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:
“The counting-room maxims liberally expounded are laws of the Universe. The merchant’s economy is a coarse symbol of the soul’s economy. It is, to spend for power, and not for pleasure.”
—Ralph Waldo Emerson (1803–1882)
“Everyone is always in favour of general economy and particular expenditure.”
—Anthony, Sir Eden (1897–1977)
“Cities need old buildings so badly it is probably impossible for vigorous streets and districts to grow without them.... for really new ideas of any kind—no matter how ultimately profitable or otherwise successful some of them might prove to be—there is no leeway for such chancy trial, error and experimentation in the high-overhead economy of new construction. Old ideas can sometimes use new buildings. New ideas must use old buildings.”
—Jane Jacobs (b. 1916)