Bulgaria's Current and Capital account deficit stood at EUR 484.5 million (1.3% of GDP1) in the period January - February 2009, against a deficit of EUR 1,452.4 million (4.3% of GDP) for the same period in 2008, data of the Bulgarian National Bank (BNB) show.

In February 2009 the Current account was negative and amounted to EUR 224.7 million, compared to a negative account of EUR 657.8 million for the same month in 2008.

Main factors for the decrease of the current account deficit compared to February 2008 were the lower (by EUR 242 million) trade deficit and the higher (by EUR 122.6 million) current transfers balance.

In the period January - February 2009, the current account deficit was EUR 649.3 million (1.8% of GDP), against a deficit of EUR 1,464.6 million (4.3% of GDP) for the same period in 2008. Main factors for the current account deficit decrease were the lower (by EUR 501.8 million) trade deficit and (by EUR 170 million) service deficit, and the increase of current transfers balance (by EUR 148 million).

The trade deficit in January - February 2009 amounted to EUR 699.4 million (1.9% of GDP), compared to a deficit of EUR 1,201.3 million (3.5% of GDP) for the same period in 2008. In February 2009 the trade deficit amounted to EUR 351.4 million, compared to a deficit of EUR 593.5 million for the same month in 2008.

Exports (FOB) amounted to EUR 1,689.6 million against EUR 2,326.7 million for the same period in 2008, decreasing by 27.4% year on year against a growth rate of 31.1% for the same period in 2008. In February 2009 exports (FOB) amounted to EUR 883.8 million against EUR 1,212.1 million for the same period in 2008, decreasing by 27.1% year on year against a growth rate of 33.8% for the same month in 2008.

Imports (FOB) amounted to EUR 2,389 million, against EUR 3,528 million for January - February period in 2008, decreasing by 32.3% year on year against a growth rate of 25.2% for the same period in 2008. In February 2009 imports (FOB) amounted to EUR 1,235.2 million, against EUR 1,805.6 million in February 2008, decreasing by 31.6% year on year against a growth rate of 31.7% for the same month in 2008.

The balance on the Services item was negative, amounting to EUR 37.6 million (0.1% of GDP), against a negative balance amounting to EUR 207.6 million (0.6% of GDP) for the same period in 2008.

Income (net) item was negative amounting to EUR 30.1 million compared to a negative item of EUR 25.6 million for the same period in 2008. In February 2009 the balance on the item was positive amounting to EUR 15.7 million compared to a positive balance of EUR 13 million for the same month in 2008.

Net Current transfers amounted to EUR 118 million (0.3% of GDP) against net payments of EUR 30.1 million (0.1% of GDP) for the same period in 2008. In February 2009 the item Current transfers, net was positive amounting to EUR 108.3 million against a negative item of EUR 14.3 million for the same month in 2008.

The Capital account balance was positive amounting to EUR 164.8 million, compared to a positive balance of EUR 12.1 million for the same period in 2008.

The Financial account balance was negative amounting to EUR 409.7 million, compared to a positive balance of EUR 1435.5 million for the same period in 2008.

Foreign direct investment abroad was EUR 9.6 million against EUR 38.5 million for the same period in 2008. Foreign direct investment in Bulgaria2 was EUR 433.2 million (1.2% of GDP) against EUR 674.1 million (2% of GDP) for the same period in 2008. The direct investment covered 66.7% of the current account deficit against 46% for January - February 2008.

Portfolio investment - assets increased by EUR 159.4 million, compared to a decrease of EUR 68.2 million for the same period in 2008. In February 2009, the assets increased by EUR 80.7 million against an increase of EUR 31 million in the same month of 2008. Portfolio investment - liabilities decreased by EUR 185.9 million. In the period January - February 2008, the liabilities increased by EUR 16 million.

Other investment - assets increased by EUR 103.3 million, compared to a decrease of EUR 946.1 million for the same period in 2008. In February 2009 other investment - assets decreased by EUR 131.5 million, compared to a decrease of EUR 209.3 million in the same month of 2008. Other investment - liabilities decreased by EUR 402.2 million against a decrease of EUR 220.8 million for January - February 2008. In February 2009 other investment - liabilities decreased by EUR 34.9 million, compared to an increase of EUR 396.4 million in the same month of 2008.

The item Net errors and omissions was positive, amounting to EUR 8 million. For the same period in 2008 the item was negative amounting to EUR 357.1 million.

The Overall balance was negative, amounting to EUR 886.2 million compared to a negative overall balance of EUR 374.1 million for the same period in 2008.

In the period January - February 2009 the BNB reserve assets3 decreased by EUR 886.2 million. In February 2009 the BNB reserve assets decreased by EUR 151.5 million.