FDI
Foreign Direct Investment
Foreign companies have built up €58 billion of direct investment in Bulgaria. Inflows rose sharply in the first half of 2026, led by investors from Germany, Luxembourg and Austria and by profits reinvested in existing businesses.
- Share of H1 2026 inflow from reinvested profits
- 76%1
- Share of H1 2026 inflow from reinvested profits
Flows, January to June
| € million, net | 2026 | 2025 |
|---|---|---|
| Equity | 196.9 | −34.2 |
| Reinvested earnings | 1,648.2 | 1,456.3 |
| Debt instruments | 329.7 | −1,129.4 |
| Total | 2,174.8 | 292.7 |
Source: Bulgarian National Bank: Balance of payments and foreign direct investment, January to June 20261
The first half of 2025 was held down by net repayments of loans within investor groups; in 2026 those flows turned positive again. Figures are preliminary and are revised by the central bank.1
Largest investors, H1 2026
Source: Bulgarian National Bank: Balance of payments and foreign direct investment, January to June 20261
The largest net outflows were to Malta (€76.7 million) and Poland (€20.4 million).1
The stock of investment
| € million, end of March | 2026 | 2025 |
|---|---|---|
| Equity and reinvested earnings | 50,488.7 | 46,558.8 |
| Debt instruments | 7,772.7 | 8,059.6 |
| Foreign investment in Bulgaria | 58,261.4 | 54,618.4 |
| Bulgarian investment abroad | 5,340.8 | 5,019.9 |
Source: Bulgarian National Bank: Balance of payments and foreign direct investment, January to June 20261
Where the money goes
In 2025 inflows grew most into financial services, manufacturing and information services, according to the Bulgarian National Bank.3
Most new money comes from investors already in the country: reinvested profits made up about three quarters of the inflow in the first half of 2026, a sign that established investors are expanding.1
Euro membership since January 2026 removes currency risk for investors from the euro area, including Germany, Luxembourg and Austria, the three largest sources of new investment in the first half of 2026.4,1
Frequently Asked Questions
How much foreign direct investment flowed into Bulgaria in the first half of 2026?
Bulgaria recorded a net FDI inflow of €2.17 bn in January to June 2026. The detailed preliminary figure was €2,174.8 million, compared with €292.7 million in January to June 2025.
Which countries were the largest sources of FDI in Bulgaria in the first half of 2026?
Germany was the largest source of FDI in Bulgaria in H1 2026, with a net inflow of €372.5 million. Luxembourg followed with €353.4 million and Austria with €269.9 million; the largest net outflows were to Malta and Poland.
What was Bulgaria’s foreign direct investment stock at the end of March 2026?
Bulgaria’s FDI stock was €58.3 bn at the end of March 2026, or €58,261.4 million. It comprised €50,488.7 million in equity and reinvested earnings and €7,772.7 million in debt instruments.
How much of Bulgaria’s FDI inflow in the first half of 2026 came from reinvested profits?
Reinvested profits made up 76% of Bulgaria’s FDI inflow in H1 2026. The detailed figures were €1,648.2 million in reinvested earnings out of a total net inflow of €2,174.8 million.
What was Bulgaria’s net FDI inflow in 2025?
Bulgaria’s preliminary net FDI inflow was €3.26 bn in 2025. The first half of that year recorded a net inflow of €292.7 million, as net repayments of loans within investor groups held down the figure.
Which sectors attracted the most FDI in Bulgaria in 2025?
In 2025, the Bulgarian National Bank reported that Bulgaria’s FDI inflows grew most in financial services, manufacturing and information services.
Sources
- Bulgarian National Bank: Balance of payments and foreign direct investment, January to June 2026 (PDF)
- Bulgarian Chamber of Commerce and Industry: Bulgaria in Figures 2026 (PDF)
- Bulgarian National Bank: Annual Report 2025 (PDF)
- European Central Bank: Bulgaria joins the euro area
Figures checked 13 October 2026. Prepared by InvestBulgaria for general information. It is not investment, tax or legal advice; please confirm details with a qualified adviser before acting.
