natgillin/translations-raw huggingface dataset:
Efter et første prishop lige efter liberaliseringen stabiliseredes inflationen til et månedligt niveau på mellem 4 og 6 procent fra 1991 til 1994.
After the initial price jump following liberalisation, inflation stabilised at a monthly rate of between 4 to 6 % from 1991 to 1994.
Mønstret blev brudt, da inflationen midlertidigt tiltog efter et hurtigt kursfald i foråret 1994.
This pattern was disrupted by a temporary acceleration following the rapid exchange rate
Vækst i realt BNP Forbrugerprisinflation — årligt gennemsnit — december-december Arbejdsløshed, ultimo året
Real GDP growth rate Inflation rate
Tilstrømning af udenlandske direkte investeringer
Source: Commission services, national sources, EBRD, IMF.
Nogle analyser anslår, at disse lande tegnede sig for mere end fire femtedele af samhandelen, og så meget som 60 % af den samlede udenrigshandel foregik med Sovjetunionen.
According to some estimates over four-fifths of trade was with these countries, and as much as 60 % of total trade took place with the Soviet Union.
Ydermere udgjordes størsteparten af Bulgariens eksport til Comecon-landene af investeringsgoder, som der ikke var stor efter spørgsel efter i de indledende faser af recessionen i overgangsøkonomierne.
More over, the majority of Bulgaria's exports to CMEA countries were investment goods, which were not in demand in the initial stages of the recession in transition countries.
Comecons sammenbrud ramte derfor Bulgarien særligt hårdt og faldt sammen med virkningerne af Bulgariens unilaterale erklæring om stop af betaling af renter og afdrag i 1990.
The collapse of the CMEA hit Bulgaria particularly hard, therefore, and was compounded with the impact of Bulgaria's unilateral moratorium on debt service declared in 1990.
Sidstnævnte afskar Bulgarien fra adgang til kortfristet handelskredit.
The latter measure left Bulgaria without access to short-term trade credits.
De samlede følger blev et skarpt fald i handelsstrømmene med ca. 50 %.
The aggregate consequence was a steep fall in trade flows, of the order of 50%.
ligt i perioden fra 1990 til 1993 androg godt 10 % af BNP, før de faldt til ca. 6 % i 1994 og 1995.
government revenues and expenditures to GDP, and the persistence of large budget deficits, which averaged well over 10 % of GDP from 1990 to 1993, before falling to around 6 % in 1994 and 1995.
Rentebetalinger på såvel udenlandsk som indenlandsk gæld dræner i udpræget grad de offentlige finanser. I 1996 beløb rentebetalingerne sig til mere end 20 % af BNP.
Interest payments on both foreign and domestic debt are a major drain on the public finances: in 1996, interest payments amounted to over 20 % of GDP.
Finansunderskuddet kunne kun holdes på ca. 10 % af BNP i 1996 takket være hårde udgiftsnedskæringer. F.eks. blev hverken pensioner eller offentlige lønninger justeret i årets sidste kvartal på et tidspunkt, hvor priserne steg mere end 60 %.
The budget deficit could only be held at around 10 % of GDP in 1996 by severe cut backs in spending: for example, pensions and public service wages were not adjusted in the final quarter of the year, during which time prices rose by more than 60 %.
Vedtagelsen af budgettet for 1997 blev forsinket indtil midten af året på grund af politisk krise og valg i årets første måneder samt behovet for at sikre sammenhæng mel lem budgettet og det nye »currency board«arrangement.
The adoption of the budget for 1997 was delayed until mid year, due to the political crisis and elections in the first months of the year, and the need to ensure consistency between the budget and the operation of the currency board arrangement.
1997-budgettet forudser et underskud på 6,2 % af BNP.
The 1997 budget foresees a deficit of 6,2% of GDP.
Mangel på reserver i fremmed valuta havde allerede tvunget Bulgarien til at bede om hen stand med tilbagebetaling af renter og afdrag på udlandsgælden i 1990.
A lack of foreign currency reserves had already obliged Bulgaria to declare a moratorium on its foreign debt service in 1990.
En gældssaneringsaftale (DDSR) i 1994 med London-klubben bestående af private kreditorer nedbragte gældsbyrden betydeligt, men Bulgarien var dog fortsat et gældstynget land. Gældskvoten var ved udgangen af 1995 ca. 80 %.
Agreement with the London club of private creditors on a debt and debt service reduction (DDSR) in 1994, while substantially reducing the burden of foreign debt, nonetheless left Bulgaria a quite heavily indebted country: the ratio of external debt to GDP was about 80 % at the end of 1995.
