Bulgaria's Jan Current Account Deficit Widens to EUR 489.1 million

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In January 2007 the Bulgaria's current account deficit was EUR 489.1 million (1.8% of GDP) against a deficit of EUR 407.8 million (1.7% of GDP) for the same month in 2006, according to Bulgarian National Bank data.

Trade deficit in January 2007 amounted to EUR 470.6 million (1.8% of GDP) and the deficit increased by EUR 125 million compared to the same month in 2006 (a deficit of EUR 345.5 million, 1.4% of GDP).

Exports (FOB) amounted to EUR 865.9 million and were up by 5.7% (EUR 46.9 million) compared to the same month in 2006. Imports (FOB) increased by 14.8% (EUR 172 million) compared to January 2006, reaching EUR 1,336.5 million.

The balance on Services was negative amounting to EUR 66.6 million (0.2% of GDP) against a negative balance amounting to EUR 79.1 million (0.3% of GDP) for the same month in 2006.

Income (net) was negative amounting to EUR 1 million compared to a negative item amounting to EUR 18.6 million (0.1% of GDP) for the same month in 2006. Income receivable (EUR 135.2 million) increased by EUR 21.7 million compared to January 2006 (EUR 113.5 million). Income payable amounted to EUR 136.2 million and increased by EUR 4.1 million compared to January 2006 (EUR 132.1 million).

Net Current transfers amounted to EUR 49.1 million (0.2% of GDP) against EUR 35.4 million (0.1% of GDP) for the same month in 2006.

The item Current and Capital Account was negative amounting to EUR 489.3 million (1.8% of GDP) against a negative item amounting to EUR 407.4 million (1.7% of GDP) for January 2006.

Financial account balance was positive amounting to EUR 153 million, compared to a positive balance of EUR 125.5 million for the same month in 2006.

Foreign direct investment abroad was EUR 4.9 million against EUR 3.8 million for the same month in 2006.

Foreign direct investment in Bulgaria was EUR 119.6 million (0.4% of GDP) against EUR 200.2 million (0.8% of GDP) for the same month in 2006. The direct investment covered 24.4% of the current account deficit against 49.1% for January 2006.

Portfolio investment - assets decreased by EUR 31.8 million, compared to a decrease of EUR 0.5 million for the same month in 2006. Portfolio investment – liabilities decreased by EUR 21.1 million while for January 2006 the liabilities increased by EUR 18 million.

Other investment – assets decreased by EUR 493.9 million compared to a decrease of EUR 19.2 million for the same month in 2006. Other investment – liabilities decreased by EUR 466.3 million against a decrease of EUR 108.7 million for January 2006.

The item Net errors and omissions was negative amounting to EUR 37.9 million against a negative item amounting to EUR 233.1 million for the same month in 2006.

The Overall balance was negative amounting to EUR 374.3 million compared to a negative overall balance of EUR 515.1 million for the same month in 2006.

In January 2007 the BNB reserve assets decreased by EUR 374.3 million.

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