Bulgaria's current account posts EUR 373mn surplus in Jan-Jul 2013

By bne IntelliNews September 16, 2013

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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