Den skrantende bulgarske økonomi i 1996 bragte på ny gældskvoten op på 100%.
The shrinkage of the Bulgarian economy in 1996 brought this ratio to 100% again.
Af statistiske årsager er det vanskeligt at vurdere forandringerne i varesammensætningen, som dog synes at have været dramatiske.
Changes in the commodity composition of trade are difficult to assess for statistical reasons, but also appear to have been dramatic.
Re lativt er maskineksporten faldet betydeligt, hvorimod kemikalier og metaller i 1995 tegnede sig for knap 40 % af eksporten mod kun 30 % i 1992.
Machinery exports have fallen substantially in relative terms, while chemicals and base met als accounted for close to 40 % of exports in 1995, compared with no more than 30 % in 1992.
Den øgede eksport af disse produkter skyldtes midlertidige faktorer, som f.eks. det store kursfald i foråret 1994 sammenholdt med den fortsatte adgang til subsidieret energi.
Much of the expansion in exports of these products was due to temporary factors, such as the large exchange rate depreciation of spring 1994 allied with continued access to subsidised energy.
Energiprisernes stigning til verdensmarkedsniveauet midt i 1996 fjernede denne kunstige og uholdbare fordel.
The raising of energy prices to world levels in mid-1996 removed this artificial and unsustainable advantage.
På trods af den øgede priskonkurrenceevne for bulgarsk eksport i 1996 forårsaget af det store kursfald, er eksportmængderne faldet kraftigt, måske med så meget som 10-15 %.
Despite the boost to price competitiveness given to Bulgarian exports in 1996 by the sharp exchange rate depreciation, export volumes have fallen sharply, perhaps by as much as 10-15 %.
En faktor, der bidrager hertil, er den afbrydelse af den økonomiske aktivitet forårsaget af banksystemets sammenbrud, som er nærmere beskrevet nedenfor.
A contributing factor to this fall is the disruption to economic activity caused by the collapse of the banking system, which is discussed in more detail in section 6.5 below.
Betaling af renter og afdrag på gælden vil på mellemlang sigt fortsat være et stort problem for Bulgarien, også selv om øgede udenlandske direkte investeringer i de første måneder af 1997 fortsætter i de kommende år.
Debt service will remain a significant difficulty for Bulgaria in the medium-term, even if the pick-up in FDI inflows in the early months of 1997 continues over the coming years.
Udenrigshandelen
Structural Change
Der er sket et omfattende skift i Bulgariens samhandel.
There has been a remarkable change in the direction of Bulgaria's trade.
Samhandelen med EU tegnede sig i 1990 for så lidt som 5 % af eksporten og under 10% af importen.
Trade with the EU accounted for as little as 5 % of exports, and under 10% of imports in 1990. By 1996,
Størsteparten af Bulgariens samhandel har fra starten af reformprocessen været med Come-
A feature of the decline in unemployment which occurred in Bulgaria in 1994 and 1995 was that those leaving the register were in general those who were younger and more skilled.
Den fornyede iværksættelse i 1997 af de strukturelle reformer vil skabe et betydeligt pres for en aktiv arbejdsmarkedspolitik.
On the one hand, this was encouraging, in that it suggests that new jobs were be ing created in the economy.
Der bliver behov for en omfattende omskolings-
On the other hand, it points to the presence among those who remain unemployed of a large group of
indsats for dem, der mister deres job. ellers vil mangel på velkvalificeret arbejdskraft kunne gå hen og blive en hindring for økonomisk vækst.
older, less skilled or unskilled workers who can be expected to face increasing difficulties in finding employment the longer they remain unemployed.
De offentlige finanser
in Bulgaria.
Den langsomme privatisering skyldes delvis en overdreven opsplitning af ansvarsområderne mellem regeringen, fagministre, lokale myndigheder, privatiseringsinstitutionen og centret for masseprivatisering samt delvis manglende politisk vilje.
In the absence of appropriate in centives for state enterprise managers, there was widespread decapitalisation, or 'profits privatisation' of state enterprises. This is part of the reason why creditors have been unwilling to initiate bankruptcy proceedings: many state enterprises are likely to have very little value in liquidation.
Masseprivatiseringsordningen, der blev iværksat i oktober 1996. vil eventuelt kunne ændre holdningerne til fordel for markedsreformer.
From a creditor's per spective, it has been more worthwhile to keep the enterprise afloat, in the hope that the state would assume responsibility for the enter prise's debts.
En mulig svaghed ved ordningen er, at staten bibeholder en blokerende minoritetspost i de fleste af de virksomheder, der skal sælges.
