Bulgaria's current account recorded a surplus of EUR 373mn in Jan-Jul 2013 as compared to a EUR 646mn deficit for the same period of 2012, on the back of shrinking merchandise trade gap - down 37.7% y/y to EUR 1.46bn, preliminary central bank data showed. The balance of services posted a surplus of EUR 1.1bn, which was, however, 10% smaller than a year earlier. Tourism revenue during the first seven months of the year rose 3% y/y to EUR 1.6bn , while spending on tourist services abroad climbed 13.5% y/y to EUR 636mn. Thus, the Jan-Jul's net tourism revenue fell 2.7% y/y to EUR 990mn.
The income balance registered a deficit of EUR 826mn, down 2.2% y/y. The surplus on net current transfers increased by 18.2% y/y to EUR 1.55bn, mainly due to EU funds drawing. Remittances of Bulgarians living abroad inched up 0.7% y/y to EUR 492mn in Jan-Jul.
The surplus on the capital account declined 24% y/y to EUR 134mn and the financial account registered a deficit of EUR 1.2bn, following a surplus of EUR 1.8bn a year ago. Net FDI dropped 30% y/y to EUR 748mn, as result of lower investment inflows in the country (down 33% y/y to EUR 802.5mn). Net portfolio investments posted a deficit of EUR 956.8mn versus EUR 582mn surplus a year earlier.
As a result, Bulgaria's balance of payments posted a gap of EUR 267.4mn in Jan-Jul 2013 versus a EUR 1.4bn surplus in the same period of 2012.
| Bulgaria, BoP | 2012 | 2013 | Change y/y | ||||
| EUR mn | July | Jan-July | Jan-Dec | July | Jan-July | ||
| Current Account | 278.7 | -645.9 | -354.4 | 245.8 | 372.8 | / | |
| Goods balance | -249.6 | -2346.2 | -333.5 | -226.1 | -1462.8 | -37.7% | |
| Services balance | 608.0 | 1229.0 | 39.4 | 581.9 | 1106.6 | -10.0% | |
| Income balance | -201.9 | -844.4 | -285.1 | -204.0 | -825.7 | -2.2% | |
| Net current transfers | 122.2 | 1315.7 | 224.9 | 94.1 | 1554.6 | 18.2% | |
| Capital Account | 120.6 | 176.2 | 220.2 | 60.9 | 134.3 | -23.7% | |
| Financial Account | 482.1 | 1813.6 | 296.2 | -170.5 | -1208.7 | / | |
| Net FDI | 65.1 | 1071.3 | -250.4 | 104.8 | 748.1 | -30.2% | |
| Net Errors and Omissions | 104.1 | 105.1 | 394.4 | 114.2 | 434.2 | 313.3% | |
| OVERALL BALANCE | 985.5 | 1448.9 | 556.4 | 250.4 | -267.4 | / | |
| Source: BNB | |||||||
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