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|
|A. Current Account||848||19|
|Balance on Goods||-2,430||-2,902|
|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|
|Source: Central bank|
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