The relaunch of structural reforms in 1997 will place considerable pressure on active la bour market policies.
I stærk modsætning til tidligere år har den nuværende re gering til hensigt at privatisere alle handelsvirksomheder og halvdelen af de offentlige forsyningsvirksomheder i løbet af første halvdel af dens mandat.
A substantial retraining effort will be needed for those who lose their jobs, or lack of suitably qualified labour could become an obstacle to economic growth. Moreover, the effective exclusion of significant segments of society from the benefits of higher wages and living standards could result in economic and social instability.
De offentlige indtægter og udgifters andel af BNP er skrumpet betydeligt ind i de seneste år.
The share of government revenues and expenditures in GDP has shrunk considerably in recent years.
Indtægterne faldt fra 53 % af BNP i 1990 til mindre end 35 % af BNP i 1996. Udgifterne faldt fra 65,7 % af BNP i 1990 til under 50 % i 1996, hvoraf to femtedele bestod af rentebetalinger.
Revenues fell from 53 % of GDP in 1990 to less than 35 % of GDP in 1996; expenditures declined from 65,7 % of GDP in 1990 to under 50 % in 1996, of which twofifths was made up of interest payments.
Primærbalancen - dvs. før rentebetalinger—har udvist store overskud siden 1994.
The primary balance of the budget — i.e., excluding interest payments — has recorded large surpluses since 1994.
Inden for en række sektorer i økonomien er der opstået et stort antal mindre private virksomheder.
In a radical departure from previous years, the current Government has pledged to privatise all commercial enterprises and half of the utilities during the first half of its term in office.
Erhverv som byggeri og detailhandel består nu hovedsagelig af mindre private virksomheder.
In some sectors of the economy, a large number of small private enterprises has developed.
Den private sektors udvikling er imidlertid blevet kvalt som følge af situationen for den statslige virksomhedssektor og finanssektoren samt af statens behov for lån til finansiering af budgetunderskuddet.
Branches such as construction and retail trade are now mainly comprised of small private firms. The development of the private sector has been stifled, however, by the situation in the state enterprise and financial sec tor, and by the state's need for loans to finance the budget deficit.
Dette sammenfald af omstændigheder har både be grænset lånefinansiering til private selskaber og bibeholdt renten på et urimeligt højt ni veau.
This combination of circumstances has both limited the amount of funds available for lending to private companies, and has kept interest rates unaffordably high.
Først i 1996 blev der gjort et alvorligt forsøg på at takle vanskelighederne som følge af de statslige virksomheders fortsal store underskud. Bestræbelserne begynder nu at give tydelige resultater.
It was not until 1996 that a serious at tempt was made to tackle the problems caused by the continued existence of large loss making state enterprises: these efforts have begun to produce clear results.
Faldet i indtægterne og udgifternes andel af BNP blev ledsaget af en betydelig omlægning af såvel skatter som udgiftsposter.
The drop in the share of GDP accounted for by government revenue and expenditure has been accompanied by substantial restructuring in the make-up of taxes and spending.
Skat på udbytte og ikke-skattemæssige indtægter er faldet relativt, hvorimod indirekte skatter (moms blev indført i 1994) er blevet en betydelig indtægtskilde.
Profit taxes and non-tax revenues have declined in relative importance, while indirect taxation (VAT took effect in 1994) has become a more significant source of revenue.
På udgiftssiden er der foretaget store besparelser inden for anlægsinvesteringer samt drifts- og vedligeholdelsesudgifter.
On the expenditure side, there have been severe cuts in capital investment, and in maintenance and operating expenditure.
Sociale overførselsudgifter og rente betalinger udgjorde indtil 1995 ca. 25-30% af de offentlige udgifter, skønt de altid blev holdt nogenlunde konstante i forhold til BNP.
Social transfers and interest payments, although they have remained approximately constant as a proportion of GDP, each accounted for approximately 25-30 % of public expenditure up to 1995.
Den langsomme gennemførelse af de strukturelle reformer annonceret allerede midt i 1996 synes delvis at skyldes manglende ressourcer i den offentlige forvaltning, hvortil kommer manglende stærk politisk opbakning for de økonomiske reformer.
The slow pace of implementation of the structural reform measures announced in mid-1996 appears in part to be due to inadequate resources in pub lic administration, compounded by an absence of a strong political commitment to economic reform.
Investeringerne er faldet til meget lave niveau er. Faste investeringer tegnede sig for under 15 % af BNP i 1996.
Investment has fallen to very low levels: fixed investment accounted for under 15 % of GDP in 1996.
