H1 Current Account Deficit Tops EUR 2,835.5 million

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H1 Current Account Deficit Tops EUR 2,835.5 million

In the period January – June 2007 the current account deficit was EUR 2,835.5 million (10.6% of GDP), against a deficit of EUR 1,839.6 million (7.3% 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 996.8 million).

In June 2007 the Current account was negative and amounted to EUR 247.9 million, compared to a negative account amounting to EUR 87.3 million for the same month in 2006.
In the period January – June 2007 the Current and Capital account deficit was EUR 2,803.2 million (10.5% of GDP), against a deficit of EUR 1,771 million (7.1% of GDP) for the same period in 2006.

The trade deficit in January – June 2007 amounted to EUR 3,201.3 million (12% of GDP), compared to a deficit of EUR 2,204.5 million (8.8% of GDP) for the same period in 2006.

Exports (FOB) amounted to EUR 6,142.4 million against EUR 5,710.7 million for the same period in 2006. Imports (FOB) amounted to EUR 9,343.7 million, against EUR 7,915.2 million for January – June period in 2006.

The balance on Services was positive, amounting to EUR 204.9 million (0.8% of GDP), against a positive balance amounting to EUR 32.5 million (0.1% of GDP) for the same period in 2006.

Income (net) item was negative amounting to EUR 19.6 million compared to a positive item amounting to EUR 61 million for the same period in 2006. Income receivable (EUR 723.8 million) increased by EUR 131.8 million compared to January – June 2006 (EUR 592 million). Income payable, amounted to EUR 743.4 million, increased by EUR 212.4 million compared to January – June 2006 (EUR 531 million).

Net Current transfers amounted to EUR 180.6 million (0.7% of GDP) against EUR 271.5 million (1.1% of GDP) for the same period in 2006.

Capital account balance was positive amounting to EUR 32.3 million, compared to a positive balance of EUR 68.6 million for the same period in 2006.

Financial account balance was positive amounting to EUR 3,624 million, compared to a positive balance of EUR 2,690.1 million for the same period in 2006.

Foreign direct investment abroad was EUR 91.7 million against EUR 29.7 million for the same period in 2006. Foreign direct investment in Bulgaria1 was EUR 2,112.7 million (7.9% of GDP) against EUR 2,015.5 million (8% of GDP) for the same period in 2006. The direct investment covered 74.5% of the current account deficit against 109.6% for January – June 2006.

Portfolio investment - assets increased by EUR 13.6 million, compared to an increase of EUR 84.3 million for the same period in 2006. Portfolio investment – liabilities decreased by EUR 235 million mainly due to repayment, at the end of February 2007, of global bonds issued by the government. For January – June 2006 period the liabilities increased by EUR 77.9 million.

Other investment – assets decreased by EUR 574.9 million, compared to an increase of EUR 731.8 million for the same period in 2006. Other investment – liabilities increased by EUR 1,276.8 million against an increase of EUR 1,442.4 million for January – June 2006.

The item Net errors and omissions was positive, amounting to EUR 74.8 million. For the same period in 2006 the item was negative amounting to EUR 229.4 million.

The Overall balance was positive, amounting to EUR 895.6 million compared to a positive overall balance of EUR 689.8 million for the same period in 2006. In the period January – June 2007 the BNB reserve assets2 increased by EUR 640.3 million.

In January – June 2007 the net use of Fund credit decreased by EUR 255.3 million against a decrease of EUR 226.9 million for the same period in 2006. The decrease for the reporting period is mainly due to the repayment of the total debt to the International Monetary Fund on 24 April 2007, ahead of schedule.

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