Bulgaria's Current Account Deficit Reaches 11.7% of GDP

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Bulgaria's Current Account Deficit Reaches 11.7% of GDP

Bulgaria's current and capital account deficit for the period January – August 2007 amounts to 3.129 bln euros (11.7% of GDP), versus 1.787 bln euros (7.1% of GDP) for the respective period in 2006.

In August the nation's current account was negative and stood at 160.7 mln euros, against 86.8 mln euros in August 2006. For the period January – August 2007 the current account deficit amounted to 3202 mln euros (12% of GDP), versus 1892 bln euros (7.5% of GDP) a year ago. The main reason for the increase is the higher trade deficit (by 1.259 bln euros).

In January – August 2007 trade deficit stood at 4.472 mln euros (16.7% of GDP), compared with 3.213 bln euros (12.8% of GDP) for the respective period 2006.

Export (FOB) amounted to 8.529 bln euros, against 7.873 bln euros a year ago. Import (FOB) stood at 13.001 bln euros, compared with 11.087 bln euros last year.

Reserve assets of Bulgarian National Bank (BNB) grew by 1.391 bln euros between January – August 2007.

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