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Economy of Bulgaria vs Moldova compared: GDP & Debt

Updated on by Georank

Bulgaria has a GDP of $131B compared to $20.4B for Moldova, ranking 63/197 and 133/197 by economy size, respectively.

Bulgaria has $35.4B in government debt (27.1% of GDP), compared to $7.45B (36.6% of GDP) in Moldova.

Bulgaria vs Moldova GDP by year

Bulgaria
Moldova
1x
Year GDP, current $
Bulgaria Moldova
2025 $130,777,235,530 $20,351,796,275
2024 $113,349,149,167 $18,206,842,141
2023 $102,204,457,335 $16,711,906,746
2022 $90,510,784,778 $14,525,337,524
2021 $84,378,926,047 $13,691,869,264
2020 $70,490,478,088 $11,530,746,234
2019 $68,511,235,459 $11,736,797,055
2018 $66,100,606,677 $11,252,353,421
2017 $59,170,671,046 $9,514,404,016
2016 $53,932,152,154 $7,980,917,076
2015 $50,768,512,173 $7,797,667,197
2014 $57,083,817,240 $9,402,090,138
2013 $55,822,115,861 $9,496,717,876
2012 $54,299,825,600 $8,709,138,635
2011 $57,684,243,980 $8,414,352,020
2010 $50,691,645,231 $6,974,982,370
2009 $52,026,461,290 $5,439,434,272
2008 $54,483,464,293 $6,054,824,248
2007 $44,433,521,725 $4,401,173,152
2006 $34,382,295,487 $3,408,255,451
2005 $29,870,182,425 $2,988,342,907
2004 $26,159,078,743 $2,598,249,556
2003 $21,146,038,619 $1,980,907,435
2002 $16,403,880,783 $1,661,818,168
2001 $14,184,170,319 $1,480,673,594
2000 $13,246,669,554 $1,288,429,392
1999 $13,637,793,854 $1,170,782,957
1998 $15,031,821,788 $1,698,717,505
1997 $11,316,706,412 $1,930,081,169
1996 $12,295,588,924 $1,695,122,174
1995 $18,992,388,645 $1,752,999,370
1994 $9,709,230,161 $1,702,314,268
1993 $10,832,041,595 $2,371,813,324
1992 $8,602,874,120 $2,319,243,436
1991 $7,628,764,750 $3,094,565,871
1990 $20,726,605,649 $3,592,857,043
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/moldova | CC BY

GDP per capita in Bulgaria vs Moldova by year

Bulgaria
GDP per capita

GDP per capita, PPP
Moldova
GDP per capita

GDP per capita, PPP
1x
Year Current $
Bulgaria Moldova
GDP per capita GDP per capita, PPP GDP per capita GDP per capita, PPP
2025 $20,328 - $8,622 -
2024 $17,597 $41,969 $7,579 $18,615
2023 $15,854 $38,829 $6,800 $17,747
2022 $14,000 $36,320 $5,744 $16,453
2021 $12,967 $30,959 $5,275 $15,682
2020 $10,761 $27,352 $4,376 $13,527
2019 $10,354 $26,766 $4,405 $13,413
2018 $9,850 $23,998 $4,156 $11,868
2017 $8,697 $22,317 $3,453 $11,252
2016 $7,823 $20,746 $2,847 $10,326
2015 $7,269 $18,896 $2,750 $9,198
2014 $8,070 $17,991 $3,290 $8,643
2013 $7,796 $16,894 $3,321 $8,233
2012 $7,432 $16,327 $3,045 $7,255
2011 $7,850 $15,747 $2,941 $6,833
2010 $6,854 $14,954 $2,437 $6,323
2009 $6,989 $14,188 $1,898 $5,827
2008 $7,272 $14,347 $2,111 $6,153
2007 $5,889 $12,822 $1,531 $5,590
2006 $4,523 $11,406 $1,183 $5,271
2005 $3,900 $10,291 $1,034 $4,866
2004 $3,390 $9,200 $897 $4,378
2003 $2,720 $8,416 $682 $3,960
2002 $2,093 $7,786 $571 $3,633
2001 $1,771 $6,960 $507 $3,311
2000 $1,621 $6,424 $441 $3,045
1999 $1,661 $5,808 $399 $2,910
1998 $1,821 $6,178 $579 $2,965
1997 $1,361 $5,751 $657 $3,136
1996 $1,470 $6,849 $575 $3,021
1995 $2,259 $7,743 $594 $3,146
1994 $1,150 $7,338 $574 $3,111
1993 $1,279 $7,032 $797 $4,394
1992 $1,007 $6,917 $778 $4,337
1991 $884 $7,215 $1,038 $5,980
1990 $2,377 $7,548 $1,207 $6,895
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/moldova | CC BY

