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Economic Growth of Bulgaria and Its Determinants


  • Ivan Todorov
  • Kalina Durova


The present research has two objectives: first, to study the short-term and the long-term economic growth of Bulgaria under a currency board arrangement and second, to identify the main sources of this growth on the demand-side and on the supply-side of the economy. The empirical research on Bulgaria’s economic growth during the transition to a market-oriented economy has been systematized. The dynamics of the final-expenditure-structure of GDP as a determinant of short-run economic growth on the demand-side of the economy has been analyzed. The trends in the movements of the long-run factors of growth (saving rate, rate of productivity growth, rate of population growth, employment and investment) have been investigated. The growth accounting techniques has been employed to identify the main growth determinants on the supply-side of the economy and to measure quantitatively their contributions to the growth of real GDP. Advisable macroeconomic policies to overcome the heavy growth problems of the Bulgarian economy have been formulated.

Suggested Citation

  • Ivan Todorov & Kalina Durova, 2016. "Economic Growth of Bulgaria and Its Determinants," Economic Studies journal, Bulgarian Academy of Sciences - Economic Research Institute, issue 4, pages 3-35.
  • Handle: RePEc:bas:econst:y:2016:i:4:p:3-35

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    References listed on IDEAS

    1. José A. Hernández & Ignacio Mauleón, 2002. "Estimating the Capital Stock," Documentos de trabajo conjunto ULL-ULPGC 2002-03, Facultad de Ciencias Económicas de la ULPGC.
    2. Cororaton, Caesar B., 2002. "Total Factor Productivity in the Philippines," Discussion Papers DP 2002-01, Philippine Institute for Development Studies.
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    Cited by:

    1. Stela Raleva, 2023. "Characteristics and Factors of Economic Growth in Bulgaria (1970–2008)," Proceedings of the Centre for Economic History Research, Centre for Economic History Research, vol. 8, pages 209-221, November.
    2. Ivan Todorov, 2017. "Bulgaria’s Cyclical Position and Market (Dis)equilibria," Economic Studies journal, Bulgarian Academy of Sciences - Economic Research Institute, issue 5, pages 30-64.
    3. Kalina Durova, 2018. "Long-Term Impact of the European Funds on Bulgaria's Economy," Economic Alternatives, University of National and World Economy, Sofia, Bulgaria, issue 3, pages 325-333, September.

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    More about this item

    JEL classification:

    • O47 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - Empirical Studies of Economic Growth; Aggregate Productivity; Cross-Country Output Convergence


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