Bulgaria's Current Account Positive in July 2009

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Bulgaria's Current Account Positive in July 2009

Blgaria's Current and Capital account deficit was EUR 2,134.7 million (6.3% of GDP1) in the period January - July 2009, against a deficit of EUR 4,619 million (13.5% of GDP) for January - July 2008, data of the Bulgarian National Bank (BNB) show.

In July 2009 the Current account was positive and amounted to EUR 102 million, compared to a negative account of EUR 439.1 million for July 2008. Main factors for the increase of the current account balance compared to July 2008 were the lower deficits on trade balance (by EUR 328.3 million) and on income balance (by EUR 95.8 million) and the increase of the service balance (by EUR 113.1 million). In the period January - July 2009, the current account deficit was EUR 2,450.3 million (7.2% of GDP), against a deficit of EUR 4,840.3 million (14.2% of GDP) for January - July 2008. Main factors for the current account deficit decrease were the lower (by EUR 2,180.9 million) trade deficit, the lower (by EUR 69.3 million) income deficit, as well as the service balance increase (by EUR 288.9 million).

The trade deficit in January - July 2009 amounted to EUR 2,817.1 million (8.3% of GDP), compared to a deficit of EUR 4,997.9 million (14.6% of GDP) for January - July 2008. In July 2009 the trade deficit amounted to EUR 422.5 million, compared to a deficit of EUR 750.8 million for July 2008.

Exports (FOB) amounted to EUR 6,436.7 million against EUR 9,271.4 million for January - July 2008, decreasing by 30.6% yoy against a growth rate yoy of 23.9% for January - July 2008. In July 2009 exports (FOB) amounted to EUR 1,027.7 million against EUR 1,523.9 million for July 2008, decreasing by 32.6% yoy against a growth rate yoy of 22.7% for July 2008. Imports (FOB) amounted to EUR 9,253.8 million, against EUR 14,269.4 million for the January - July period in 2008, decreasing by 35.1% yoy against a growth rate yoy of 26.9% for January - July 2008. In July 2009 imports (FOB) amounted to EUR 1,450.2 million, against EUR 2,274.7 million in July 2008, decreasing by 36.2% year on year against a growth rate year on year of 23.7% for July 2008.

Тhe balance on the Services item was positive, amounting to EUR 674.8 million (2% of GDP), against a positive balance amounting to EUR 385.9 million (1.1% of GDP) for January - July 2008. In July 2009 the balance on the item was positive amounting to EUR 519.7 million compared to a positive balance of EUR 406.6 million for July 2008.

Income (net) item was negative amounting to EUR 656.5 million compared to a negative item of EUR 725.8 million for January - July 2008. In July 2009 the balance on the item was negative amounting to EUR 15.2 million compared to a negative balance of EUR 111 million for July 2008.

Net Current transfers amounted to EUR 348.5 million (1% of GDP) against EUR 497.6 million (1.5% of GDP) for January - July 2008. In July 2009 the item Current transfers, net was positive amounting to EUR 20.1 million against a positive item of EUR 16.1 million for July 2008.

The Capital account1 balance was positive amounting to EUR 315.6 million, compared to a positive balance of EUR 221.3 million for January - July 2008.

The Financial account balance was positive amounting to EUR 896.9 million, compared to a positive balance of EUR 7,413.4 million for January - July 2008.

Foreign direct investment abroad was EUR 50.2 million against EUR 491.3 million for January - July 2008. Foreign direct investment in Bulgaria2,3 was EUR 1,881.4 million (5.6% of GDP) against EUR 3954.1 million (11.6% of GDP) for January - July 2008. The direct investment covered 76.8% of the current account deficit against 81.7% for January - July 2008.

Portfolio investment - assets increased by EUR 65.6 million, compared to an increase of EUR 142.7 million for January - July 2008. Portfolio investment - liabilities decreased by EUR 102.1 million. In the period January - July 2008, the liabilities decreased by EUR 123.8 million. In July 2009 portfolio investment - liabilities increased by EUR 23.8 million against a decrease of EUR 71.3 million in the same month of 2009.

Other investment - assets increased by EUR 251.7 million, compared to a decrease of EUR 554 million for January - July 2008. In July 2009 other investment - assets increased by EUR 324.7 million, compared to a decrease of EUR 380 million in July 2008. Other investment - liabilities decreased by EUR 523.9 million against an increase of EUR 3743.9 million for January - July 2008. In July 2009 other investment - liabilities decreased by EUR 208 million, compared to an increase of EUR 262.1 million in July 2008. In January - July 2009 General Government's net financial loans increased by EUR 217.1 million against a decrease of EUR 300.4 million in the same month of 2008, where the increase in the reporting period was mainly due to loans received from the World Bank.

The item Net errors and omissions was positive, amounting to EUR 169.3 million. For January - July 2008 the item was negative amounting to EUR 1,113.7 million.

The Overall balance was negative, amounting to EUR 1,068.5 million compared to a positive overall balance of EUR 1,680.7 million for January - July 2008.

In the period January - July 2009 the BNB reserve assets decreased by EUR 1,068.5 million. In July 2009 the BNB reserve assets decreased by EUR 180.3 million.

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