Presented paper is intended to study dynamics of local investments in Bulgaria, by means of comparative analysis within the European Union. For this purpose the following indices have been used: local investments per capita (euro), local investments relative share respectively into the general domestic product, total public sector investments, and total municipal expenditures. The conclusion is that in spite of the positive dynamics during the last years, Bulgaria has preserved one of the most centralized models of public investments within the European Union. Relatively low share of local into consolidated public investment activity is a result of comparatively low degree of financial decentralization in the country. Important positive tendency is the increase of the local investments, financed through the revenue sources under local control. This is a precondition for enhancing local financial autonomy and improving the efficiency of municipal financial management.


Key words

local investments, financial decentralization, local financial management



Закон за държавния бюджет на Република България за фискалните години 1998-2010г.
Закон за местното самоуправление и местната администрация, Държавен вестник,бр.77/1991г.
Закон за общинските бюджети. Държавен вестник, бр.33/1998 г.
Закон за общинския дълг, Държавен вестник, бр.34/2005 г.
Министерство на финансите на Република България. Категория Бюджет/Статистика. В
Решение на МС №399/2002г. за приемане на Концепция за финансова децентрализация и Програма за реализация на Концепцията за финансова децентрализация.
Eurostat. Key Figures on Europe. Statistical Pocketbook 2008
Eurostat. Europe in Figures. Eurostat Yearbook 2008
Eurostat. Government Statistics. In
Eurostat. Taxation trends in the European Union. 2009
IMF. Data and Statistics/Government Finance Statistics. In
World Bank. Fiscal Decentralization Indicators. In


Full Text: PDF (Bulgarian)

Please publish modules in offcanvas position.