The province in currently second only to Sofia in foreign direct investment; its GDP per capita is higher and its unemployment is the lowest in the country. Per capita income is fifth highest in the nation (2007). The economy is service-oriented; it is responsible for over 30% ot the nation's total revenue in tourism (2004). (See also the list of coastal resorts, beaches and locales below.)
It is also an important communications and transportation hub with the Port of Varna on the Black Sea and inland waterways, the International Airport of Varna, the Varna railway ferry terminal, parts of several railway lines (including the oldest one in Bulgaria, Rousse-Varna, opened 1866) and junctions (Sindel, Razdelna, Komunari), and portions of two of the nation's motorways (Haemus and Cherno More). Varna is the easternmost destination of Pan-European transport corridor 8 and is closely connected to corridors 7 and 9 via Rousse.
In June 2007, Eni and Gazprom disclosed the South Stream project whereby a 900 km-long offshore natural gas pipeline from Russia's Dzhubga with annual capacity of 30 billion cubic meters is planned to come ashore possibly at Pasha dere, near the Galata offshore gas field, en route to Italy and Austria.
Manufacturing is concentrated mostly in the Varna-Devnya Industrial Complex and Provadiya. Agriculture (notably wheat, fruit, wineries) and forestry are also of economic significance. The province is a major education and international culture centre with five universities, several other higher learning and research institutions, numerous museums, performing arts institutions, and hosted international events.
Real estate has been booming over the last few years not only in Varna but in rural villages both near the coast and inland. "English villages" of Britons settling in Bulgaria emerged in the rural countryside at Avren, Banovo (municipality of Suvorovo), and General Kantardzhievo (municipality of Aksakovo), among others.
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