1 Financing Local Development in Financing Local Development in Bulgaria: Achievements, Bulgaria: Achievements, Challenges, and Perspectives Challenges, and Perspectives Desislava Desislava Stoilova Stoilova Faculty of Economics Faculty of Economics Southwest University Southwest University BULGARIA BULGARIA Bulgaria: Basic Macroeconomic and Budgetary Indicators Source: The Ministry of Finance and own calculations Note: BGN is the abbreviation of Bulgarian currency. According to the Currency Board provisions the exchange rate is fixed in proportion 1,95583 BGN per EURO. 8,0 4 8 , 8 8 8,14 5,05 5,2 6,51 7 , 3 3 7,14 19 ,22 19 ,97 20, 4 13, 01 13, 2 16, 84 18, 8 6 17,47 0 5000 10000 15000 20000 25000 30000 35000 40000 45000 1998 1999 2000 2001 2002 2003 2004 2005 0 5 10 15 20 25 GDP (mln BGN) Consolidated State Budget (mln BGN) Local Budgets (mln BGN) Local Budgets/GDP (%) Local Budgets/Consolidated State Budget (%)