Economy
Located in the middle of a rich agricultural region, since the beginning of the 20th century Plovdiv grew as an industrial center. Food processing, tobacco, brewing and textiles were the main pillars of the industry. During Communist rule the city's economy greatly expanded and was dominated by heavy industry; it still produces lead and zinc, machinery, electronics, motor trucks, chemicals and cosmetics. After the fall of Communism in 1989 and the collapse of Bulgaria's planned economy, a number of industrial complexes were closed.
Plovdiv has one of the country's fastest-growing economies with average GDP growth of 12%–13%. As of 2005, the total revenues were 9.4 billion leva (approximately 4.8 billion euro), which was 88% more than in 2001. The profits for the same period rose 4.5 times. Unemployment is 6,5% which is lower than the national average. One recent problem is the municipality's administrative borders, which almost completely coincide with the city limits. Due to the constant increase of investments which are $465,000,000 for 2005 some of the businesses have to be redirected to the Maritsa or Rodopi municipalities such as the industrial zone of Radinovo village.
Industry has been expanding again since the late 1990s, with manufacturing plants built in the city or in its outskirts, mainly the municipality of Maritsa. In this period, some €500,000,000 has been invested in construction of new factories. Some of the new plants include the Liebherr refrigerator plant with 1,850 employees and a capacity of 450,000 items per year, the Socotab tobacco processing plant (2,000 employees), a bicycle plant (500 workers, capacity 500,000 units), а Schneider electronics factory, a biodiesel plant, the Bulsaphil textile plant (790 workers), and several electronics and high-tech plants producing CD players and other electronic equipment. The largest electronics plant in the Balkans was inaugurated in the nearby village of Voivodinovo.
Due to the demand for business office space Business Park Plovdiv was going to be constructed in the district of Trakiya, but the advance of the global financial crisis has put a halt on the project. The investment has been planned for €68,000,000 and the park should occupy an area of 110,000 m2 (1,184,030.15 sq ft). A commercial and industrial park is to be built in the village of Radinovo at several km to the north-west of the city with a built-up area of 50,000 m2 (538,195.52 sq ft).
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Famous quotes containing the word economy:
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—Ralph Waldo Emerson (1803–1882)
“The aim of the laborer should be, not to get his living, to get “a good job,” but to perform well a certain work; and, even in a pecuniary sense, it would be economy for a town to pay its laborers so well that they would not feel that they were working for low ends, as for a livelihood merely, but for scientific, or even moral ends. Do not hire a man who does your work for money, but him who does it for love of it.”
—Henry David Thoreau (1817–1862)
“Everyone is always in favour of general economy and particular expenditure.”
—Anthony, Sir Eden (1897–1977)