European Commission Plans Heavy Tariffs on Russian Grain Imports
The European Commission has unveiled plans for significant tariff hikes on grain imports from Russia and Belarus
The current and capital account recorded a surplus of EUR 476.4M in August 2014, compared to a surplus of EUR 931.3M in August 2013, according to data, provided by Bulgaria's National Bank.
In January – August 2014 the current and capital account was positive amounting to EUR 1,286.7M (3.2% of GDP2) compared with a surplus of EUR 1,509.8M (3.8% of GDP) in January – August 2013.The current account recorded a surplus of EUR 415.5M in August 2014, compared with a positive balance of EUR 858.8M in August 2013. That surplus resulted from the positive balances on services (EUR 580M) and current transfers (EUR 162.4M).
In January – August 2014 the current account was positive and amounted to EUR 808.8M (2% of GDP), compared with a surplus of EUR 1,257.7M (3.1% of GDP) in January – August 2013. The trade balance recorded a deficit of EUR 157.7M in August 2014, compared with a surplus of EUR 107.9M in August 2013.
In January – August the trade balance deficit amounted to EUR 1,861.2M (4.6% of GDP), compared with a deficit of EUR 1,399.4M (3.5% of GDP) in January – August 2013. Exports (FOB) amounted to EUR 1,935.3M in August, declining by EUR 67.4M (3.4%) from August 2013 (EUR 2,002.8M).
In January – August exports (FOB) totalled EUR 14,264.4M, down by EUR 422.4M (2.9%) year-on-year (from EUR 14,686.7M). In January – August 2013 exports grew by 7.9% year-on-year. Imports (FOB) amounted to EUR 2,093M in August 2014, growing by EUR 198.1M (10.5%) from August 2013 (EUR 1,894.9M). In January – August 2014 imports (FOB) totalled EUR 16,125.5M, rising by EUR 39.4M (0.2%) from January – August 2013 (EUR 16,086.2M).
In the period January – August 2013 imports fell by 0.02% year-on-year. Services recorded a positive balance of EUR 580M in August 2014, against a surplus of EUR 608.4M in August 2013.
In January – August 2014 services recorded a surplus of EUR 1,885M (4.7% of GDP) compared with a positive balance of EUR 1,807.2M (4.5% of GDP) in the same period of 2013.Income recorded a deficit of EUR 169.3M in August 2014, compared with a negative balance of EUR 90.3M in August 2013.
In January – August 2014 the balance on income was negative and equated to EUR 788.2M (1.9% of GDP), against a deficit of EUR 976.7M (2.4% of GDP) in January – August 2013. The net current transfers recorded a surplus of EUR 162.4M, compared with a surplus of EUR 232.8M in August 2013. In January – August 2014 the net current transfers were positive amounting to EUR 1,573.2M (3.9% of GDP), compared with a positive balance of EUR 1,826.7M (4.6% of GDP) in the same period of 2013.
Direct investment abroad increased by EUR 16.3m compared with EUR 13.6M in August 2013. In January –August 2014 direct investment abroad totalled EUR 116.5M, compared with EUR 114.9M in the same period of 2013.
Foreign direct investment in Bulgaria recorded a net inflow of EUR 235.3M in August 2014, compared with EUR 103.1M in August 2013. In January – August 2014 the foreign direct investment in the country totalled EUR 1,221.4M (3% of GDP), compared with EUR 1,173.9M (2.9% of GDP) in the same period of 2013.
In August 2014 the overall balance was positive totalling EUR 179.6M compared with a negative balance of EUR 129.2M in August 2013. In January – August 2014 the overall balance was positive totalling EUR 750.9M (1.9% of GDP) compared with a negative one of EUR 396.6M (1% of GDP) in the same period of 2013.
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