Bulgaria's GDP per capita is $20,328, ranking 58/197, compared to $8,622 in Moldova, ranking 93/197. Adjusted for purchasing power (GDP per capita PPP), Bulgaria ranks 54th at $41,969, while Moldova ranks 100th at $18,615.

Economic indicators

Bulgaria Moldova
Gross domestic product
$131B
2025
$20.4B
2025
GDP rank
63/197
2025
133/197
2025
GDP growth
3.1%
2024-2025
2.42%
2024-2025
GDP per capita
$20,328
2025
$8,622
2025
GDP per capita rank
58/197
2025
93/197
2025
GDP per capita, PPP
$41,969
2024
$18,615
2024
GDP per capita PPP rank
54/197
2024
100/197
2024
Government debt
$35.4B
2025
$7.45B
2025
Debt-to-GDP ratio
27.1%
2025
36.6%
2025
Government debt per person
$5,507
2025
$3,158
2025
Government debt per person rank
79/185
2025
103/185
2025
Average annual personal income after taxes
$16,126
2026
$4,301
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
22.8%
2023
Income share by poorest 10%
2.1%
2023
4.3%
2023
Government expenditure, % of GDP
38.9%
2025
39.4%
2025
Consumer prices inflation
3.5%
2024-2025
7.76%
2024-2025
Central bank interest rate
1.81%
2025
6.5%
2026
Unemployment rate
3.5%
2025
1.28%
2025
Population
6390149
2328600

Spending and national debt comparison by year

Bulgaria
Spending

Debt
Moldova
Spending

Debt
1x
Year % of GDP
Bulgaria Moldova
Government spending Government debt Government spending Government debt
2025 38.9% 27.1% 39.4% 36.6%
2024 36.3% 23.8% 38% 38.8%
2023 37.5% 22.9% 38.8% 34.9%
2022 37.6% 22.5% 36.6% 35%
2021 38.5% 23.9% 34.6% 33.6%
2020 37.7% 22.7% 36.7% 36.6%
2019 36.1% 18.4% 32% 28.8%
2018 34.4% 20.1% 31.5% 31.8%
2017 32% 22.9% 31% 34.9%
2016 32.7% 27% 30.5% 39.7%
2015 37.3% 25.4% 31.7% 42.1%
2014 37.1% 26.3% 33.8% 35.4%
2013 35.5% 17.2% 32.4% 30%
2012 32.5% 16.5% 33.7% 31.3%
2011 32% 14.3% 32.6% 24.2%
2010 34.6% 14.1% 34.1% 25.5%
2009 33.8% 14.5% 45.3% 32.6%
2008 33.5% 14.7% 41.5% 22.2%
2007 33.1% 17.6% 42.7% 28.3%
2006 32.5% 22.6% 40.3% 35%
2005 34% 28.5% 37.1% 40.4%
2004 34.6% 37.8% 34.8% 49.3%
2003 35.8% 45.4% 33.5% 68.1%
2002 35.1% 53.4% 30.7% 80.3%
2001 36.5% 67.1% 29.5% 85.4%
2000 37.1% 73.3% 34% 89.1%
1999 36.2% 78.7% 33% 150.7%
1998 30.6% 67.3% 39.1% 159.4%
1997 32.9% 88.4% 46% 89%
1996 44% 113.8% 43.3% 87.5%
1995 45.4% 72% 42% 79.5%

Data sources: International Monetary Fund (IMF) | Fiscal Monitor (1995–2025, retrieved 2026-07-08); International Monetary Fund (IMF) | Public Finances in Modern History (1995–1997, retrieved 2026-07-08).

