Economy
Sofia is the economic heart of Bulgaria and home to most major Bulgarian and international companies operating in the country, as well as the Bulgarian National Bank and the Bulgarian Stock Exchange. In 2008, the average per capita annual income was 4,572 leva ($3,479). The strongest sectors of the city's economy in terms of annual production are manufacturing ($5.5 bln.), metallurgy ($1.84 bln.), electricity, gas and water supply ($1.6 bln.) and food and beverages ($778 mln.).
After World War II and the era of industrialisation under socialism, the city and its surrounding areas expanded rapidly and became the most heavily industrialised region of the country. The influx of workers from other parts of the country became so intense that a restriction policy was imposed, and residing in the capital was only possible after obtaining Sofianite citizenship. However, after the political changes in 1989, this kind of citizenship was removed.
Increasingly, Sofia is becoming an outsourcing destination for multinational companies, among them IBM, Hewlett-Packard, SAP, Siemens, Software AG. Bulgaria Air, the national airline of Bulgaria, has its head office on the grounds of Sofia Airport.
Up until 2007 Sofia experienced rapid economic growth. In 2008, apartment prices increased dramatically, with a growth rate of 30%. In 2009, prices fell by 26%.
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Famous quotes containing the word economy:
“Even the poor student studies and is taught only political economy, while that economy of living which is synonymous with philosophy is not even sincerely professed in our colleges. The consequence is, that while he is reading Adam Smith, Ricardo, and Say, he runs his father in debt irretrievably.”
—Henry David Thoreau (1817–1862)
“Quidquid luce fuit tenebris agit: but also the other way around. What we experience in dreams, so long as we experience it frequently, is in the end just as much a part of the total economy of our soul as anything we “really” experience: because of it we are richer or poorer, are sensitive to one need more or less, and are eventually guided a little by our dream-habits in broad daylight and even in the most cheerful moments occupying our waking spirit.”
—Friedrich Nietzsche (1844–1900)
“I favor the policy of economy, not because I wish to save money, but because I wish to save people. The men and women of this country who toil are the ones who bear the cost of the Government. Every dollar that we carelessly waste means that their life will be so much the more meager. Every dollar that we prudently save means that their life will be so much the more abundant. Economy is idealism in its most practical terms.”
—Calvin Coolidge (1872–1933)