Bulgaria’s current account surplus narrowed 69% y/y to €371.1mn in the first 11 months of 2014 largely because of the expanding foreign trade gap, preliminary central bank data showed. The surplus equalled 0.9% of the full-year GDP projection, compared to 2.9% a year earlier.
The drop in exports to non-EU countries, coupled with a small increase in total imports, contributed to a widening of the merchandise trade deficit by 20.3% y/y to €2.5bn. In addition, the net current transfers surplus contracted 32% y/y to €1.5bn.
On the other hand, the net income deficit shrank 7.4% y/y to €1.1bn, while the services surplus increased 10.1% y/y to €2.5bn due to a rise in net transport revenue that offset falling net tourism income and shrinking revenue from other services.
The capital account surplus increased 84.5% y/y to €821mn. Meanwhile, the financial account recorded a surplus of €1.4bn, compared to a deficit of €2bn a year ago, due to the surge in foreign ownership of local debt after the €1.5bn Eurobond the government issued in June.
|Balance of payments, € bn||Jan-Nov 2013||Jan-Nov 2014||Change y/y|
|Current transfers, net||2.3||1.5||-32.0%|
|FDI in Bulgaria||1.5||1.2||-20.8%|
|*A negative sign indicates an increase in international reserves.|
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