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        
Read in IntelliNews Pro
Get IntelliNews Pro

Related Articles

Annual inflation Uzbekistan edges up to 8.1% in April from 8.0% in March

Inflation in Uzbekistan was in April recorded at  0.93% m/m and 8.08% y/y, according to the national ... more

Uzbekistan's 4M24 budget deficit hits $2bn, sparking fiscal concerns

The state budget deficit of Uzbekistan, amounting to Uzbekistani som (UZS) 25.6 trillion ($2.0bn) in the first four months of 2024, has surpassed expectations, raising concerns about the country's ... more

Mirziyoyev commends $74bn of foreign investment and IFI inflows as third Tashkent International Investment Forum kicks off

The foreign investment inflow into Uzbekistan has topped $60bn in recent years, President Shavkat Mirziyoyev noted as the third Tashkent International Investment Forum (TIIF-2024) got under way. ... more

Follow Us On

Most Read

  1. Shocking trial of ex-minister has shifted domestic violence attitudes in Kazakhstan, says brother
    3 days ago
  2. Cheap Russian drones overwhelm US-made Abrams tanks, taken out of action
    9 days ago
  3. The models are wrong, climate change is accelerating faster than predicted
    10 days ago
  4. COMMENT: Aliyev continues to block the chance of peace in the South Caucasus
    5 days ago
  5. Central European populism bites the hand that feeds it
    5 days ago
  1. Albanians campaign on social media to keep bus bridge created in freak accident
    2 years ago
  2. Saudi Arabia to scale back plans for Neom city
    25 days ago
  3. Iran vs Israel: Who is better equipped for war?
    21 days ago
  4. Leading emerging markets move rapidly up World Bank’s PPP GDP and FDI confidence rankings
    26 days ago
  5. Oil continues to flow to Israel via Turkey despite Erdogan’s vehement speeches on plight of Gaza
    6 months ago

Reports

Dismiss