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Economy of Bulgaria vs Malawi compared: GDP & Debt

Updated on by Georank team

Bulgaria has a GDP of $113B compared to $11.3B for Malawi, ranking 67/197 and 151/197 by economy size, respectively.

Bulgaria has $27.3B in government debt (24.1% of GDP), compared to $9.91B (87.6% of GDP) in Malawi.

Bulgaria vs Malawi GDP by year

Bulgaria
Malawi
1x
Year GDP, current $
Bulgaria Malawi
2024 $113,343,355,780 $11,316,411,329
2023 $102,199,231,385 $13,363,669,673
2022 $90,506,153,294 $12,429,059,928
2021 $84,374,613,233 $12,378,119,199
2020 $70,486,877,546 $11,769,313,598
2019 $68,507,731,354 $11,051,852,713
2018 $66,097,226,262 $9,879,220,354
2017 $59,167,647,388 $8,943,543,794
2016 $53,929,397,039 $7,909,868,618
2015 $50,765,918,159 $9,219,474,379
2014 $57,080,897,012 $8,801,326,169
2013 $55,819,262,375 $8,031,571,928
2012 $54,297,052,002 $8,773,203,178
2011 $57,681,293,007 $11,648,142,958
2010 $50,689,051,382 $10,128,323,011
2009 $52,023,801,230 $9,009,887,947
2008 $54,480,684,188 $7,743,617,352
2007 $44,431,257,129 $6,451,210,219
2006 $34,380,536,496 $5,818,279,739
2005 $29,868,657,858 $5,320,409,651
2004 $26,157,743,369 $5,058,726,350
2003 $21,144,957,990 $4,669,789,300
2002 $16,403,043,850 $5,087,328,438
2001 $14,183,446,026 $2,498,008,665
2000 $13,245,990,274 $2,537,307,580
1999 $13,637,098,579 $2,584,478,924
1998 $15,031,055,047 $2,547,609,590
1997 $11,316,127,379 $3,875,785,863
1996 $12,294,964,838 $3,319,573,750
1995 $18,991,484,420 $2,033,701,498
1994 $9,709,240,034 $1,719,864,761
1993 $10,832,064,942 $3,013,392,658
1992 $8,602,887,623 $2,618,837,835
1991 $7,628,738,475 $3,206,783,830
1990 $20,632,090,909 $2,737,087,862
1989 $21,988,444,444 $2,314,205,130
1988 $22,555,941,176 $2,008,189,508
1987 $28,101,000,000 $1,721,711,808
1986 $20,249,294,118 $1,722,586,299
1985 $17,155,421,053 $1,646,442,273
1984 $17,594,944,444 $1,758,028,656
1983 $16,563,666,667 $1,780,148,049
1982 $19,342,000,000 $1,717,379,495
1981 $19,870,000,000 $1,801,193,910
1980 $19,839,230,769 $1,801,156,775

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

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

GDP per capita in Bulgaria vs Malawi by year

Bulgaria
GDP per capita

GDP per capita, PPP
Malawi
GDP per capita

GDP per capita, PPP
1x
Year Current $
Bulgaria Malawi
GDP per capita GDP per capita, PPP GDP per capita GDP per capita, PPP
2024 $17,596 $41,969 $523 $1,858
2023 $15,853 $38,829 $633 $1,830
2022 $13,999 $36,320 $604 $1,778
2021 $12,966 $30,959 $617 $1,688
2020 $10,760 $27,352 $603 $1,513
2019 $10,354 $26,766 $581 $1,450
2018 $9,849 $23,998 $533 $1,364
2017 $8,697 $22,317 $496 $1,380
2016 $7,822 $20,746 $451 $1,410
2015 $7,269 $18,896 $540 $1,403
2014 $8,070 $17,991 $530 $1,506
2013 $7,796 $16,894 $497 $1,558
2012 $7,432 $16,327 $558 $1,464
2011 $7,850 $15,747 $763 $1,516
2010 $6,854 $14,954 $683 $1,458
2009 $6,988 $14,188 $626 $1,388
2008 $7,271 $14,347 $554 $1,311
2007 $5,889 $12,822 $475 $1,231
2006 $4,523 $11,406 $441 $1,124
2005 $3,900 $10,291 $414 $1,071
2004 $3,390 $9,200 $405 $1,033
2003 $2,719 $8,416 $383 $979
2002 $2,093 $7,786 $428 $931
2001 $1,771 $6,960 $215.5 $924
2000 $1,621 $6,424 $224.2 $974
1999 $1,661 $5,808 $233.9 $961
1998 $1,820 $6,178 $236 $941
1997 $1,361 $5,751 $367 $915
1996 $1,470 $6,849 $321 $884
1995 $2,259 $7,743 $200.4 $825
1994 $1,150 $7,338 $169.2 $692
1993 $1,279 $7,032 $293 $746
1992 $1,007 $6,917 $258.4 $674
1991 $884 $7,215 $326 $732
1990 $2,367 $7,548 $286.7 $672
1989 $2,477 - $252.2 -
1988 $2,511 - $229.4 -
1987 $3,132 - $207.6 -
1986 $2,260 - $217.9 -
1985 $1,915 - $216.1 -
1984 $1,964 - $239.7 -
1983 $1,853 - $252.4 -
1982 $2,169 - $253.3 -
1981 $2,235 - $276.4 -
1980 $2,239 - $287.5 -

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

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

Bulgaria's GDP per capita is $17,596, ranking 64/197, compared to $523 in Malawi, ranking 194/197. Adjusted for purchasing power (GDP per capita PPP), Bulgaria ranks 54th at $41,969, while Malawi ranks 189th at $1,858.