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

In 2025, Bulgaria's government spending was $50.8B, accounting for 38.9% of its GDP, while Moldova spent $8.02B, or 39.4% of GDP.

Debt-to-GDP ratio is 27.1% in Bulgaria and 36.6% in Moldova, ranking 164/185 and 140/185, respectively.

Government deficit by year

Deficit/surplus
Bulgaria

Moldova
1x
Year Deficit/surplus, % of GDP
Bulgaria Moldova
2025 -3.01% -3.87%
2024 -3.01% -4.02%
2023 -3.04% -5.13%
2022 -0.8% -3.24%
2021 -2.8% -2.62%
2020 -2.92% -5.32%
2019 -0.96% -1.47%
2018 0.12% -0.85%
2017 0.82% -0.65%
2016 1.54% -1.56%
2015 -2.77% -1.93%
2014 -3.65% -1.6%
2013 -1.75% -1.57%
2012 -0.43% -1.93%
2011 -1.83% -2.05%
2010 -3.77% -2.18%
2009 -0.86% -6.38%
2008 2.73% -0.87%
2007 3.09% 0.15%
2006 3.22% -0.42%
2005 2.19% 1.44%
2004 1.59% 0.59%
2003 0.003% 0.47%
2002 -0.61% -1.18%
2001 -0.58% -0.34%
2000 -0.6% -3.55%
1999 0.15% -2.64%
1998 1.08% -1.52%
1997 0.83% -7.47%
1996 -10.1% -7.42%
1995 -7.98% -2.58%
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 (1995–2025, retrieved 2026-07-08); International Monetary Fund (IMF) | Public Finances in Modern History (1924–1997, retrieved 2026-07-08).

GeoRank.org/economy/bulgaria/moldova | 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 Moldova's deficit of $788M, or 3.87% of GDP.

Over the past 31 years, Bulgaria recorded a fiscal deficit in 19 of those years, while Moldova ran a deficit in 27 years. On average, Bulgaria posted an annual deficit equal to 1.1% of GDP, compared to deficit of 2.31% of GDP for Moldova.

Inflation comparison by year

Inflation
Bulgaria

Moldova
1x
Year Consumer prices inflation
Bulgaria Moldova
2025 3.5% 7.76%
2024 2.6% 4.68%
2023 8.6% 13.4%
2022 13% 28.7%
2021 2.8% 5.11%
2020 1.2% 3.77%
2019 2.5% 4.84%
2018 2.6% 3.05%
2017 1.2% 6.57%
2016 -1.3% 6.36%
2015 -1.1% 9.68%
2014 -1.6% 5.09%
2013 0.4% 4.6%
2012 2.4% 4.55%
2011 3.4% 7.69%
2010 3% 7.48%
2009 2.5% -0.06%
2008 12% 12.8%
2007 7.6% 12.4%
2006 7.4% 12.8%
2005 6% 12%
2004 6.1% 12.5%
2003 2.3% 11.7%
2002 5.8% 5.3%
2001 7.4% 9.76%
2000 10.3% 31.3%
1999 2.6% 39.3%
1998 18.7% 7.7%
1997 1,061% 11.8%

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/moldova | CC BY

Over the past 29 years, Bulgaria has recorded an average annual inflation rate of 41.1%, compared with 10.4% in Moldova. In 2025, inflation was 3.5% in Bulgaria and 7.76% in Moldova.

