Bulgaria’s current account showed a surplus of EUR 594.3 M in July, compared with a surplus of EUR 194.3 M in the equivalent month of 2013, the central bank (BNB) said on Monday.

The increase resulted from the positive balances in services (EUR 597 M) and current transfers (EUR 147.1 M), the BNB said in a press release.

The current account recorded a surplus of EUR 528.2 M equivalent to 1.3% of the projected GDP in the January-July period. This compared with a surplus of EUR 398.9 M or 1% of GDP in the first seven months of last year.

Bulgaria’s trade deficit decreased to EUR 76.2 M in July, compared with a gap of EUR 241.3 M in July 2013, as exports were little changed while imports declined, BNB figures showed. July exports FOB dipped 0.1% year-on-year to EUR 2.039 B.1 million, while imports FOB were down 7.3% to 2.115 B.

In the first seven months of 2014, Bulgaria’s trade deficit grew to EUR 1.684 B equivalent to 4.2% of projected 2014 GDP, compared with a shortfall of EUR 1.507 B or 3.8% of GDP in the equivalent period of 2013. January-July exports FOB were 2.8% lower than a year earlier at EUR 12.329 B, while imports FOB dropped 1.3% to EUR 14.013 B.

Services surplus decreased to EUR 597 M in July 2014 from EUR 604.1 M a year earlier. Surplus in services for the first seven months of 2014 increased to EUR 1.302 B from EUR 1.199 B in the equivalent period of 2013.

Net current transfers recorded a surplus of EUR 147.1 M in July, up from a surplus of EUR 94.8 M in July 2013. In January – July 2014 net current transfers showed a surplus of EUR 1.410 B, lower than a surplus of EUR 1.594 B in the first seven months of 2013.

Foreign direct investment in Bulgaria recorded a net inflow of EUR 74 M in July, down from EUR 246.4 M million in the equivalent month of last year.

FDI in Bulgaria in the first seven months totalled EUR 825.3 M, or 2% of projected 2014 GDP, compared with EUR 1.071 B, or 2.7% of GDP in January-July 2013.

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