The Venture Capital & Private Equity
Country Attractiveness Index
Alexander Groh, Heinrich Liechtenstein, Karsten Lieser and Markus Biesinger

Bulgaria  
Rank: 48 · Score: 56.5  

Basic facts, 2020        
Population (millions) 7.0   IPOs and pulic issues (quartile) 2nd
GDP (US$ billions) 69.1   M&A volume (quartile) 2nd
GDP per capita (US$) 9,941.7   Venture capital investments (quartile) 3rd
GDP growth (per cent) -4.2   Private equity investments (quartile) Bottom
 
 
 
Performance Overview
Indicator   Rank / 125 Rank Trend Score
VC/PE Country Attractiveness Index 48 76, 77, 78, 77, 77 56.5
1 Economic Activity 60 51, 60, 64, 62, 65 72.8
2 Depth of Capital Market 47 72, 70, 70, 72, 78 56.4
3 Taxation 79 59, 57, 54, 47, 46 87.8
4 Investor Protection and Corporate Governance 53 65, 66, 65, 69, 72 69.0
5 Human and Social Environment 56 59, 58, 59, 60, 69 32.0
6 Entrepreneurial Opportunities 46 82, 81, 81, 83, 79 55.7


 
Historic performance, 2017-2021   Key driver performance, 2021
 

   
VC/PE Rank  
VC Rank  
PE Rank
Bulgaria  
Eastern Europe
 
 
 
Peer Group Comparison
 
Regional Peers Economic Activity Depth of Capital Market Taxation Investor Protection and
Corporate Governance
Human and Social
Environment
Entrepreneurial
Opportunites
Romania 81.5 57.2 89.6 73.8 34.9 54.7
Hungary 79.8 53.8 95.8 64.0 34.0 65.0
Lithuania 70.3 49.5 99.1 81.8 36.5 57.3
Bulgaria 72.8 56.4 87.8 69.0 32.0 55.7
Slovenia 70.6 41.1 108.8 74.7 34.0 72.7
Croatia 69.9 53.9 102.5 63.3 25.1 54.7
Latvia 65.1 33.7 102.8 83.0 36.1 53.9
Last updated: 21 Jun 2021