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 |
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