Economic indicators

Bulgaria Malawi
Gross domestic product
$113B
2024
$11.3B
2024
GDP rank
67/197
2024
151/197
2024
GDP growth
3.39%
2023-2024
1.67%
2023-2024
GDP per capita
$17,596
2024
$523
2024
GDP per capita rank
64/197
2024
194/197
2024
GDP per capita, PPP
$41,969
2024
$1,858
2024
GDP per capita PPP rank
54/197
2024
189/197
2024
Government debt
$27.3B
2024
$9.91B
2024
Debt-to-GDP ratio
24.1%
2024
87.6%
2024
Government debt per person
$4,237
2024
$458
2024
Government debt per person rank
90/185
2024
168/185
2024
Average annual personal income after taxes
$14,263
2026
$3,031
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
31%
2019
Income share by poorest 10%
2.1%
2023
2.9%
2019
Government expenditure, % of GDP
36.7%
2024
29.5%
2024
Consumer prices inflation
2.6%
2023-2024
32.2%
2023-2024
Central bank interest rate
1.81%
2025
26%
2024
Unemployment rate
4.17%
2024
15.4%
2024
Population
6359449
22949294

Spending and national debt comparison by year

Bulgaria
Spending

Debt
Malawi
Spending

Debt
1x
Year % of GDP
Bulgaria Malawi
Government spending Government debt Government spending Government debt
2024 36.7% 24.1% 29.5% 87.6%
2023 37.4% 22.9% 25.5% 86.7%
2022 37.6% 22.5% 26.7% 75.7%
2021 38.4% 23.8% 23.7% 66.5%
2020 37.6% 22.7% 22.7% 53.9%
2019 36% 18.4% 19.3% 41.2%
2018 34.4% 20.1% 19.4% 40.8%
2017 32% 22.9% 21% 40%
2016 32.7% 27% 19.7% 37.1%
2015 37.3% 25.4% 19.5% 35.5%
2014 37.1% 26.3% 18.3% 33.5%
2013 35.5% 17.2% 20.7% 35.3%
2012 32.5% 16.5% 18.8% 28.6%
2011 32% 14.3% 17% 20%
2010 34.6% 14.1% 19.6% 19.3%
2009 33.8% 14.5% 20.2% 23.5%
2008 33.5% 14.7% 20.6% 23.5%
2007 33.1% 17.6% 20.7% 18.9%
2006 32.5% 22.6% 17.8% 17.9%
2005 34% 28.5% 17.4% 70.9%
2004 34.6% 37.8% 17.2% 74.7%
2003 35.8% 45.4% 15.4% 84.7%
2002 35.1% 53.4% 13.8% 101.5%
2001 36.5% 67.1% - -
2000 37.1% 73.3% - -
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/malawi | CC BY

In 2024, Bulgaria's government spending was $41.5B, accounting for 36.7% of its GDP, while Malawi spent $3.34B, or 29.5% of GDP.

Debt-to-GDP ratio is 24.1% in Bulgaria and 87.6% in Malawi, ranking 169/185 and 35/185, respectively.

Government deficit by year

Deficit/surplus
Bulgaria

Malawi
1x
Year Deficit/surplus, % of GDP
Bulgaria Malawi
2024 -3.04% -11%
2023 -3.03% -7.84%
2022 -0.8% -9.32%
2021 -2.8% -8.34%
2020 -2.92% -8.03%
2019 -0.96% -4.55%
2018 0.12% -4.35%
2017 0.82% -5.15%
2016 1.54% -4.9%
2015 -2.77% -4.17%
2014 -3.65% -3.08%
2013 -1.75% -3.73%
2012 -0.43% -1.45%
2011 -1.83% -2.85%
2010 -3.77% 0.63%
2009 -0.86% -2.97%
2008 2.73% -2.92%
2007 3.09% -2.56%
2006 3.22% -0.05%
2005 2.19% -1.63%
2004 1.59% -2.61%
2003 0.003% -2.6%
2002 -0.61% -4.47%
2001 -0.58% -
2000 -0.6% -
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/malawi | 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 Malawi's deficit of $1.24B, or 11% of GDP.

Over the past 23 years, Bulgaria recorded a fiscal deficit in 14 of those years, while Malawi ran a deficit in 22 years. On average, Bulgaria posted an annual deficit equal to 0.61% of GDP, compared to deficit of 4.26% of GDP for Malawi.

