Bulgaria's Current, Capital Account Deficit Up to 10.9% of GDP

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Bulgaria's Current and Capital account deficit stood at EUR 3,584.6 million (10.9% of GDP) in the period January to June 2008, against a deficit of EUR 2,821 million (9.8% of GDP) for the same period in 2007, data of the Bulgarian National Bank (BNB) show.

In June 2008 the Current account was negative and amounted to EUR 688.3 million, compared to a negative account of EUR 299.4 million for the same month in 2007.

In the period January – June 2008, the current account deficit was EUR 3,785.5 million (11.5% of GDP), against a deficit of EUR 2,885.7 million (10% of GDP) for the same period in 2007.

The main factor for the increase in the current account deficit was the higher (by EUR 1,028.3 million) trade deficit.

The trade deficit in January – June 2008 amounted to EUR 4,287.9 million (13.1% of GDP), compared to a deficit of EUR 3,259.5 million (11.3% of GDP) for the same period in 2007.

Exports (FOB) amounted to EUR 7,730.2 million against EUR 6,205.1 million for the same period in 2007, increasing by 24.6% year on year against 8.4% for the same period in the previous year.

Imports (FOB) amounted to EUR 12,018 million, against EUR 9,464.6 million for January – June period in 2007, increasing by 27% year on year against 18.9% for the same period in the previous year.

The difference in imports growth rates for the reporting period in 2008 and for the same period in 2007 may be put down mainly to the increase in crude oil and natural gas prices.

The balance on the Services item was positive, amounting to EUR 217.2 million (0.7% of GDP), against a positive balance amounting to EUR 309.2 million (1.1% of GDP) for the same period in 2007.

Net Current transfers amounted to EUR 469.7 million (1.4% of GDP) against EUR 153 million (0.5% of GDP) for the same period in 2007.

The Capital account balance was positive amounting to EUR 200.9 million, compared to a positive balance of EUR 64.7 million for the same period in 2007.

The Financial account balance was positive amounting to EUR 4705.1 million, compared to a positive balance of EUR 4381.3 million for the same period in 2007.

Foreign direct investment abroad was EUR 430.4 million against EUR 84.9 million for the same period in 2007. Foreign direct investment in Bulgaria was EUR 2,078.6 million (6.3% of GDP) against EUR 2,537.1 million (8.8% of GDP) for the same period in 2007.

The direct investment covered 54.9% of the current account deficit against 87.9% for January –
June 2007.

Photo: Profit.bg

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