Bulgaria’s current account surplus widens 32% y/y in Jan-Sept

By bne IntelliNews November 16, 2015

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        
  2014   2015  
  Sep Jan-Sep Sep Jan-Sep
Current Account 81 1,029 183 1,361
- Credit 2,788 23,480 2,652 24,636
- Debit 2,707 22,451 2,469 23,275
Goods and Services 50 330 176 968
- Credit 2,615 20,952 2,439 21,930
- Debit 2,565 20,621 2,263 20,962
Goods -261 -2,020 -72 -1,192
- Credit 1,922 15,503 1,935 16,666
- Debit 2,183 17,523 2,007 17,858
Services 311 2,351 248 2,160
- Credit 693 5,449 504 5,263
- Debit 382 3,098 256 3,104
Primary Income -34 -672 -89 -1,078
Secondary Income 65 1,370 96 1,471
Source: Central bank        

Related Articles

Turkish lira’s chronic weakness credit negative for Turkey’s sovereign rating says Moody’s

The chronic weakness of the Turkish lira (TRY) is credit negative for Turkey’s sovereign debt rating and poses ... more

S&P raises Poland’s outlook to positive on rosy prospects of economy in 2018

Standard and Poor’s raised its outlook for Poland from stable to positive on April 13, while maintaining the country’s rating at BBB+.  The raising of the outlook is based on ... more

Iran 'readying move to switch all foreign transactions from dollars to euros'

Central Bank of Iran (CBI) governor Valiollah Seif has said the cabinet is planning to push ahead with proposals to replace the dollar with the euro for all transactions conducted with foreign ... more

Dismiss