Bulgaria's current account deficit narrowed 25% y/y to EUR 421mn in Q1 2013 on the back of strong exports, preliminary data released by the central bank showed.
The merchandise trade gap shrank 49% y/y to EUR 478mn in the first three months of the year as exports climbed 12.9% to EUR 5.2bn, while imports climbed only 2.4% to EUR 5.7bn.
The surplus of the services' balance fell 19% y/y to EUR 73mn but will most likely improve in the next quarter in light of the summer tourism season. In that context, revenue from foreign tourists edged up 6% y/y to EUR 317mn in Q1.
The deficit on the income balance contracted 33% y/y to EUR 211mn. Net current transfers posted a EUR 195mn surplus, down from EUR 602mn in Jan-Mar 2012, attributed to the lower remittances flow since the start of the year.
The financial account deteriorated substantially in Q1, netting a EUR 1bn deficit compared to a EUR 29mn surplus a year earlier. This can be associated with the falling net FDI (down 57% y/y) and the repayment of a Eurobond issue in January. In addition, the net portfolio investment deficit increased by 46%.
As a result, the balance of payments's gap widened to EUR 1bn in the first quarter of 2013 from just EUR 176mn a year earlier.
| Bulgaria, BoP (EUR mn) | 2012 Q1 | 2013 Q1 | Change y/y | |
| Current Account | 562 | 421 | -25% | |
| Goods balance | -942 | -478 | -49% | |
| Services balance | 90 | 73 | -19% | |
| Income balance | -312 | -211 | -33% | |
| Net current transfers | 602 | 195 | -68% | |
| Capital Account | 11 | -9.5 | / | |
| Financial Account | 29 | -1014 | / | |
| Net FDI | 641 | 274 | -57% | |
| Net errors and omissions | 346 | 399 | 15% | |
| OVERALL BALANCE | -176 | -1045 | 495% | |
| Source: Bulgarian central bank | ||||
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