Bulgaria's Current Account Surplus Drops to 0.2% in 1st 5 Months of 2017

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Bulgaria: Bulgaria's Current Account Surplus Drops to 0.2% in 1st 5 Months of 2017 pixabay.com

Bulgaria posted a current account deficit of 0.2% of gross domestic product in the first five months of 2017 compared with a surplus of 0.3 percent in the same period a year earlier, central bank data showed on Tuesday, Reuters reported.

The surplus stood at EUR 79.1 million (USD 91.19 million) in January-May, mainly due to a drop in exports, compared with a surplus of 131.2 million in the 2016 period, data showed.

For May alone, the current account surplus was EUR 210.6 million, compared with a deficit of 5.7 million in May 2016.

Foreign direct investment, much needed to spur sustainable growth in the Balkan country, dropped to EUR 119.8 million through May from 525.7 million in January-May of 2016.

Sofia expects a current account surplus of 3.8% of GDP this year compared with a revised surplus of 4.2 percent in 2016, betting mainly on increasing exports and tourism revenues. (USD 1 =EUR 0.8675). 

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