Bulgaria's Current Account Deficit At 5.037 Bln Leva In November

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Bulgaria's Current Account Deficit At 5.037 Bln Leva In November

In the period January – November 2007, the Current and Capital account deficit stood at EUR 5,037.8 million (17.6% of GDP), against EUR 2,978.9 million (11.9% of GDP) for the same period in 2006, the Bulgarian National Bank announces.

In November 2007 the Current account was negative and amounted to EUR 746.4 million, compared to a negative account of EUR 480.7 million for the same month in 2006. For the January – November 2007 period, the current account deficit stood at EUR 5,291 million (18.5% of GDP), against EUR 3,127.2 million (12.5% of GDP) for the same period in 2006.

The main factor for the increase was higher (by EUR 1782.8 million) trade deficit.

The trade deficit in January – November 2007 amounted to EUR 6,572.1 million (23% of GDP), compared to EUR 4,789.4 million (19.1% of GDP) for the respective period 2006.

Exports (FOB) stood at EUR 12,303.5 million against EUR 11,035.2 million for the same period in 2006. Imports (FOB) reached EUR 18,875.6 million, against EUR 15,824.6 million for January – November 2006.

The balance on the Services item was positive, reaching EUR 1,062.8 million (3.7% of GDP), against EUR 970.4 million (3.9% of GDP) a year ago.

Income (net) item was negative, amounting to EUR 93.7 million compared to a positive item of EUR 79.2 million in 2006. Income receivable (EUR 1,393.1 million) increased by EUR 223.7 million compared to January – November 2006 (EUR 1,169.4 million). Income payable (EUR 1,486.8 million) increased by EUR 396.6 million compared to January – November 2006 (EUR 1,090.2 million).

Net Current transfers dipped to EUR 312 million (1.1% of GDP) against EUR 612.5 million (2.4% of GDP) a year ago.

The Capital account balance was positive at EUR 253.2 million, compared to EUR 148.3 million for the same period in 2006.

The Financial account balance stood at EUR 8,702.3 million, versus EUR 4,843.5 million for the same period in 2006.

Foreign direct investment abroad stood at EUR 158.6 million against EUR 89.1 million for the same period in 2006. Foreign direct investment in Bulgaria was EUR 5,050 million (17.7% of GDP) against EUR 3,864.7 million (15.4% of GDP) a year ago. The direct investment covered 95.4% of the current account deficit against 123.6% for January – November 2006.

Portfolio investment - assets decreased by EUR 52.2 million, compared to an increase of EUR 293.5 million for the same period in 2006. Portfolio investment – liabilities decreased by EUR 338.2 million, also due to repayment, at the end of February 2007, of global bonds issued by the government. In the period January – November 2006,liabilities rose by EUR 470.5 million.

Other investment – assets fell by EUR 187.2 million. Other investment – liabilities increased by EUR 3,917.1 million against a hike of EUR 2,856.5 million for January – November 2006.

The item Net errors and omissions was negative, reaching EUR 371.6 million. For the same period in 2006 the item was negative amounting to EUR 48.2 million.

The Overall balance was positive, (EUR 3,292.9 million compared to EUR 1,816.4 million for the same period in 2006).

In the period January – November 2007 the BNB reserve assets rose EUR 3,037.6 million.

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