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Bulgaria's trade deficit reached 11.4BN leva

Date: 16.12.2007

Bulgaria's foreign trade deficit reached 11.4 billion leva at the end of the third quarter, with European Union (EU) member states accounting for more than half of the trade volume, the National Statistical Institute (NSI) said on December 11.

Bulgarian export in the first nine months of 2007, reached 19 billion leva, a 9 per cent increase year-on-year. Imports were up by 17.8 percent, and reached 30.4 billion leva, International Herald Tribune (IHT) quoted Associated Press as saying.

Main export destinations were Italy, Germany, Greece and Belgium, while imports came mainly from Russia, Germany and Italy.

Current account deficit reached nearly 12 per cent of GDP in September, mainly because of the growing foreign trade deficit.

Bulgarian government targeted budget surpluses of around three per cent of GDP through 2010 to compensate for its rising current account deficit, IHT quoted a three-year government convergence programme, presented on December 11.

The three-year plan was submitted to Brussels as part of Bulgaria's preparation to adopt the single European currency.

"Given the increasing risks facing the economy, the budget stance will remain conservative ... The aim is to achieve a positive balance of three per cent of GDP for each year in the period 2008-2010," the Guardian quoted the programme.

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