Inflation comparison by year

Inflation
Bulgaria

Malawi
1x
Year Consumer prices inflation
Bulgaria Malawi
2024 2.6% 32.2%
2023 8.6% 28.8%
2022 13% 20.8%
2021 2.8% 9.3%
2020 1.2% 8.6%
2019 2.5% 9.4%
2018 2.6% 9.2%
2017 1.2% 11.5%
2016 -1.3% 21.7%
2015 -1.1% 21.9%
2014 -1.6% 23.8%
2013 0.4% 28.3%
2012 2.4% 21.3%
2011 3.4% 7.6%
2010 3% 7.4%
2009 2.5% 8.4%
2008 12% 8.7%
2007 7.6% 7.9%
2006 7.4% 13.9%
2005 6% 15.5%
2004 6.1% 11.4%
2003 2.3% 9.6%
2002 5.8% 14.7%
2001 7.4% 22.7%
2000 10.3% 29.6%
1999 2.6% 44.8%
1998 18.7% 29.8%
1997 1,061% 9.1%

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

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

Over the past 28 years, Bulgaria has recorded an average annual inflation rate of 42.5%, compared with 17.4% in Malawi. In 2024, inflation was 2.6% in Bulgaria and 32.2% in Malawi.

Top exports between countries

Bulgaria
Export category Export value
Machinery & equipment $1.09M
Textiles & consumer goods $361K
Chemicals & pharma $211K
Miscellaneous $1K
Wood & paper products $1K
Malawi
Export category Export value
Processed food, beverages & tobacco $5.29M
Machinery & equipment $6K
Textiles & consumer goods $1K

Balance of trade

Bulgaria Malawi
Current account balance
-$1.74B
2024
-$2.13B
2024
Current account balance ranking
138/190
2024
145/190
2024
Current account balance, % of GDP
-1.54%
2024
-18.8%
2024
Goods imports
$52.8B
2024
$3.02B
2024
Goods exports
$47.3B
2024
$1.02B
2024
Service imports
$8.26B
2024
$895M
2024
Service exports
$16.6B
2024
$508M
2024
Imports of goods and services, % of GDP
53.9%
2024
31.2%
2023
Exports of goods and services, % of GDP
56.4%
2024
11.2%
2023

Economic freedom indices

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

Bulgaria Malawi
Economic freedom 68.9 50.7
Economic freedom ranking 44/197 159/197
Property rights 75.8 49.5
Government integrity 48.4 35
Judicial effectiveness 58.5 51.8
Tax burden 89.1 77
Government spending 58.4 77.8
Fiscal health 90.4 4.7
Business freedom 78.2 34.1
Labor freedom 62.4 55.2
Monetary freedom 75.8 55.1
Trade freedom 79.4 68.6
Investment freedom 60 50
Financial freedom 50 50

Economic freedom comparison by year

Bulgaria
Malawi
1x
Year Economic freedom index
Bulgaria Malawi
2026 68.9 50.7
2025 68.8 50.9
2024 68.5 52.1
2023 69.3 52.8
2022 71 53
2021 70.4 53
2020 70.2 52.8
2019 69 51.4
2018 68.3 52
2017 67.9 52.2
2016 65.9 51.8
2015 66.8 54.8
2014 65.7 55.4
2013 65 55.3
2012 64.7 56.4
2011 64.9 55.8
2010 62.3 54.1
2009 64.6 53.7
2008 63.7 52.7
2007 62.7 52.9
2006 64.1 55.4
2005 62.3 53.6
2004 59.2 53.6
2003 57 53.2
2002 57.1 56.9
2001 51.9 56.2
2000 47.3 57.4
1999 46.2 54
1998 45.7 54.1
1997 47.6 53.4
1996 48.6 56.2
1995 50 54.7

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

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

The Economic Freedom Index for Bulgaria is 68.9, ranking 44/197, compared to 50.7 for Malawi, ranking 159/197. The chart above displays a comparison of annual changes in economic freedom indexes.

Other economic metrics

Bulgaria Malawi
Services, % of GDP
63.8%
2024
44.2%
2024
Industry, % of GDP
21.1%
2024
17.1%
2024
Agriculture, forestry, and fishing, % of GDP
2.35%
2024
31.8%
2024
GNI, Atlas method
$99B
2024
$12.3B
2024
GNI per capita, PPP
$39,850
2024
$1,830
2024
Total reserves including gold
$43.7B
2024
$594M
2020
Total reserves ranking
47/177
2024
154/177
2020
Net foreign direct investment
-$2.22B
2024
-$202M
2024
Net inflows of foreign direct investment
$3.55B
2024
$681M
2024
Net outflows of foreign direct investment
$1.13B
2024
$56.4M
2024
Servicing debt to the IMF, % of GNI
6.8%
2024
1.47%
2024
Poverty at national poverty lines
21.7%
2023
50.7%
2019
Gross capital formation, % of GDP
20.4%
2024
14.5%
2023

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/malawi | 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 (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.