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

Hungarian retail investors continue to pile into domestic government bonds

The stock of government bonds held by households rose by HUF154bn (€500mn) September to an all-time high of HUF6.5 trillion, Hungary’s Government Debt Management Agency (AKK) said on October 16. ... more

Ukrainian central bank bans Russian banknotes, coins depicting occupied territories

The National Bank of Ukraine (NBU) has forbidden local banks and the country's financial institutions to perform any cash transactions using the new banknotes and coins issued by the Russian central ... more

Erdogan says he plans talks with lenders on cutting Turkish interest rates

Turkey's President Recep Tayyip Erdogan said on October 13 that he plans to hold talks with both public and private lenders on how to lower interest rates. He did not say, however, when those ... more

Dismiss