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

Bulgaria  
Rank: 46 · Score: 52.7  

Basic facts        
Population (millions) 6.5   IPOs and pulic issues (quartile) Bottom
GDP (US$ billions) 87.7   M&A volume (quartile) 2nd
GDP per capita (US$) 13,557.5   Venture capital investments (quartile) 2nd
GDP growth (per cent) 1.4   Private equity investments (quartile) 3rd
 
 
 
Performance Overview
Indicator   Rank / 125 Rank Trend Score
VC/PE Country Attractiveness Index 46 81, 81, 85, 81, 79 52.7
1 Economic Activity 64 62, 60, 74, 64, 61 71.7
2 Depth of Capital Market 47 81, 81, 85, 80, 78 42.7
3 Taxation 17 109, 109, 105, 108, 108 110.9
4 Investor Protection and Corporate Governance 52 67, 72, 70, 73, 73 68.0
5 Human and Social Environment 58 60, 69, 66, 64, 67 32.2
6 Entrepreneurial Opportunities 44 83, 79, 82, 82, 81 56.2


 
Historic performance, 2019-2023   Key driver performance, 2023
 

   
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
Lithuania 67.0 41.6 114.8 79.3 37.6 56.8
Latvia 63.5 43.4 103.8 79.6 37.6 52.0
Hungary 76.4 38.4 119.1 61.1 34.2 63.7
Bulgaria 71.7 42.7 110.9 68.0 32.2 56.2
Slovenia 70.0 32.0 103.1 72.1 33.5 70.7
Croatia 68.1 34.7 105.1 60.9 25.6 54.9
Slovakia 71.5 29.9 100.5 62.1 32.4 53.8
Last updated: 4 Nov 2023