Bulgaria's January-December 2007 Current Account Deficit At 5.8 Bln Euros

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Bulgaria's January-December 2007 Current Account Deficit At 5.8 Bln Euros

The nation's current and capital account deficit stood at EUR 5,847.4 million (20.5% of GDP) for the January – December 2007 period, against EUR 3,755.1 million (15% of GDP) for the same period in 2006, the Bulgarian National Bank reports.

In December 2007 the current account was negative, amounting to EUR 905.5 million, compared to a negative account of EUR 807.5 million for the same month in 2006.

For the January – December 2007 period the current account deficit totals EUR 6,175.4 million (21.6% of GDP), compared with EUR 3,934.7 million (15.7% of GDP) for the same period in 2006. The main factor triggering the increase was the higher trade deficit (by EUR 1,856.9 million).

Trade deficit for the period amounts to EUR 7,419.2 million (26% of GDP), compared to EUR 5,562.3 million (22.2% of GDP) for the same period in 2006.

Exports (FOB) stand at EUR 13,411.7 million against EUR 12,011.9 million for the same period in 2006. Imports (FOB) amounted to EUR 20,830.9 million, versus EUR 17,574.1 a year ago.

The balance on the Services item was positive, amounting to EUR 1,013.7 million (3.5% of GDP), compared to a positive balance of EUR 971.5 million (3.9% of GDP) a year ago.

Income (net) item was negative (EUR 120.8 million). Income receivable (EUR 1,531.4 million) rose EUR 253.4 million compared to January – December 2006 (EUR 1,278 million). Income payable stood at EUR 1,652.2 million.

Net Current transfers amounted to EUR 350.8 million (1.2% of GDP) against EUR 661.9 million (2.6% of GDP) for the same period in 2006.

The Capital account balance amounted to EUR 328 million, compared to a positive balance of EUR 179.6 million for the same period in 2006.

The Financial account balance was also positive (EUR 9,389.9 million), compared to EUR 5,219.6 million for the same period in 2006.

Foreign direct investment abroad stood at EUR 187.8 million against EUR 136.8 million for the same period in 2006. Foreign direct investment in Bulgaria came to EUR 5,687.1 million (19.9% of GDP) versus EUR 4,364 million (17.4% of GDP) a year ago. The direct investment covered 92.1% of the current account deficit compared with 110.9% for January – December 2006.

Portfolio investment - assets increased by EUR 16.9 million, compared to an increase of EUR 221.2 million for the same period in 2006. Portfolio investment – liabilities declined EUR 442 million, due to repayment of global bonds issued by the government. In the period January – December 2006, the liabilities rose by EUR 461.9 million.

The Overall balance was positive, amounting to EUR 3,163.7 million compared to EUR 1,785.6 million for the same period in 2006.

BVB reserve assets for the January – December 2007 period rose by EUR 2,908.4 million.

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