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Bulgaria Economic Research

Economic Research products are designed to help investors understand the context and the environment they are investing in.  Our research gives comprehensive macroeconomic overview as well as snapshots of various economic sectors. We also make topical research according to important events to give you information about prospective investment. 

You are not aware about Bulgaria as an investment destination at all?  Find out quickly why Bulgaria is your choice by downloading our Bulgaria Overview  

DateDescription of analysis

 Macroeconomic and Market Outlook 2015 „Bulgaria: Back on the right track”

This research report offers a thorough view on the major macroeconomic trends in Bulgaria, looking also into all internal and external factors such as crisis in Russia and Ukraine, as well as Greece turmoil. The outlook includes a snapshot of the Bulgarian stock market and its movers & shakers as well as ELANA Trading analysts top picks. 

Some analysts points:  

  • We are cautious for 2015, but looking for a GDP growth pick up in 2016.
  • Factors to watch during in 2015 would be the first decisive moves for reforms of the new coalition government, Greece and the crisis in Ukraine.
  • The recent capital market decline provides good buying opportunities in various sectors as banks and financial services, electrical equipment, pharmaceuticals, etc.
  • Upcoming IT IPO to boost market vitality.

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 Bulgarian Banking Sector 2014 - H1

Analysis of the Bulgarian banking sector H1 2014:

  • In June, two of the largest banks on the market with mainly Bulgarian equity were put under pressure as a result of a significant withdrawal of attracted funds. 
  • Bank run put the 4th largest bank under conservatorship.
  • Options and scenarios by the end of 2014.
  • The total assets excl. CCB amount to BGN 79.9 bn. - an increase of 4.6% y-o-y.
In the research report you will find: lending activity, loan structure, credit quality, deposits, financial assets and foreign funds, dynamics of interest rates, ranking of banks, review of publicly traded banks data and focus on FIBANK and Corporate Commercial Bank. 

 10.05.2014Bulgarian Banking Sector 2013 

Analysis of the Bulgarian banking sector 2013: deposits, corporate and retail lending activity, financial results and dynamics of interests. Bank stocks in focus: First Investment Bank and Central Cooperative Bank. 


  • Moderate growth of banking sector
  • Profits increase
  • Credit risk declined
  • Saving intentions remain high 
  • Corporate and retail lending activity almost frozen 
  • Deposits stable growth 

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Real Estate Investment Trusts Analysis

Analysis of the sector of public companies - REITs investing in real estate and agrcultural land.  This sector analysis contains individual analysis of the markets, financial results and performance of each of the listed REITs. 

Bulgaria  is  the  only  CEE  country  with  REITs. They  are  public  listed  companies,  which  is  a guaranty  for  transparency  and  investors’ safety. Other advantages are: a/ at  least  90%  of  net  profit  is  distributed as dividends; b/ dividend tax for individual investors is 5%; c/ capital gains are tax free; d/ large  free  float  of  REITs are  focused to the general public.


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Bulgarian Banking Sector 2012

An annual review of the banks in Bulgaria focusing on interest rates policy. Examines trends for deposits, loans, assets and investments. 

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Bulgaria Investment Opportunities 2012

A macroeconomic snapshot of the Bulgarian economy - find out what are the triggers and what is expected. Screen the specifics of the Bulgarian stock market and some Bulgarian stocks in focus.

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Bulgarian banking sector 2011 - 2012

Analysis of the Bulgarian banking sector 2011 - 2012: financial results, loans, deposts. 

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Bulgarian banking sector – review

Analysis of the Bulgarian banking sector 2003 - 2010: find out about the path of growth of the local banking sector and how banks handled the crisis; is there an impact of Greek debt on the Bulgarian banking sector; how are public listed banks performing.  A thorough valuation of all four public listed banks - Central Cooperative Bank (CCB), First Investment Bank (FIB), Bulgarian-American Credit Bank (BACB), Corporate Commercial Bank (CORP).   
Highlights and contents of the research report Download

Full version of the report is 55 pages and is available upon request.

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