OBG: Bulgaria’s Tourism Sector Developing with Stable Rate

econ.bg, 25.08.08

According to the Oxford Business Group’s The Report: Bulgaria 2008 the tourist sector continues to play an important role in the development of the country’s economy by creating new jobs and ensuring a constant flow of foreign tourists to the country.

The tourist industry provides some 14% of the gross domestic product (GDP) and is a valuable source of foreign currency which is of great importance for the budget balance. The sector also plays an important role on the labor market providing 371,000 jobs in 2007 which makes 12.3% of the total number of jobs in the country, the OBG reports.

Only in the first 8 months of 2007 the tourism sector generated 1.83 billion dollars which is a 14.4 percent increase compared to the same period of the previous year. Compared to the neighboring countries, the tourism sector in Bulgaria is developing fast. Despite the problems with the old road infrastructure and the excessive construction in some areas in the last few years the country is witnessing a stable investment flow in the holiday sector.

One of Bulgaria’s main advantages as a tourist destination is the fact that it attracts tourists both in summer and in winter – in summer with the beaches along the Black Sea and in winter with the ski resorts as both types of holiday offer excellent quality at affordable prices, especially for foreigners.

The development of the sector continues through a number of projects including a plan for the construction of a five-star 12-million-euro development close to Bourgas whose capacity will be 7,000 tourists per year. A 36-million-euro investment will also be made in the country’s oldest and most famous ski resort – Borovets.

According to the National Tourism Board the further development of the sector will focus on turning the country into an all-year-round tourist destination through organizing holiday activities alternative to the traditional summer and winter ones.

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