Bulgaria's current account surplus melts away in 2014
Bulgaria’s current account (CA) surplus narrowed by 98% to only €18.8mn in 2014 due to dropping current transfers and widening merchandise trade deficit, preliminary central bank data showed. The CA surplus is equal to just 0.04% of GDP, down from 2.1% of GDP in 2013.
The net inflow on the current transfers account decreased by 32.3% to €1.61bn last year. In addition, the merchandise trade gap rose 19.4% to €2.9bn as exports edged down 0.7% to €22.11bn, while imports grew 1.2% to €25.01bn. The annual decline in exports was driven mainly by lower sales of mineral fuels, lubricants and related materials to non-EU countries, which went down 13.3% to €2.2bn, the statistics office said earlier in February.
On the other hand, the net inflow on the services account expanded by 10.9% to €2.51bn in 2014. Also on the positive side, the net outflow on the income account narrowed 12% to €1.2bn.
The central bank’s reserve assets grew by €1.91bn in 2014, following a decrease by €599.2mn in 2013.
| Balance of payments, €mn | ||
| 2013 | 2014 | |
| A. Current Account | 848 | 19 |
| Balance on Goods | -2,430 | -2,902 |
| - Exports | 22,271 | 22,106 |
| - Imports | -24,701 | -25,009 |
| Balance on Services | 2,263 | 2,511 |
| Balance on Income | -1,368 | -1,203 |
| Current transfers, net | 2,383 | 1,614 |
| B. Capital Account | 468 | 1,012 |
| C. Financial Account, incl.: | -1,476 | 1,955 |
| Direct investment, net | 1,094 | 996 |
| D. Net Errors and Omissions | -439 | -1,076 |
| OVERALL BALANCE | -599 | 1,909 |
| Source: Central bank |
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