The Venture Capital & Private Equity
Country Attractiveness Index
Alexander Groh, Heinrich Liechtenstein, Karsten Lieser and Markus Biesinger
Bulgaria  
Rank: 55 ↑ · Score: 58.0  

Basic facts, 2015        
Population (millions) 7.2   IPOs and pulic issues (quartile) 2nd
GDP (US$ billions) 49.2   M&A volume (quartile) 3rd
GDP per capita (US$) 6,839.7   Venture capital investments (quartile) Bottom
GDP growth (per cent) 3.0   Private equity investments (quartile) Bottom
 
 
 
Performance Overview
 
Historic performance, 2012-2016   Key driver performance, 2016

   

VCPE Rank  
VC Rank  
PE Rank
Bulgaria  
Eastern Europe
 
Indicator Rank/Trend Score   Indicator Rank/Trend Score
1. Economic Activity 76 81.3   4. Investor Protection and Corporate Governance 81 57.1
1.1 Size of the Economy (GDP) 74 60.3   4.1 Quality of Corporate Governance 46 66.0
1.2 Expected Real GDP Growth 60 103.2   4.2 Security of Property Rights 94 54.6
1.3 Unemployment 82 86.2   4.3 Quality of Legal Enforcement 85 51.7
2. Depth of Capital Market 53 51.0   5. Human and Social Environment 61 47.7
2.1 Size and Liquidity of the Stock Market 43 72.0   5.1 Education and Human Capital 75 44.3
2.2 Total Trading Volume 60 64.0   5.2 Labor Regulations 50 51.0
2.3 IPOs and Public Issuing Activity 64 21.6   5.3 Bribing and Corruption 62 48.1
2.4 M&A Market 55 39.2   6. Entrepreneurial Opportunities 50 58.5
2.5 Debt and Credit Market 70 73.0   6.1 Innovation 55 55.2
2.6 Bank Non-Performing Loans 113 65.5   6.2 Scientific and Technical Journal Articles 57 50.1
2.7 Financial Market Sophistication 77 48.1   6.3 Burdens of Starting and Running a Business 40 102.5
3. Taxation 68 94.9   6.4 Simplicity of Closing a Business 70 63.5
3.1 Tax Incentives and Administrative Burden 68 94.9   6.5 Corporate R&D 63 38.2
Note: ↑ ( ↓ ) indicates a rank increase (decrease) over a five-year period.
 
 
Peer Group Comparison
 
World (out of 125) Rank/Trend Score   Eastern Europe (out of 21) Rank/Trend Score
Latvia 52 58.7   Hungary 6 60.1
Peru 53 58.7   Slovenia 7 59.1
Brazil 54 58.3   Latvia 8 58.7
Bulgaria (selected) 55 58.0   Bulgaria (selected) 9 58.0
Czech Republic 56 57.6   Czech Republic 10 57.6
Sri Lanka 57 56.4   Slovakia 11 54.2
Morocco 58 55.8   Georgia 12 53.8
Note: ↑ ( ↓ ) indicates a rank increase (decrease) over a five-year period.
Last updated: 12 June 2016