Contents 1. Macroeconomic Indicators 83 2. Gross Domestic Product 84 3. Change in Consumer Prices by Component 85 4. Balance of Payments 86 5. Exports by Commodity Group 88 6. Imports by Commodity Group 89 7. Exports by Use 90 8. Imports by Use 91 9. Exports by Major Trading Partner and Region 92 10. Imports by Major Trading Partner and Region 93 11. Currency Structure of Exports and Imports 94 12. Gross External Debt by Institutional Sector 95 13. Gross External Debt Disbursements by Institutional Sector 96 14. Gross External Debt Service by Institutional Sector 97 15. External Sector Indicators 100 16. Balance Sheet of the BNB 102 17. Monetary Survey 103 18. Analytical Reporting of the BNB 107 19. Analytical Reporting of Commercial Banks 111 20. Interest Rates and Government Securities Yield 116 21. Nominal Interest Rates on Shortterm Lev Loans 117 22. Real Interest Rates on Shortterm Lev Loans 117 23. Nominal Interest Rates on Lev Deposits (of over one day up to one month) 117 24. Real Interest Rates on Lev Deposits (of over one day up to one month) 117 25. Claims on Loans by Sector 118 26. Claims on Loans by Currency 118 27. Claims on Loans by Original Term to Maturity 118 28. Claims on Household Loans by Type 118 29. Denomination Composition in Banknotes and Coins 119 30. Balance Sheet of the Banking System as of June 2005 120 31. Income Statement of the Banking System as of June 2005 122 32. Bank Groups 124 33. Balance Sheet of Group I Banks as of June 2005 125 34. Income Statement of Group I Banks as of June 2005 127 35. Balance Sheet of Group II Banks as of June 2005 129 36. Income Statement of Group II Banks as of June 2005 131 37. Balance Sheet of Group III Banks as of June 2005 133 38. Income Statement of Group III Banks as of June 2005 135 39. Open Foreign Currency Positions of Commercial Banks 137 40. Capital Adequacy of Commercial Banks as of 30 June 2005 137 41. Liquidity of Commercial Banks as of 30 June 2005 137 42. Credit Portfolio of Commercial Banks 138 43. Highliquidity Asset Ratios 138 44. Consolidated State Budget 139 45. Funds of the Central Republican Budget and Budgetsupported Entities with the BNB and Commercial Banks as at End of Period 140 46. Government Securities Auctions 140 47. Sales of Savings Government Securities by Issue 140 48. Government Securities Primary Registration and Payments 141 49. Government Securities Transactions Registered in the Secondary Market 141 50. Interbank Money Market 142 51. Bulgarian Stock Exchange, January June 2005 143 52. Volume of Bulgarian Stock Exchange Securities Transactions Sofia, January June 2005 143 53. Forex Market. BNB Spot Transactions 144 54. Forex Market. Interbank Spot Market 144 55. Forex Market. Transactions with Final Customers 144 The methodology and scope of the respective indicators are comprehensively presented in 2005 BNB Monthly Bulletin issues.
83 1. Macroeconomic Indicators Appendix 2003 June 2004 2004 June 2005 Real sector 1 Real GDP GDP per capita Consumer price index (at the end of the period) Producer price index (at the end of the period) GDP deflator Employed 2 Unemployment Average annual salary Public finances 3 Consolidated fiscal program Revenue and grants Tax revenue Nontax revenue and grants Total expenditure Interest expenditure Noninterest expenditure Cash deficit()/surplus(+) Public debt Domestic public debt Money and credit 4 Broad money М3 (million ) Broad money М3 (annual growth rate) Claims on nongovernment sector (annual growth rate) Claims on public(annual growth rate) Base interest rate External sector 4 Current account Trade balance Exports Imports Gross external debt Public external debt Private external debt Net external debt Current account Trade balance Gross external debt Public external debt Private external debt Net external debt BNB international reserves (million EUR) BNB international reserves (per cent of imports of goods and nonfactor services) 5 Exchange rates 4 /EUR 1 /USD 1 Real effective exchange rate (index June 1997 = 100) Annual growth rate 4.5 5.0 5.6 6.2 7.4 10.2 10.6 5.6 7.3 4.0 5.1 6.9 5.1 7.1 2.3 3.9 4.2 3.4 4.9 5.2 5.2 0.7 16.9 10.7 10.0 9.0 4.0 5.7 6.1 9.5 Per cent of GDP 40.7 20.1 41.7 21.4 32.2 16.0 33.6 16.7 8.6 4.1 8.1 4.6 40.7 17.8 40.0 18.6 2.1 1.1 1.8 1.0 38.6 16.7 38.2 17.6 0.0 2.3 1.7 2.7 48.4 45.2 40.9 35.5 6.6 6.6 7.0 6.7 16 566.5 18 160.8 20 394.4 22 777.7 19.6 26.8 23.1 25.4 48.3 47.8 48.6 41.8 80.7 79.6 74.8 72.2 2.9 2.5 2.4 2.1 (million EUR) 1 630.2 1 048.7 1 648.2 1 433.2 2 199.6 1 305.3 2 728.9 1 693.0 6 668.2 3 614.5 7 984.9 4 381.7 8 867.8 4 919.8 10 713.8 6 074.6 10 638.7 12 134.2 12 245.9 13 251.3 7 047.9 7 322.8 6 423.0 5 859.2 3 590.8 4 811.4 5 822.9 7 392.1 3 435.3 3 725.5 2 763.6 3 047.0 Per cent of GDP 9.2 5.4 8.5 6.8 12.5 6.7 14.0 8.0 60.2 62.4 63.0 62.6 39.9 37.7 33.1 27.7 20.3 24.8 30.0 34.9 19.4 19.2 14.2 14.4 5 308.6 6 111.3 6 770.4 7 453.2 5.7 6.0 6.1 6.0 Currency board fixed rate: 1.95583/EUR 1 1.55 1.61 1.44 1.62 140.1 136.8 141.9 137.5 Data as of 6 October 2005. 1 Source: National Statistical Institute and National Labour Office. 2 Empolyed under labour contract. 3 Source: Ministry of Finance. 4 Source: Bulgarian National Bank. 5 Imports of goods and nonfactor services.
