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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