Bulgaria's current account balance reported a surplus of €206.2mn in January-May, reversing a deficit of €472.9mn in the same period last year, mainly on the back of solid export growth that helped narrow the trade gap, preliminary central bank data showed. The five-month surplus is equal to 0.5% of GDP.
The merchandise trade deficit shrank 34.2% y/y to €1.07bn in the first five months of the year as exports rose 13.4% y/y to €9.02bn and imports increased 5.3% y/y to €10.1bn. In addition, the secondary income surplus went up 9.1% y/y to €1.02bn and the services surplus climbed 9.4% y/y to €590.8mn. On the other hand, the primary income deficit widened by 4.5% y/y to €328.8mn.
In May alone, the current account balance was a surplus of €51.3mn, compares to a deficit of €36.9mn in May 2014.
In its latest World Economic Outlook report from April, the International Monetary Fund (IMF) 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% next year.
|Current Account, €mn|
|Goods and Services||-97||-1,091||-41||-483|
|Source: Central bank|
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