Bulgaria's Current Account Deficit Tops EUR3,040.8 million

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Bulgaria's Current Account Deficit Tops EUR3,040.8 million

In the period January – July 2007 the Current and Capital account deficit was EUR 2,992.8 million (11.2% of GDP), against a deficit of EUR 1,713.8 million (6.8% of GDP) for the same period in 2006.

In July 2007 the Current account was negative and amounted to EUR 131.5 million, compared to a negative account amounting to EUR 44.7 million for the same month in 2006. In the period January – July 2007 the current account deficit was EUR 3,040.8 million (11.4% of GDP), against a deficit of EUR 1,804.9 million (7.2% of GDP) for the same period in 2006. The main factor for the increase of the current account deficit was the higher trade deficit (by EUR 1195 million).

The trade deficit in January – July 2007 amounted to EUR 3,886.5 million (14.5% of GDP), compared to a deficit of EUR 2,691.5 million (10.7% of GDP) for the same period in 2006.

Exports (FOB) amounted to EUR 7,386.1 million against EUR 6,799.2 million for the same period in 2006. Imports (FOB) amounted to EUR 11,272.6 million, against EUR 9,490.7 million for January – July period in 2006. The balance on Services was positive, amounting to EUR 726.5 million (2.7% of GDP), against a positive balance amounting to EUR 517.3 million (2.1% of GDP) for the same period in 2006.

Income (net) item was negative amounting to EUR 85.8 million compared to a negative item amounting to EUR 10.6 million for the same period in 2006. Income receivable (EUR 847.7 million) increased by EUR 143.5 million compared to January – July 2006 (EUR 704.1 million). Income payable, amounted to EUR 933.4 million, increased by EUR 218.7 million compared to January – July 2006 (EUR 714.7 million).

Net Current transfers amounted to EUR 205 million (0.8% of GDP) against EUR 379.9 million (1.5% of GDP) for the same period in 2006.

Capital account balance was positive amounting to EUR 48 million, compared to a positive balance of EUR 91.1 million for the same period in 2006.

Financial account balance was positive amounting to EUR 4,403.4 million, compared to a positive balance of EUR 3,176.6 million for the same period in 2006.

Foreign direct investment abroad was EUR 102.9 million against EUR 44.2 million for the same period in 2006. Foreign direct investment in Bulgaria1 was EUR 2,667.3 million (10% of GDP) against EUR 2,335 million (9.3% of GDP) for the same period in 2006. The direct investment covered 87.7% of the current account deficit against 129.4% for January – July 2006.

Portfolio investment - assets decreased by EUR 59.5 million, compared to an increase of EUR 84.6 million for the same period in 2006. Portfolio investment – liabilities decreased by EUR 134.3 million mainly due to repayment, at the end of February 2007, of global bonds issued by the government. For January – July 2006 period the liabilities increased by EUR 95.7 million.

Other investment – assets decreased by EUR 329.7 million, compared to an increase of EUR 922.6 million for the same period in 2006. Other investment – liabilities increased by EUR 1,584 million against an increase of EUR 1,797.3 million for January – July 2006.

The item Net errors and omissions was negative, amounting to EUR 232.8 million. For the same period in 2006 the item was negative amounting to EUR 356.2 million.

The Overall balance was positive, amounting to EUR 1177.8 million compared to a positive overall balance of EUR 1106.6 million for the same period in 2006. In the period January – July 2007 the BNB reserve assets2 increased by EUR 922.5 million.

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