Bulgaria's Balance of Payments Shows Deficit for January

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Bulgaria's Balance of Payments Shows Deficit for January

Bulgaria's Current and Capital account deficit amounted to EUR 248.9 million (0.7% of GDP2) in January 2010, against a deficit of EUR 401.4 million (1.2% of GDP) for January 2009, data of the Bulgarian National Bank (BNB) show.

In the period January 2010, the current account deficit was EUR 242.3 million (0.7% of GDP), against a deficit of EUR 552.5 million (1.6% of GDP) for January 2009. Main factors for the current account deficit decrease were the lower (by EUR 170.5 million) trade deficit and the lower (by EUR 102.3 million) income deficit.

The trade deficit in January 2010 amounted to EUR 173.7 million (0.5% of GDP), compared to a deficit of EUR 344.2 million (1% of GDP) for January 2009.

Exports (FOB) amounted to EUR 917 million against EUR 812.9 million for January 2009, increasing by 12.8% year on year against a decrease of 27% year on year for January 2009. Imports (FOB) amounted to EUR 1,090.7 million, against EUR 1,157.1 million for the January period in 2009, decreasing by 5.7% year on year against a year-on-year decrease of 32.9% for January 2009.The balance on the Services item was negative, amounting to EUR 2.3 million, against a negative balance amounting to EUR 27.5 million (0.1% of GDP) for January 2009.

Income (net) item was negative amounting to EUR 116 million compared to a negative item of EUR 218.3 million for January 2009.

Net Current transfers amounted to EUR 49.8 million (0.1% of GDP) against EUR 37.5 million (0.1% of GDP) for January 2009.

The Capital account3 balance was negative amounting to EUR 6.6 million, compared to a positive balance of EUR 151.1 million for January 2009.

The Financial account balance was negative amounting to EUR 208.9 million, compared to a negative balance of EUR 527.4 million for January 2009.

Foreign direct investment abroad was EUR 1.9 million against EUR 7.9 million for January 2009. Foreign direct investment in Bulgaria4,5 was EUR 52.9 million (0.2% of GDP) against EUR 391.7 million (1.2% of GDP) for January 2009. The direct investment covered 21.8% of the current account deficit against 70.9% for January 2009.

Portfolio investment - assets decreased by EUR 12.9 million, compared to an increase of EUR 319.6 million for January 2009. Portfolio investment - liabilities increased by EUR 4.2 million. In the period January 2009, the liabilities decreased by EUR 50.3 million.

Other investment - assets decreased by EUR 205.5 million, compared to an increase of EUR 248.2 million for January 2009. Other investment - liabilities decreased by EUR 480.6 million against a decrease of EUR 311.6 million for January 2009.

The item Net errors and omissions was positive, amounting to EUR 34.9 million. For January 2009 the item was positive amounting to EUR 194.1 million.

The Overall balance was negative, amounting to EUR 422.9 million compared to a negative overall balance of EUR 734.7 million for January 2009.

In the period January 2010 the BNB reserve assets decreased by EUR 422.9 million.

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