Bulgariа's current account deficit amounted to EUR 439.7 million (1.2% of GDP) in January 2009, against a deficit of EUR 806.8 million (2.4% of GDP) for the same period in 2008, which represents a decline of 45.5%, data of the Bulgarian National Bank (BNB) show. The main factor for the current account deficit decrease was the lower (by EUR 268.5 million) trade deficit.

The Current and Capital account deficit amounted to EUR 288.7 million (0.8% of GDP) in January 2009, against a deficit of EUR 806.2 million (2.4% of GDP) for the same period in 2008.

The trade deficit in January 2009 amounted to EUR 339.3 million (0.9% of GDP), compared to a deficit of EUR 607.8 million (1.8% of GDP) for the corresponding period in 2008.

Exports (FOB) amounted to EUR 811.8 million against EUR 1114.6 million for the same period in 2008, decreasing by 27.2% year on year against a growth rate of 28.2% for the same period in 2008. Imports (FOB) amounted to EUR 1,151.1 million, against EUR 1,722.4 million for the January period in 2008, decreasing by 33.2% year on year against a growth rate of 19.1% for the same period in 2008.

The balance on the Services item was negative, amounting to EUR 57.2 million (0.2% of GDP), against a negative balance amounting to EUR 144.6 million (0.4% of GDP) for the same period in 2008. Income (net) item was negative amounting to EUR 45.9 million compared to a negative item of EUR 38.6 million for the same period in 2008.

Net Current transfers receipts amounted to EUR 2.6 million against net payments of EUR 15.8 million for the same period in 2008.

The Capital account balance was positive amounting to EUR 151 million, compared to a positive balance of EUR 0.6 million for the same period in 2008.

The Financial account balance was negative amounting to EUR 634.4 million, compared to a positive balance of EUR 524.3 million for the corresponding period in 2008.

Foreign direct investment abroad stood at EUR 6.3 million against EUR 21.6 million for the same period in 2008. Foreign direct investment in Bulgaria amounted to EUR 206.2 million (0.6% of GDP) against EUR 329.2 million (1% of GDP) for the same period in 2008. The direct investment covered 46.9% of the current account deficit against 40.8% for January 2008.

Portfolio investment - assets increased by EUR 80.3 million, compared to a decrease of EUR 99.2 million for the same period in 2008. Portfolio investment - liabilities decreased by EUR 179.6 million. In the period January 2008, the liabilities decreased by EUR 2.4 million. Other investment - assets increased by EUR 234.7 million, compared to a decrease of EUR 736.8 million for the same period in 2008. Other investment - liabilities decreased by EUR 358.2 million against a decrease of EUR 617.2 million for January 2008.

The item Net errors and omissions was positive, amounting to EUR 188.4 million. For the same period in 2008 the item was negative amounting to EUR 48.9 million.

The Overall balance was negative, amounting to EUR 734.7 million compared to a negative overall balance of EUR 330.9 million for the same period in 2008.

In the period January 2009 the BNB reserve assets decreased by EUR 734.7 million.