Bulgaria's current account balance was negative in the first quarter of 2022, totalling 946.7 million euro ($996.6 million), compared to a surplus of 35.2 million euro in the same period of 2021, the central bank said on Wednesday

Bulgaria's current account balance was negative in the first quarter of 2022, totalling 946.7 million euro ($996.6 million), compared to a surplus of 35.2 million euro in the same period of 2021, the central bank said on Wednesday

In the first quarter of 2022, the current account deficit represented 1.6% of the projected gross domestic product (GDP) for the year, as imports of goods jumped by 41.8% on the year to 11.9 billion euro or 15.8% of the estimated GDP, the Bulgarian National Bank (BNB) said in a statement.

The surplus in the first three months of 2021 amounted to 0.1% of last year's GDP.

Exports of goods increased by 36% on the year in the review period, coming in at some 10.7 billion euro or 14.2% of the projected GDP.

Details follow (in mln euro):

Jan-Mar'22 Jan-Mar'21 CURRENT ACCOUNT -946.7 35.2 - goods and services (net) -321.1 236.7 -- goods -1186.3 -513.1 -- services 865.2 749.9 - primary income -1027.6 -505.2 - secondary income 303.6 402.0 CAPITAL ACCOUNT 227.7 -394.0 FINANCIAL ACCOUNT 1506.7 -482.7

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The net inflow of foreign direct investment (FDI) into Bulgaria grew to some 1.06 billion euro ($1.1 billion) in the first three months of 2022 from 244.1 million euro in the comparable period of last year, the central bank said on Wednesday.

The net FDI inflow in the January-March period, calculated according to the directional principle, amounted to 1.4% of Bulgaria's projected gross domestic product (GDP) in 2022, the Bulgarian National Bank (BNB) said in a statement, citing preliminary data.

The Netherlands contributed to the largest net FDI inflow into Bulgaria in the review period, of 469.4 million euro. Belgium and Austria followed with 159.4 million euro and 115.3 million euro, respectively. On the other hand, the largest net negative flows were to Germany and Greece, 63.7 million euro and 21.4 million euro, respectively, central bank data showed.

In March alone, Bulgaria recorded a net FDI inflow of 112.5 million euro, nearly three times the inflow of 41.5 million euro in the same month of 2021.

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