page_title: Varna
section_title: Economy
hierarchical_section_title: Varna / Economy
caption_attribution_description: English: Author: Chicho Ficho 2005
context_page_description: Varna is the third-largest city in Bulgaria and the largest city and seaside resort on the Bulgarian Black Sea Coast. Situated strategically in the Gulf of Varna, the city has been a major economic, social and cultural centre for almost three millennia. Varna, historically known as Odessos, grew from a Thracian seaside settlement to a major seaport on the Black Sea.
  Varna is an important centre for business, transportation, education, tourism, entertainment and healthcare. The city is referred to as the maritime capital of Bulgaria and headquarters of the Bulgarian Navy and merchant marine. In 2008, Varna was designated the seat of the Black Sea Euroregion by the Council of Europe. In 2014, Varna was awarded the title of European Youth Capital 2017.
  The oldest gold treasure in the world, belonging to the Varna culture, was discovered in the Varna Necropolis and dates to 4200–4600 BC.
context_section_description: Economically, Varna is among the best-performing and fastest-growing Bulgarian cities. In 2016 the unemployment rate is 3.5% and the average salary is nearly 900lv (450€) per month.
  The economy is service-based, with 61% of net revenue generated in trade and tourism, 16% in manufacturing, 14% in transportation and communications, and 6% in construction. Financial services, particularly banking, insurance, investment management, and real-estate finance are booming. As of December 2008, the fallout of the global financial crisis has not yet been hard. The city is the easternmost destination of Pan-European transport corridor 8 and is connected to corridors 7 and 9 via Rousse. Major industries traditionally include transportation (Navibulgar, Port of Varna, Varna Airport), distribution (Logistics Park Varna), shipbuilding (see also Oceanic-Creations), ship repair, and other marine industries.
  In June 2007, Eni and Gazprom disclosed the South Stream project whereby a 900-kilometre-long (559-mile) offshore natural gas pipeline from Russia's Dzhubga with annual capacity of 63 billion metres (207 billion feet) was planned to come ashore at Varna, possibly near the Galata offshore gas field, en route to Italy and Austria. Nevertheless, the project was stopped due to the EU-Russia conflict.
  With the nearby towns of Beloslav and Devnya, Varna forms the Varna-Devnya Industrial Complex, home to some of the largest chemical, thermal power, and manufacturing facilities in Bulgaria, including Varna Thermal Power Plant and Sodi Devnya, the two largest cash privatisation deals in the country's recent history. There are also notable facilities for radio navigation devices, household appliances, security systems, textiles, apparel, food and beverages, printing, and other industries. Some manufacturing veterans are giving way to post-industrial developments: an ECE shopping mall is taking the place of the former VAMO diesel engine works and the Varna Brewery is being replaced by a convention centre.
  Tourism is of foremost importance with the suburban beachfront resorts of Golden Sands, Riviera Holiday Club, Sunny Day, Saints Constantine and Helena attracting around 1 million foreign tourists in 2016. The resorts received considerable internal and foreign investment in the late 1990s and early in the first decade of the 21st century, and are environmentally sound, being located reassuringly far from chemical and other smokestack industries. Varna is also Bulgaria's only international cruise destination with 36 cruises for 2014 and a major international conference and SPA centre. Varna South Bay is also becoming a popular area for tourists
  The highest building in the city is Interhotel Cherno More at 72.2 meters.
  Real estate boomed in 2003–2008 with some of the highest prices in the country, by fall 2007 surpassing Sofia. In 2017 Varna is second in terms of construction projects.
  In retail, the city not only has the assortment of international big-box retailers, now found in larger Bulgarian cities, but boasts made-in-Varna national chains with locations spreading over the country such as retailer Piccadilly, the famous restaurant chain Happy and pharmacy chain Sanita. Mall Varna, Grand Mall and Delta Planet Mall are the three largest shopping centres in Varna, turning the city into an attractive shopping destination. The city has many of the finest eateries in the nation and abounds in ethnic food places.
  There is a plethora of Internet cafes and many places, including parks, are covered by free public wireless internet service. Varna is connected to other Black Sea cities by the submarine Black Sea Fibre Optic Cable System.
  In 2016 Varna won the vote of Darik Radio listeners and was awarded "Best city to live" and "Protector of History".
caption: Grand Hotel Hermitage, Golden Sands
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