Bulgaria’s Jan-April current account swings into surplus as exports surge

By bne IntelliNews June 17, 2015

Bulgaria's current account balance reported a surplus of €163.8mn in January-April, reversing a deficit of €436mn in the same period last year, mainly on the back of surging exports that helped narrow the trade gap, preliminary central bank data showed. The four-month surplus is equal to 0.4% of GDP.

The merchandise trade deficit shrank 34.1% y/y to €911.1mn in the first four months of the year as exports jumped 15% y/y to €7.19bn and imports grew 6.1% y/y to €8.1bn. The services surplus climbed 23.2% y/y to €478.3mn. At the same time, the secondary income surplus edged up 2.6% y/y to €877.9mn and the primary income deficit narrowed 5.1% y/y to €281.3mn.

In April alone, the current account gap was €99.1mn versus a shortfall of €289.1mn a year earlier.

In its latest World Economic Outlook report from April, the International Monetary Fund projected a current account surplus of 0.2% of GDP for 2015, reversing into a 0.8% deficit in 2016. The European Commission expects a surplus of 1.3% of GDP this year, edging down to 1.2% of GDP next year.

Current Account, €mn        
  2014   2015  
  Apr Jan-Apr Apr Jan-Apr
Current Account -289 -436 -99 164
- Credit 2,400 9,394 2,654 10,488
- Debit 2,689 9,830 2,753 10,324
Goods and Services -278 -995 -146 -433
- Credit 2,149 8,006 2,345 9,002
- Debit 2,427 9,001 2,492 9,435
Goods -360 -1,383 -223 -911
- Credit 1,683 6,253 1,992 7,191
- Debit 2,043 7,636 2,214 8,102
Services 82 388 76 478
- Credit 466 1,753 353 1,812
- Debit 384 1,365 277 1,333
Primary Income -137 -297 -100 -281
Secondary Income 126 855 147 878
Source: Central bank        

Related Articles

Poroshenko officially nominates Smolii for post of Ukraine central bank governor

Ukrainian President Petro Poroshenko has nominated Yakiv Smolii, the acting head of National Bank of Ukraine (NBU), as a candidate for the post of governor to replace the outgoing governor ... more

Moody’s raises Mongolia’s long-term issuer and senior unsecured ratings to ‘B3’ with stable outlooks

Moody's Investors Service on January 18 raised Mongolia's long-term issuer ratings and senior unsecured ratings from Caa1 to B3 with stable outlooks. The ... more

Azerbaijan's IBA sees assets fall 29% y/y in 2017 after debt restructuring

The assets of the International Bank of Azerbaijan (IBA), the largest lender in the country, contracted by 28.9% y/y to AZN8.7bn ($5.1bn) in 2017, the state-controlled bank reported on January 10. ... ... more

Dismiss