Bulgaria Shows Current Account Surplus for June 2010

Bulgaria Shows Current Account Surplus for June 2010

Bulgaria's balance of payments on current account was in 117 million euro surplus for June 2010, compared to a deficit of 3.8 million euro for May and of over 280 million euro for June 2009, according to figures released by the Bulgarian National Bank on Monday.

For January-June 2010, the current account deficit cumulated to 623.6 million euro or 1.8 per cent of GDP. A year earlier, the six-month figure was quadruple that level, at 2,647.2 million euro or nearly 8 per cent of GDP.

The current account surplus results from an increased favourable balance on services thanks to the provision of transportation and travel services at the start of the high holiday season. The current account was also in surplus for February, due to transfers from the EU funds and a contraction of the trade deficit.

The trade deficit in January-June 2010 amounted to 1,398.5 million euro (4 per cent of GDP), down 41.5 per cent from a deficit of 2,393.4 million euro (7.1per cent of GDP) for the same period a year ago. The reason was a 25.6 per cent year-on-year increase of exports and a just 5 per cent growth of imports for the first half.

In June 2010 alone, the trade deficit stood at 151.6 million euro, compared to 343.9 million euro for June 2009.

Source: BTA

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