Bulgarian companies are among the least indebted in the European Union, according to the latest Eurostat data for the end of 2025. Corporate debt among non-financial enterprises in Bulgaria stands at 45% of gross domestic product, significantly below the EU average of 70.1% and the euro area average of 71.6%.
Based on this indicator, Bulgaria ranks 20th among the 27 EU member states, placing it among the eight countries with the lowest levels of corporate indebtedness. Only seven countries report lower business debt, with Romania recording the lowest level, followed by Croatia, which is slightly ahead of Bulgaria.
The figures show that Bulgarian companies depend considerably less on bank lending and bond financing compared with the average European business sector. The indicator measures the liabilities of non-financial corporations to banks and through issued debt securities, while excluding financial institutions and loans exchanged between companies within the same country.
Bulgaria also remains well below the level considered by the European Commission as a possible warning sign for excessive corporate debt. Under the EU’s Macroeconomic Imbalance Procedure, a corporate debt level above 85% of GDP is used as a benchmark for potential risks.
