Bulgaria’s current account posts 0.7%/GDP deficit through May

Bulgaria posted a current account deficit of 526 million euros ($538.73 million), equal to 0.7% of economic output in the first five months, compared to a surplus of 0.01% in the same period a year ago as imports increase, the central bank said on Tuesday.

In May alone, the current account posted a surplus of 195 million euros compared to a deficit of 112 million a year ago as exports pick up.

Foreign direct investment, much needed to boost growth in the European Union’s poorest country was 871 million euros through May, up from 314 million euros in the same period of 2021.

The finance ministry sees Bulgaria’s current account posting a deficit of 2.9% of gross domestic product this year up from a shortfall of 0.4% in 2021.

($1 = 0.9764 euros)