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        

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