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UPDATE 1 - Bulgaria's 9-Mo C/A Gap Widens to 15.8% of GDP - Table

Nov 14, 2008, 12:45:45 PMArticle by Iva Doneva
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November 14 (SeeNews) - Bulgaria's current account deficit through September widened to a preliminary 15.8% of the country's gross domestic product (GDP) projected for 2008 from 13.5% of GDP in the same period a year earlier, central bank data showed on Friday.

UPDATE 1 - Bulgaria's 9-Mo C/A Gap Widens to 15.8% of GDP - Table

The country's current account deficit rose to 5.381 billion euro ($6.743 billion) in the first nine months of 2008 from 3.900 billion euro a year earlier, the central bank said in a statement.

In September alone, Bulgaria had a current account deficit of 535.5 million euro versus a deficit of 541.8 million euro in September 2007.

The central bank has revised the current account gap figure for the first nine months of 2007 to 13.5% of GDP from an earlier 13.8% of GDP.

Details follow:

BULGARIA BALANCE OF PAYMENTS (in mln of euro) Jan-Sept'08 Jan-Sept'07
CURRENT ACCOUNT -5,381.3 -3,900.2
-Trade balance -6,448.5 -4,979.0
-Balance of services 1,206.1 1,230.3
-Income balance -676.7 -377.9
-Net current transfers 537.8 226.4
CAPITAL ACCOUNT 235.4 138.3
FINANCIAL ACCOUNT 8,302.3 7,915.0
Foreign direct investments in Bulgaria 3,659.8 4,715.2
TOTAL BALANCE 2,720.1 2,986.4

Foreign direct investments in the country covered 68% of the current account deficit for the first nine months, compared to 120.9% in the year-ago period.

Bulgaria ended 2007 with a revised current account deficit of 21.8% of the GDP, up from 17.8% a year earlier. For 2008, the government in Sofia expects a current account gap similar to last year's shortfall.

($ = 0.7981 euro)

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