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|
|Net current transfers||122.2||1315.7||224.9||94.1||1554.6||18.2%|
|Net Errors and Omissions||104.1||105.1||394.4||114.2||434.2||313.3%|
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