Bulgaria's current account surplus widened to €1.36bn in January-September from €1.03bn in the same period of 2014, preliminary central bank data showed. The improvement was driven by a lower merchandise trade deficit and a higher secondary income surplus. The nine-month current account surplus is equal to 3.2% of GDP.
The merchandise trade gap narrowed by 41% y/y to €1.19bn as exports increased 7.5% y/y to €16.67bn and imports edged up 1.9% y/y to €17.86bn. Data released last week showed that the sharp drop in global oil prices contributed significantly to the slowdown in imports growth.
The secondary income surplus climbed 7.4% y/y to €1.47bn in January-September. On the other hand, the primary income deficit widened by 60.5% y/y to €1.08bn, and the services surplus narrowed 8.1% y/y to €2.16bn.
In September alone, the current account surplus was €182.7mn, up from €80.9mn in September 2014, as improvements in the goods and secondary income balances have more than offset a smaller services surplus and a wider primary income deficit.
|Current account, €mn|
|Goods and Services||50||330||176||968|
|Source: Central bank|
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