Faldet kan tilskrives flere faktorer: langsom privatisering, sammenholdt med manglende incitamenter for virksomhedslederne til at drive virksomhederne effektivt, manglende udlånspraksis i banksystemet, manglende finansiering til private investeringer, nedskæring af offentlige anlægsinvesteringer og usikkerhed om den økonomiske politik. En vellykket gennemførelse af den nye regerings program skulle kunne fjerne eller reducere de fleste af disse hindringer.
This fall can be ascribed to several factors: slow privatisation, coupled with a lack of incentives for managers to run state enterprises efficiently, poor lending practices in the banking system, a lack of funds for private investment, cutbacks in public invest-
hedssektoren.
were frozen and their operations suspended.
Uforsigtig långivning, dårlig debitorovervågning og fravær af »krav om stærk budgettilbageholdenhed« — tanken om, at gæld skal tilbagebetales - har ført til stigende tab i disse sektorer, hvilket har afsporet den makroøkonomiske stabilisering.
The problems of the financial sector in Bulgaria are connected with the situation of the enterprise sector. Imprudent lending, poor supervision, and an absence of 'hard budget constraints' - the idea that debts have to be repaid — resulted in mounting losses in these sectors, which derailed progress towards macroeconomic stabilisation.
Tabsgivende statslige virksomheders bankgældsportefølje blev sídst i 1995 anslået til ca. 20% af BNP.
The stock of debt owed to banks by loss-making stateowned enterprises was estimated in late 1995 to be of the order of 20 % of GDP.
Virksomheder var ude af stand til at låne finansiering af importerede råvarer, der skulle medgå til produktionen af eksportvarer.
Firms were unable to borrow to finance imports of raw material inputs for export goods.
Den manglende evne til at importere forklarer en stor del af Bulgariens eksportfald i 1996.
This inability to purchase imports explains a large part of the fall in Bulgaria's exports in 1996.
Det efterfølgende fald i indtægter og produktion bidrog til den dybe økonomiske recession.
The resultant fall in income and output was a contributing factor to the deep economic recession. sion.
Meget høj inflation i 1996 og de første måneder af 1997 forårsagede en uhyre stor velstandsomfordeling fra kreditorer til debitorer.
Very high inflation in 1996 and the first months of 1997 caused a huge redistribution of wealth from creditors to debtors.
Den faktiske værdi af virksomhedsgælden og bankernes misligholdte lån blev dermed ned bragt betydeligt.
The real value of enterprise debts and non-performing loans held by banks was greatly reduced.
På linje med de fleste andre overgangsøkonomier indbefattede arven fra planøkonomien i Bulgarien en stor byrde af misligholdte lån og manglende erfaringer med vurdering af lån tagernes kreditværdighed.
In common with most of the countries in transition, the inheritance of central planning in Bulgaria included a burden of non-performing loans, and an absence of experience in assessing creditworthiness of borrowers.
Disse vanskeligheder forværredes af den langsomme gennem førelse af de strukturelle reformer samt uhensigtsmæssig og kun delvis gennemførelse af tidligere reformforsøg. Tidligere rekapitaliseringer af bankerne blev ikke fulgt op med foranstaltninger, som kunne forebygge nye dårlige lån.
These difficulties were exacerbated by the slow pace of structural reform, and the inadequate and partial implementation of the re forms that have been attempted.
Centralbanken blev uafhængig ved lov i 1991, men efterfølgende ændringer af loven har i nogen grad undermineret denne uafhængig hed.
The independence of the BNB was established by law in 1991, but subsequent amend ments to the legislation somewhat under mined this independence.
Sent i 1996 og igen i 1997 forpligtedes centralbanken lovgivningsmæssigt til at yde store lån til statsbudgettet.
In late 1996, and again in 1997, it was legally obliged to provide large loans to the budget.
Herved skabtes en hurtig inflationsstigning.
This contributed to the surge in inflation.
Dette skabte forventninger om, at staten i sidste ende ville kautionere for insolvente banker og selskaber — forventninger, som spredtes til den private sektor.
This created an expectation that the state would ultimately bail out insolvent banks and firms - which spread to the private sector.
Det lempelige banktilsyn og svagheder i lovgivningen har bidraget til fremkomsten af problemer med dårlige lån også i den private bank- og virksomhedssektor.
Weaknesses in banking supervision and in legislation have contributed to the emergence of a private sector banking and enterprise 'bad loans' problem also.
Forud for »currency board«-arrangementet havde centralbanken det normale udvalg af pengepolitiske instrumenter til sin rådighed.
Prior to the introduction of the currency board arrangement, the BNB had the normal range of monetary policy instruments at its disposal.
