site.btaBulgaria's Balance of Payments Stays Negative in October, Deficit Down Y/Y

In October 2023, Bulgaria's balance of payments was negative at EUR 442.5 million, compared to a deficit of EUR 792.2 million in the same month of 2022, the Bulgarian National Bank said on Tuesday. In January-October 2023, the trade balance was negative at EUR 2.285 billion (2.4% of the estimated GDP), compared to a deficit of over EUR 3.961 billion (4.6% of GDP) in the like period of 2022.

In October 2023, exports of goods amounted to EUR 3,834.7 million, down by EUR 108.7 million (2.8%) from October 2022. In January-October 2023, exports of goods totalled EUR 36,735.2 million (38.4% of GDP), which is a decrease by 7.2% year on year. 

Imports of goods amounted to EUR 4,277.2 million in October 2023, which is a drop by 9.7% from October 2022. In January–October 2023, imports of goods totalled EUR 39,020.2 million (40.8% of GDP), down by 10.4% from the like period of 2022.

Services recorded a positive balance of EUR 561.6 million in October 2023, compared with a surplus of EUR 445.6 million in the same month last year. In January-October 2023, services recorded a surplus of EUR 5,777.9 million (6% of GDP), compared with a positive balance of EUR 4,573.9 million (5.3% of GDP) in the same period of 2022.

In October 2023, the current and capital account recorded a positive balance of EUR 196.9 million, compared with a deficit of EUR 439 million in the same month of 2022. In January-October 2023, the current and capital account was positive at EUR 1,993.4 million (2.1% of GDP), compared with a deficit of EUR 1,218.7 million (1.4% of GDP) in the same period last year.

The capital account recorded a positive balance of EUR 159.4 million, compared with a surplus of EUR 45.9 million in October 2022. In January-October 2023, the capital account recorded a positive balance of EUR 1,020.6 million (1.1% of GDP), compared with a negative balance of EUR 439.6 million (0.5% of GDP) in the same months of 2022.

The financial account recorded a positive balance of EUR 80.1 million, compared with a negative balance of EUR 94.4 million in October 2022. In January-October 2023, the financial account recorded a net inflow of EUR 1,206 million (1.3% of GDP), compared with an inflow of EUR 2,691.2 million (3.1% of GDP) in the first ten months of 2022.

Foreign direct investments in Bulgaria (under the directional principle) increased by EUR 199.8 million in October 2023, preliminary data show. In comparison, they grew by EUR 75 million in October 2022. In January-October 2023, foreign direct investments in Bulgaria went up by EUR 3,399.2 million, compared with an increase of EUR 2,213.6 million in the like period of 2022.