In the period January – April 2008, the Current and Capital account deficit was EUR 2,234.9 million (6.8% of GDP), compared with EUR 2,092.1 million (7.2% of GDP) for the same period in 2007, the Bulgarian National Bank said.

In April 2008 the Current account was negative and amounted to EUR 679.9 million, compared to a negative account of EUR 551.7 million for the same month in 2007. Current account deficit stands at EUR 2,432.1 million (7.4% of GDP), against EUR 2,125.8 million (7.4% of GDP) a year ago. The main factor for the increase of the current account deficit was the higher (by EUR 453.6 million) trade deficit.

Trade deficit1 in January – April 2008 amounted to EUR 2,553.6 million (7.8% of GDP), compared to EUR 2,100 million (7.3% of GDP) for the same period in 2007.

Exports (FOB) amounted to EUR 5,015.6 million versus EUR 3,926.1 million for the same period in 2007. Imports (FOB) amounted to EUR 7,569.2 million, against EUR 6,026.1 million for January – April period in 2007.

The balance on the Services item was negative at EUR 181.3 million (0.6% of GDP), against a negative balance amounting to EUR 76.2 million (0.3% of GDP) for the same period in 2007.

Income (net) item was negative amounting to EUR 36.5 million compared to a negative item of EUR 40.7 million for the same period in 2007.

Net Current transfers amounted to EUR 339.3 million (1% of GDP) against EUR 91.1 million (0.3% of GDP) for the same period in 2007.

The Capital account balance was positive amounting to EUR 197.2 million, compared to a balance of EUR 33.7 million for the same period in 2007.

The Financial account balance was positive amounting to EUR 3,040.3 million, compared to a positive balance of EUR 2,848 million for the same period in 2007.

Foreign direct investment abroad was EUR 407.6 million against EUR 34.7 million for the same period in 2007.1 Foreign direct investment in Bulgaria2 was EUR 1,228.2 million (3.7% of GDP) against EUR 1,437.6 million (5% of GDP) for the same period in 2007. The direct investment covered 50.5% of the current account deficit against 67.6% for January – April 2007.

Portfolio investment - assets decreased by EUR 3.3 million, compared to a decrease of EUR 11.5 million for the same period in 2007. Portfolio investment – liabilities decreased by EUR 78.7 million. In the period January – April 2007, the liabilities decreased by EUR 191.8 million.

Other investment – assets decreased by EUR 939.3 million, compared to a decrease of EUR 691.6 million for the same period in 2007. Other investment – liabilities increased by EUR 1,400.6 million against an increase of EUR 961.6 million for January – April 2007.

The item Net errors and omissions was positive, amounting to EUR 204.2 million. For the same period in 2007 the item was negative amounting to EUR 276.7 million.

The Overall balance was positive, amounting to EUR 1,009.6 million compared to a positive overall balance of EUR 479.3 million for the same period in 2007.

In the period January – April 2008 the BNB reserve assets increased by EUR 1,009.6 million.