- In February 2010 the Current account was positive and amounted to EUR 87.9 mn., compared to a negative account of EUR 312.3 mn. for February 2009- As of end-February 2010 gross external debt was EUR 37,011.8 mn. (107.3% of GDP)- The foreign reserves increased by 0.6% m/m (EUR 67.1mn) to EUR 12.24bn as of end-March- In April 2010 the total business climate indicator increases by 4.4 percentage points in comparison with the previous month- The consumer price index (CPI) for March 2010 compare to February 2010 is 100.2%, which means that the monthly inflation is 0.2%- Producer price index on domestic market in February 2010 fell by 0.2% compared to the previous month- According to the preliminary data in February 2010 the Industrial Turnover Index decreased by 5.1% compared to February 2009- In February 2010 according to the preliminary data the turnover in the trade sector decreased by 18.5% compared to the same month of the previous year- The unemployment rate measured by registrations with the state labour agency declined by 0.13pps m/m to 10.14% at the end of March- The fiscal reserve amounted to BGN 6 344.5 mn.- In March 2010, the annual growth rate of broad money (monetary aggregate M3) was 7.8% compared to 8.1% in February 2010- Net domestic assets reached BGN 48.326 bn. at the end of March 2010, which is a 6.2% increase compared to the same month of 2009- At end of March the banks reported positive financial result of BGN 71.4 bn.- The total volume of the BSE in March was BGN 29 900 mn.- The property market index for Q1 of 2010 is 97.7%, compare to Q4 of 2009
Bulgaria: Key Indicators200820092010eGDP growth (%) y/y6.0%-5.1%0.0%Inflation (%)7.8%0.6%2.0%Unemployment rate (%)6.31%9.10%12.0%Current Account/GDP (%)-22.5%-8.6%-8.0%Trade balance EUR mn-8 832-4 084-5 050FDI EUR mn.5 4302 8453 000Government Debt/GDP (%)16.1%16.0%15.0%Budget Surplus/ GDP(%)3.0%-0.8%-3.00%10 year bond yield (avarage)5.38%7.25%5.94%Source: BNB, estimations UBB
I.EXTERNAL SECTOR
1.Balance of payments
In February 2010 the Current account was positive and amounted to EUR 87.9 mn., compared to a negative account of EUR 312.3 mn. for February 2009
In February 2010 the Current account was positive and amounted to EUR 87.9 mn., compared to a negative account of EUR 312.3 mn. for February 2009. Main factors for the decrease of the current account deficit compared to February 2009 were the lower deficits on trade balance (by EUR 214.8 mn.) and on income balance (by EUR 120.3 mn.). In the period January - February 2010, the current account deficit was EUR 155.3 mn. (0.5% of GDP), against a deficit of EUR 864.9 mn. (2.6% of GDP) for January - February 2009. Main factors for the current account deficit decrease were the lower (by EUR 383.3 mn.) trade deficit and the lower (by EUR 224.7 mn.) income deficit. The trade deficit in January - February 2010 amounted to EUR 310.6 mn. (0.9% of GDP), compared to a deficit of EUR 693.9 mn. (2% of GDP) for January - February 2009. In February 2010 the trade deficit amounted to EUR 134.8 mn., compared to a deficit of EUR 349.6 mn. for February 2009. Exports (FOB) amounted to EUR 1,891.4 mn. against EUR 1,714 mn. for January - February 2009, increasing by 10.4% yoy against a decrease yoy of 26.4% for January - February 2009. In February 2010 exports (FOB) amounted to EUR 973 mn. against EUR 901.1 mn. for February 2009, increasing by 8% yoy against a decrease yoy of 25.8% for February 2009. Imports (FOB) amounted to EUR 2,202.1 mn., against EUR 2,407.9 mn. for the January - February period in 2009, decreasing by 8.5% yoy against a decrease yoy of 31.8% for January - February 2009. In February 2010 imports (FOB) amounted to EUR 1,107.9 mn., against EUR 1,250.8 mn. in February 2009, decreasing by 11.4% yoy against a decline yoy of 30.8% for February 2009. The balance on the Services item was positive, amounting to EUR 41.9 mn., against a positive balance amounting to EUR 13.3 mn. for January - February 2009. In February 2010 the balance on the item was positive amounting to EUR 46.3 mn. compared to a positive balance of EUR 40.9 mn. for February 2009. Income (net) item was negative amounting to EUR 136.5 mn. compared to a negative item of EUR 361.2 mn. for January - February 2009. In February 2010 the balance on the item was negative amounting to EUR 22.6 mn. compared to a negative balance of EUR 142.9 mn. for February 2009. Net Current transfers amounted to EUR 250 mn. (0.7% of GDP) against EUR 176.9 mn. (0.5% of GDP) for January - February 2009. In February 2010 the item Current transfers, net was positive amounting to EUR 199.1 mn. against a positive item of EUR 139.3 mn. for February 2009. The Capital account3 balance was negative amounting to EUR 1.1 mn., compared to a positive balance of EUR 164.9 mn. for January - February 2009. The Financial account balance was negative amounting to EUR 980.7 mn., compared to a negative balance of EUR 462.4 mn. for January - February 2009. Foreign direct investment abroad was EUR 6.2 mn. against EUR 15.5 mn. for January - February 2009. Foreign direct investment in Bulgaria4,5 was EUR 28 mn. (0.1% of GDP) against EUR 555 mn. (1.6% of GDP) for January - February 2009. The direct investment covered 18% of the current …
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