Den pengepolitiske effektivitet blev imidlertid hindret af laksistisk finanspolitik, svagheder i banksystemet og forsinkelser med de strukturelle reformer i almindelighed.
However, the effectiveness of monetary policy was hampered by lax fiscal policy, the weakness of the banking system, and delays in structural reform in general.
Centralbanken har under det nugældende »currency board«-arrangement, som blev indført den 1. juli, et alvorligt indskrænket pengepolitisk manøvrerum, da den skal sikre, at den nationale pengemængde fuldstændigt tilsvares af egne beholdninger af fremmed valuta. »Currency board«-arrangementet vil, hvis vellykket, blive et nøgleinstrument til genoprettelse af økonomisk stabilitet.
Under the currency board arrangement introduced on 1 July the BNB's scope for conducting discretionary monetary policy is severely restricted, since it is required to ensure that the amount of do mestic currency in circulation is fully backed by its own holdings of foreign reserves. Successful operation of the currency board will be a key instrument in restoring economic stability.
Den bulgarske centralbank har, samtidigt med at den har opretholdt et højt renteniveau til støtte for valutakursen, udvist en tolererende holdning over for denne praksis.
The Bulgarian National Bank (BNB), the central bank, while keeping interest rates high in support of the exchange rate, adopted a broadly accommodating attitude to these practices.
Huller i de forskriftsmæssige rammer, ineffektivt banktilsyn og måske en vis vægring ved alene at sæt te ind, når der ikke er truffet strukturelle for anstaltninger for andre dele af økonomien, har bidraget til, at centralbanken har indledt en overdreven långivning uden sikkerhed til kommercielle banker for at undgå deres konkurs.
Gaps in the regulatory framework, ineffective banking supervision, and perhaps a certain reluctance to act in isolation of structural measures in other parts of the economy, contributed to the central bank engaging in excessive uncollateralised lending to commercial banks to prevent their collapse.
Dette bidrog til de begyndende valutauroligheder tidligt i 1996.
This contributed to the onset of the exchange rate instability in early 1996.
Da centralbanken derefter fastfrøs lån uden sikkerhed, kom bank- og virksomhedssektorernes svage til stand snart tydeligt til udtryk.
When the BNB then froze uncollateralised credit, the weak state of the banking and enterprise sectors quickly became apparent.
Flere bankers aktiver blev indefrosset og transaktionerne suspenderet.
The assets of several banks
Kapitalmarkederne er underudviklede. Aktiemarkedet er i sin vorden og kan ikke betragtes som en alternativ finansieringskilde for virksomhedssektoren.
Capital markets are underdeveloped.
De statsejede forsikringsselskaber dominerer markedet, selv om der er opstået en del private selskaber.
Stateowned insurance companies have a dominant share
byerne end på landet, så en meget større andel af bybefolkningen er beskæftiget.
Activity has de clined as a result of the current problems of the banking system.
Den økonomiske og sociale udvikling
Economic and Social Development
Uddannelsesniveauet er også væsentligt højere i byerne. Næsten tre fjerdedele af den voksne landbefolkning har ingen uddannelse ud over primærtrinnet.
Standards of education are also substantially higher in towns and cities: almost three-quarters of the rural adult population have no education beyond primary level.
Det tilsvarende tal for bybefolkningen er ca. 35 %.
The equivalent figure for urban dwellers is about 35 %.
Kvinderne synes en anelse mindre uddannet og mindre arbejdsmarkedsaktive end mændene, men forskellene er ikke store.
Women tend to have less formal education, and have lower rates of labour force participa tion than men, but the differences are not substantial. stantial.
Befolkningen er faldet en smule i de seneste år.
In recent years, the population has de clined a little.
Fødselshyppigheden er under 9 promille og for nedadgående, hvorimod dødeligheden er steget til over 13 promille.
The birth rate is below 9 per thousand, and falling, while the death rate has risen to over 13 per thousand.
Om kring en femtedel af befolkningen er under 15 år, og omkring 15 % er over 65 år. Dette lisner på manse måder befolkningsstrukturen i EU.
About one-fifth of the population is aged under 15, while about 15 % are aged 65 or over.
Ca. halvdelen af befolkningen har gennemført undervisning på sekundærtrinnet. Gennem snitligt har hver voksen modtaget undervisning i 910 år.
Approximately half of the population has completed secondary education; the average adult has spent 910 years in formal education.
Som følge af den økonomiske krise er sundhedssystemet i store finansielle vanskeligheder, hvorfor der er mangel på medicin og medicinsk udstyr.
As a result of the economic crisis, the health system is facing severe financial problems, leading to a shortage of medicines and medical instruments.