Bulgaria’s January-May current account balance turns to surplus

Bulgaria’s current and capital account surplus increased to BGN 900.2 M for the first five months of the year equivalent to 1.9% of 2016 GDP forecast, according to preliminary data from the country’s central bank BNB.

This compared with a surplus of EUR 465.8 M (1.1% of GDP) on the current and capital account registered for January – May 2015.

The current account showed a turnaround to surplus of EUR 274.8 M for the first five months of the year, compared with a deficit of EUR 192.1 M for January – May 2015. The capital account recorded a surplus of EUR 625.4 M, compared with a surplus of EUR 657.9 M for January – May 2015.

Bulgaria’s trade balance was negative for January – May 2016 but the deficit decreased to EUR 499.4 M (1.1% of GDP), down from EUR 821.4 M (1.9% of GDP) for the first five months of 2015.

Exports totalled EUR 8.72 B for January – May 2016, decreasing by EUR 243.6 M from a year earlier. Exports grew by 12.4% year-on-year for the first five months of 2015.

Imports decreased by 5.8% year-on-year for the first five months of 2016, reaching EUR 9.22 B. Imports grew by 4.5% year-on-year in January – May 2015.

In January – May 2016, services recorded a surplus of EUR 399.6 M, increasing from EUR 433.4 M for the same period of 2015.