Bulgarian Feb Current Аccount Deficit Rose to EUR 430 million

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Bulgarian Feb Current Аccount Deficit Rose to EUR 430 million

In February 2007 the Current account was negative and amounted to EUR 430 million compared to a negative account amounting to EUR 242.5 million for the same month in 2006., reports BNB. In January – February 2007 the current account deficit was EUR 912.7 million (3.4% of GDP) against a deficit of EUR 650.4 million (2.6% of GDP) for the same period in 2006.

Trade deficit in January – February 2007 amounted to EUR 927.2 million against a deficit of EUR 627.1 million for the same period in 2006.

Exports (FOB) amounted to EUR 1,765.6 million against EUR 1,695.7 for the same period in 2006. Imports (FOB) amounted to EUR 2,692.8 million against EUR 2,322.8 million for January – February 2006.

The balance on Services was negative amounting to EUR 106.5 million (0.4% of GDP) against a negative balance amounting to EUR 114 million (0.5% of GDP) for the same period in 2006.

Income (net) was positive amounting to EUR 40.5 million (0.2% of GDP) compared to a positive item amounting to EUR 11.6 million for the same period in 2006. Income receivable (EUR 248.6 million) increased by EUR 40.7 million compared to January – February 2006 (EUR 207.9 million). Income payable amounted to EUR 208.1 million and increased by EUR 11.8 million compared to January – February 2006 (EUR 196.3 million).

Net Current transfers amounted to EUR 80.6 million (0.3% of GDP) against EUR 79.1 million (0.3% of GDP) for the same period in 2006.

Capital account balance was positive amounting to EUR 3.7 million, compared to a positive balance of EUR 17.8 million for the same period in 2006.

Financial account balance was positive amounting to EUR 161.7 million, compared to a positive balance of EUR 418.5 million for the same period in 2006.

Foreign direct investment abroad was EUR 8.2 million against EUR 14.9 million for the same period in 2006. Foreign direct investment in Bulgaria1 was EUR 379.8 million (1.4% of GDP) against EUR 496 million (2% of GDP) for the same period in 2006. The direct investment covered 41.6% of the current account deficit against 76.3% for January – February 2006.

Portfolio investment - assets increased by EUR 24 million, compared to an increase of EUR 6.7 million for the same period in 2006. Portfolio investment – liabilities decreased by EUR 171.6 million mainly due to repayment at the end of February 2007 of global bonds issued by the government and owned by nonresidents. For January – February 2006 the liabilities increased by EUR 27.2 million.

Other investment – assets decreased by EUR 545.2 million compared to an increase of EUR 130.5 million for the same period in 2006. Other investment – liabilities decreased by EUR 559.5 million against an increase of EUR 47.4 million for January – February 2006.

The item Net errors and omissions was positive amounting to EUR 313.1 million which probably is due to exports not included as well as to double counting of imports in the preliminary NSI data for the period. For the same period in 2006 the item was negative amounting to EUR 160.4 million.

The Overall balance was negative amounting to EUR 434.1 million compared to a negative overall balance of EUR 374.5 million for the same period in 2006.

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