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Bulgaria's current account deficit has shrunk more than twice to EUR 649.3 M or 1.8 % of GDP in the first two months of 2009 year-upon-year in the wake of the global financial crisis, data showed on Wednesday.
The deficit stood at EUR 1.46 B or 4.3% of GDP during the same period a year ago, the central bank announced.
Imports fell by 32.3 % to EUR 2.4 B during the first two months of the year against 25.2 % in the same period a year ago. Exports dropped 27.4 % year-upon-year to EUR 1.7 B.
Foreign direct investments covered the current account gap in February, which made economists stay upbeat in their forecasts. Preliminary data, which is likely to be revised upwards, sets FDIs at EUR 226 M against EUR 224 M of current account gap.
"The good news is that there are investments that cover the current account deficit. We can't make forecasts for the whole year on the basis of one month, but the big question is whether the trend will be maintained further," said Georgi Angelov, expert from the Open Society Foundation.
According to him the main task for the government is to create favorable conditions for foreign investments.
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