Bulgaria’s current account surplus widens 32% y/y in Jan-Sept

By bne IntelliNews November 16, 2015

Bulgaria's current account surplus widened to €1.36bn in January-September from €1.03bn in the same period of 2014, preliminary central bank data showed. The improvement was driven by a lower merchandise trade deficit and a higher secondary income surplus. The nine-month current account surplus is equal to 3.2% of GDP.

The merchandise trade gap narrowed by 41% y/y to €1.19bn as exports increased 7.5% y/y to €16.67bn and imports edged up 1.9% y/y to €17.86bn. Data released last week showed that the sharp drop in global oil prices contributed significantly to the slowdown in imports growth.

The secondary income surplus climbed 7.4% y/y to €1.47bn in January-September. On the other hand, the primary income deficit widened by 60.5% y/y to €1.08bn, and the services surplus narrowed 8.1% y/y to €2.16bn.

In September alone, the current account surplus was €182.7mn, up from €80.9mn in September 2014, as improvements in the goods and secondary income balances have more than offset a smaller services surplus and a wider primary income deficit.

Current account, €mn        
  2014   2015  
  Sep Jan-Sep Sep Jan-Sep
Current Account 81 1,029 183 1,361
- Credit 2,788 23,480 2,652 24,636
- Debit 2,707 22,451 2,469 23,275
Goods and Services 50 330 176 968
- Credit 2,615 20,952 2,439 21,930
- Debit 2,565 20,621 2,263 20,962
Goods -261 -2,020 -72 -1,192
- Credit 1,922 15,503 1,935 16,666
- Debit 2,183 17,523 2,007 17,858
Services 311 2,351 248 2,160
- Credit 693 5,449 504 5,263
- Debit 382 3,098 256 3,104
Primary Income -34 -672 -89 -1,078
Secondary Income 65 1,370 96 1,471
Source: Central bank        
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