Bulgaria’s current account deficit halves y/y in January-February

By bne IntelliNews April 20, 2015

Bulgaria's current account deficit narrowed by 49.6% y/y to €239.7mn in January-February, preliminary central bank data showed. The two-month gap is equal to 0.6% of GDP.

As of April, the central bank started the regular dissemination of monthly balance of payments data compiled in accordance with the Sixth Edition of the Balance of Payments and International Investment Position Manual. The data showed that the improvement in the current account balance was driven by the goods and secondary income accounts. The merchandise trade deficit narrowed by 33.6% y/y to €454.4mn in January-February as exports grew 11.6% y/y to €3.37bn and imports increased 3.3% y/y to €3.83bn. The secondary income balance was €104.2mn, up 25.8% y/y.

On the other hand, the deficit on the primary income account widened 13.2% y/y to €119.5mn and the surplus on the services account edged down 0.6% y/y to €229.9mn.

In February alone, the current account deficit increased by 17.2% y/y to €161mn.

Current account, €mn        
  2014   2015  
  Feb  Jan-Feb Feb  Jan-Feb
CURRENT ACCOUNT -137 -476 -161 -240
Goods and Services  -143 -453 -187 -224
- Credit 1,985 3,896 2,053 4,115
- Debit 2,128 4,350 2,240 4,340
Goods -266 -685 -270 -454
- Credit 1,551 3,023 1,744 3,375
- Debit 1,817 3,708 2,014 3,829
Services 123 231 83 230
- Credit 434 873 310 741
- Credit 311 642 227 511
Primary Income -47 -106 -44 -119
Secondary Income 52 83 70 104
Source: Central bank        

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