Top exports between countries

Bulgaria
Export category Export value
Raw materials & minerals $66.1M
Chemicals & pharma $31.8M
Textiles & consumer goods $31M
Machinery & equipment $29.8M
Processed food, beverages & tobacco $8.9M
Raw agricultural goods $5.07M
Metals $4.82M
Animal & marine products $4.28M
Wood & paper products $3.32M
Miscellaneous $896K
Moldova
Export category Export value
Raw agricultural goods $66.9M
Processed food, beverages & tobacco $24M
Machinery & equipment $14.9M
Textiles & consumer goods $13.3M
Raw materials & minerals $2.69M
Metals $1.99M
Animal & marine products $724K
Chemicals & pharma $663K
Wood & paper products $461K

Balance of trade

Bulgaria Moldova
Current account balance
-$7.64B
2025
-$4B
2025
Current account balance ranking
170/190
2025
158/190
2025
Current account balance, % of GDP
-5.84%
2025
-19.6%
2025
Goods imports
$58.5B
2025
$10.1B
2025
Goods exports
$47.9B
2025
$3.23B
2025
Service imports
$9.42B
2025
$2.17B
2025
Service exports
$18.6B
2025
$3.22B
2025
Imports of goods and services, % of GDP
51.8%
2025
60.9%
2025
Exports of goods and services, % of GDP
50.7%
2025
31.8%
2025

Economic freedom indices

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

Bulgaria Moldova
Economic freedom 68.9 58.1
Economic freedom ranking 44/197 112/197
Property rights 75.8 40.4
Government integrity 48.4 45.1
Judicial effectiveness 58.5 32.4
Tax burden 89.1 87.9
Government spending 58.4 57.2
Fiscal health 90.4 70.3
Business freedom 78.2 68.3
Labor freedom 62.4 48.1
Monetary freedom 75.8 66
Trade freedom 79.4 76.8
Investment freedom 60 55
Financial freedom 50 50

Economic freedom comparison by year

Bulgaria
Moldova
1x
Year Economic freedom index
Bulgaria Moldova
2026 68.9 58.1
2025 68.8 58.3
2024 68.5 57.1
2023 69.3 58.5
2022 71 61.3
2021 70.4 62.5
2020 70.2 62
2019 69 59.1
2018 68.3 58.4
2017 67.9 58
2016 65.9 57.4
2015 66.8 57.5
2014 65.7 57.3
2013 65 55.5
2012 64.7 54.4
2011 64.9 55.7
2010 62.3 53.7
2009 64.6 54.9
2008 63.7 57.9
2007 62.7 58.7
2006 64.1 58
2005 62.3 57.4
2004 59.2 57.1
2003 57 60
2002 57.1 57.4
2001 51.9 54.9
2000 47.3 59.6
1999 46.2 56.1
1998 45.7 53.5
1997 47.6 48.9
1996 48.6 52.5
1995 50 33

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

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

The Economic Freedom Index for Bulgaria is 68.9, ranking 44/197, compared to 58.1 for Moldova, ranking 112/197. The chart above displays a comparison of annual changes in economic freedom indexes.

Other economic metrics

Bulgaria Moldova
Services, % of GDP
63.3%
2025
61.5%
2025
Industry, % of GDP
21.2%
2025
16.9%
2025
Agriculture, forestry, and fishing, % of GDP
2.47%
2025
7.38%
2025
GNI, Atlas method
$114B
2025
$19B
2025
GNI per capita, PPP
$42,170
2025
$19,990
2025
Total reserves including gold
$47.1B
2025
$6.01B
2025
Total reserves ranking
51/177
2025
97/177
2025
Net foreign direct investment
-$3.37B
2025
-$360M
2025
Net inflows of foreign direct investment
$3.05B
2024
$458M
2024
Net outflows of foreign direct investment
$1.21B
2024
$98.4M
2024
Servicing debt to the IMF, % of GNI
6.8%
2024
6.22%
2024
Poverty at national poverty lines
21.7%
2023
31.6%
2023
Gross capital formation, % of GDP
21.7%
2025
24.2%
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/moldova | 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 (1995–2025, 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 (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.