.6% -0.08%
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 (1998–2024, retrieved 2026-02-20); International Monetary Fund (IMF) | Public Finances in Modern History (1924–1997, retrieved 2026-02-20).

GeoRank.org/economy/bulgaria/liberia | 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 Liberia's deficit of $94.6M, or 1.98% of GDP.

Over the past 25 years, Bulgaria recorded a fiscal deficit in 16 of those years, while Liberia ran a deficit in 20 years. On average, Bulgaria posted an annual deficit equal to 0.6% of GDP, compared to deficit of 2.22% of GDP for Liberia.

Inflation comparison by year

Inflation
Bulgaria

Liberia
1x
Year Consumer prices inflation
Bulgaria Liberia
2024 2.6% 8.2%
2023 8.6% 10.1%
2022 13% 7.6%
2021 2.8% 7.8%
2020 1.2% 17%
2019 2.5% 27%
2018 2.6% 23.5%
2017 1.2% 12.4%
2016 -1.3% 8.8%
2015 -1.1% 7.7%
2014 -1.6% 9.9%
2013 0.4% 7.6%
2012 2.4% 6.8%
2011 3.4% 8.5%
2010 3% 7.3%
2009 2.5% 7.4%
2008 12% 17.5%
2007 7.6% 11.4%
2006 7.4% 9.5%
2005 6% 6.9%
2004 6.1% 3.6%
2003 2.3% 10.3%
2002 5.8% 14.2%
2001 7.4% 12.1%
2000 10.3% 5.3%
1999 2.6% 2%
1998 18.7% -
1997 1,061% -

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

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

Over the past 26 years, Bulgaria has recorded an average annual inflation rate of 4.22%, compared with 10.4% in Liberia. In 2024, inflation was 2.6% in Bulgaria and 8.2% in Liberia.

Top exports between countries

Bulgaria
Export category Export value
Raw materials & minerals $2.08M
Machinery & equipment $1.48M
Miscellaneous $263K
Processed food, beverages & tobacco $70K
Chemicals & pharma $63K
Textiles & consumer goods $27K
Animal & marine products $18K
Liberia
Export category Export value
Processed food, beverages & tobacco $1.1M

Balance of trade

Bulgaria Liberia
Current account balance
-$1.74B
2024
$64.8M
2022
Current account balance ranking
138/190
2024
73/190
2022
Current account balance, % of GDP
-1.54%
2024
+1.62%
2022
Goods imports
$52.8B
2024
$1.53B
2022
Goods exports
$47.3B
2024
$1.03B
2022
Service imports
$8.26B
2024
$434M
2022
Service exports
$16.6B
2024
$192M
2022
Imports of goods and services, % of GDP
53.9%
2024
n/a
Exports of goods and services, % of GDP
56.4%
2024
28.5%
2025

Economic freedom indices

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

Bulgaria Liberia
Economic freedom 68.9 49.8
Economic freedom ranking 44/197 163/197
Property rights 75.8 40.4
Government integrity 48.4 25.8
Judicial effectiveness 58.5 23.4
Tax burden 89.1 86.1
Government spending 58.4 79.5
Fiscal health 90.4 56.9
Business freedom 78.2 38
Labor freedom 62.4 43.4
Monetary freedom 75.8 71.4
Trade freedom 79.4 57.4
Investment freedom 60 55
Financial freedom 50 20

Economic freedom comparison by year

Bulgaria
Liberia
1x
Year Economic freedom index
Bulgaria Liberia
2026 68.9 49.8
2025 68.8 48.5
2024 68.5 49.9
2023 69.3 49.6
2022 71 47.9
2021 70.4 49.2
2020 70.2 49
2019 69 49.7
2018 68.3 50.9
2017 67.9 49.1
2016 65.9 52.2
2015 66.8 52.7
2014 65.7 52.4
2013 65 49.3
2012 64.7 48.6
2011 64.9 46.5
2010 62.3 46.2
2009 64.6 48.1
2008 63.7 -
2007 62.7 -
2006 64.1 -
2005 62.3 -
2004 59.2 -
2003 57 -
2002 57.1 -
2001 51.9 -
2000 47.3 -
1999 46.2 -
1998 45.7 -
1997 47.6 -
1996 48.6 -
1995 50 -

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

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

The Economic Freedom Index for Bulgaria is 68.9, ranking 44/197, compared to 49.8 for Liberia, ranking 163/197. The chart above displays a comparison of annual changes in economic freedom indexes.

Other economic metrics

Bulgaria Liberia
Services, % of GDP
63.8%
2024
41.9%
2024
Industry, % of GDP
21.1%
2024
22.7%
2024
Agriculture, forestry, and fishing, % of GDP
2.35%
2024
33.8%
2024
GNI, Atlas method
$99B
2024
$4.28B
2024
GNI per capita, PPP
$39,850
2024
$1,750
2024
Total reserves including gold
$43.7B
2024
$600M
2022
Total reserves ranking
47/177
2024
153/177
2022
Net foreign direct investment
-$2.22B
2024
-$960M
2022
Net inflows of foreign direct investment
$3.55B
2024
$472M
2024
Net outflows of foreign direct investment
$1.13B
2024
$74.9M
2024
Servicing debt to the IMF, % of GNI
6.8%
2024
3.09%
2024
Poverty at national poverty lines
21.7%
2023
50.9%
2016
Gross capital formation, % of GDP
20.4%
2024
n/a

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/liberia | CC BY

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Data sources:

  1. World Bank | Economy & Growth (1960–2024, retrieved 2026-04-06)
  2. International Monetary Fund (IMF) | Fiscal Monitor (1998–2024, 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 (2020–2024, 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.