Bulgaria Starts Year with Current Account Surplus: BNB Data

Finance |Author: Diana Kavardzhikova | March 22, 2024, Friday // 09:56|  views

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The current account for Bulgaria in January 2024 showed a slight deficit of EUR 3.6 million, as reported by the latest data from the Bulgarian National Bank (BNB) regarding the country's balance of payments. However, this deficit marked a significant improvement compared to the previous year, with a deficit of EUR 267.7 million in January 2023. The trade deficit also decreased, amounting to EUR 488.6 million, showcasing a decline from EUR 286.5 million in January 2023.

Notably, foreign direct investment (FDI) saw an increase of EUR 111.6 million in January 2024, albeit lower than the EUR 416.8 million increase recorded in the same period last year.

Overall, Bulgaria's balance on the current and capital account exhibited a positive trend, reaching EUR 42.1 million. This marked a notable improvement from the deficit of EUR 224.8 million recorded in January 2023.

Analyzing the trade balance, Bulgaria's exports of goods experienced a decline of 12%, amounting to EUR 3.2011 billion, while imports decreased by 5.9% to EUR 3.6897 billion. This contributed to the narrowing of the trade deficit compared to the previous year.

In terms of the financial account, Bulgaria saw a negative balance of EUR 424.7 million in January 2024, indicating a widening deficit from EUR 199.9 million in the same period last year. However, the capital account remained positive at EUR 45.7 million, showcasing a slight increase from EUR 42.8 million in January 2023.

The inflow of foreign direct investments into Bulgaria saw positive contributions from countries like the Netherlands, Italy, and Greece. Conversely, outflows were observed towards Israel and Ireland.

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Tags: Bulgaria, deficit, payments, investment


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