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Bulgaria began the process of political transition in late 1989,
but substantial market reforms did not begin until 1991. The
initial conditions for transition were difficult, characterized
by massive price distortions and almost complete state control
over productive resources.
Bulgaria is a middle income country with a gross national income
per capita of $3,450 in 2005 (GNI, Atlas method). In real terms,
the 2005 GNI is 97 per cent of the 1989 level, the year the
country began democratic reform. Agriculture, tourism, light
industry, and metallurgy are key sectors of the economy.
Over the past several years, Bulgaria has made impressive
progress towards long-term stability and sustained growth. As a
result of sound macroeconomic policies and deep structural
reforms, average growth has reached close to 5 percent per year
in 2000-05. A broad structural reform program contributed to the
recent solid economic performance. Growth is led by the private
sector, which now accounts for 75 percent of the economy - on
par with the average for the eight Central European and Baltic
countries that joined the European Union (EU) on May 1, 2004.
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