Economic relations between Bulgaria and UK
-
- Trade turnover (mln. euro)
Year
Export
Growth %
Import
Growth %
Balance
Total turnover
Growth %
2011
370.4
22.3
364.5
20.2
5.9
734.9
21.2
2012
398
7.5
365.2
0.2
32.8
763.2
3.9
2013
469.3
17.9
382.2
4.6
87.1
851.5
11.5
2014
488.99
4.2
444.2
16.3
45.1
933.2
9.6
2015
586.2
19.9
481.8
8.5
80.2
1068
14.4
2016
591.1
0.8
600.3
24.6
-9.2
1 191.4
11.6
2017
650.7
10.1
475.6
-20.8
174.9
1 126.3
-5.5
2018
696.97
7.1
492.2
3.5
204.7
1 189.2
5.6
2019
699.7
0.4
460.4
-6.5
239.4
1 160.1
-2.4
2020
666.1
-4.8
389.9
-15.3
276.2
1055.96
-9.0
2021
624.3
-6.3
305.5
-21.6
318.8
929.9
-11.9
2022
723.6
15.3
431.9
41.4
291.7
1155.5
23.8
For the first 6 months of 2023, exports to Great Britain amounted to EUR 332.97 million, imports to EUR 194.6 million and trade to EUR 527.5 million. A drop in exports by -12.9%, a growth in imports by 9.0% and a drop in trade turnover by -5.9% were registered for the period.
Source: Ministry of Economy and Industry
- British investments in Bulgaria
At the end of June 2023, the total value of British investments amounted to €2.332 billion, which ranks the United Kingdom in 10th place after the Netherlands, Austria, Germany, Switzerland, Greece, Italy, Luxembourg, Cyprus and Belgium.
- Legal basis
- Agreement between the Republic of Bulgaria and the United Kingdom of Great Britain and Northern Ireland for the avoidance of double taxation and the prevention of tax evasion of income and gains from the transfer of property (CITPA). Signed on 26.03.2015. Promulgated in SG No. 10 of 05.02.2016. The Agreement was ratified by a law adopted by the 43rd National Assembly on October 8, 2015 (promulgated SG No. 81 of 2015) and entered into force on December 15, 2015.
- Agreement for mutual protection and promotion of investments, signed on 11.12.1995 in London.
On 05.05.2020, 23 Member States, including Bulgaria, signed an Agreement on Termination of Bilateral Investment Treaties between EU Member States.
Bulgaria is committed to the bilateral process of termination of the investment agreement with the United Kingdom.
In February 2021, the British ambassador in Sofia, Rob Dixon, announced the readiness of the United Kingdom to positively consider Bulgaria’s request to terminate the BIT.
The process is led by the Bulgarian Ministry of Finance as the lead institution, in cooperation with the Bulgarian Ministry of Foreign Affairs.