84 Bulgarian National Bank. Report January June 2005 2. Gross Domestic Product* Indicators Gross value added by economic sector Agriculture and forestry Industry Services By type of ownership Private sector Public sector (million at correspondin year prices) January June 2005 January June 2004 Volume Physical volume index Implicit deflators (January June 2004 = 100), % (2005), % 14 452 15 858 106.6 103.2 1 200 1 071 96.1 100.7 4 484 5 034 108.8 103.1 8 768 9 754 106.9 103.6 10 887 12 359 110.8 102.8 3 565 3 499 94.0 105.0 Adjustments GDP by component of final demand Final consumption Individual Collective Gross capital formation Gross capital formation of fixed capital Reserve change Balance (exports imports) Exports of goods and services Imports of goods and services Statistical discrepancy * Preliminary data. Source: NSI. 2 359 2 570 103.6 104.3 16 811 18 428 106.2 103.4 15 139 16 885 106.6 104.2 13 468 14 994 106.5 104.1 1 671 1 890 107.4 105.3 3 890 4 708 3 420 4 064 113.4 103.4 470 644 2 199 3 145 9 688 11 390 110.5 104.9 11 887 14 535 113.3 105.9 18 19
85 3. Change in Consumer Prices by Component (%) Appendix Total On the previous month Goods Food Nonfood Services On corresponding month of previous year (total) On average prices of previous year Total Goods Services Food Nonfood 2004 January February March April May June July August September October November December 2005 January February March April May June 1.4 1.3 2.4 0.4 6.4 5.9 10.0 2.7 4.1 0.3 0.3 0.9 0.2 6.6 6.3 10.4 3.6 3.9 0.1 0.3 0.0 0.1 6.2 6.2 10.1 3.6 4.1 0.3 0.4 0.0 0.4 6.1 6.5 10.5 3.6 4.5 0.0 1.5 0.6 1.6 6.8 6.6 8.9 4.3 6.1 1.8 4.2 0.5 0.2 7.3 4.7 4.3 3.7 6.3 1.2 0.0 0.2 4.0 7.6 5.9 4.3 3.9 10.6 0.4 1.7 0.4 0.2 6.3 5.5 2.5 4.3 10.8 0.9 2.3 0.3 0.0 6.3 6.5 4.9 4.6 10.8 0.2 0.5 0.9 0.3 5.8 6.6 4.4 5.5 11.2 0.6 1.5 0.3 0.4 4.5 7.3 6.0 5.2 11.6 1.3 3.4 0.2 0.1 4.0 8.7 9.6 5.0 11.7 0.7 1.2 0.2 0.7 3.3 3.1 4.1 1.1 4.1 0.9 1.0 1.0 0.6 3.9 4.0 5.2 2.1 4.7 0.3 0.4 0.4 0.1 4.3 4.4 5.5 2.5 4.9 1.1 1.3 0.5 1.5 5.1 5.5 6.9 3.0 6.4 0.5 1.5 0.2 0.1 4.6 5.0 5.3 3.3 6.5 1.3 3.9 0.5 0.1 5.1 3.6 1.1 3.8 6.5 Source: NSI.
86 Bulgarian National Bank. Report January June 2005 4. Balance of Payments* A. Current account 1 Goods: credit Goods: debit Balance on goods 2 Services: credit Transportation: credit 3 Travel: credit 4 Other services: credit Services: debit Transportation: debit 3 Travel: debit 4 Other services: debit 2004 2005 (million EUR) I quarter II quarter I VI III quarter IV quarter Total I quarter II quarter I VI 538.7 510.0 1048.7 351.1 950.6 1648.2 696.4 736.8 1433.2 1717.7 1896.8 3614.5 2183.8 2186.6 7984.9 2077.6 2304.1 4381.7 2227.0 2692.7 4919.8 2651.3 3142.7 10713.8 2729.2 3345.5 6074.6 509.3 795.9 1305.3 467.5 956.1 2728.9 651.6 1041.4 1693.0 494.0 840.9 1334.9 1412.6 614.1 3361.6 550.0 904.1 1454.0 165.7 237.4 403.1 366.1 198.4 967.5 185.3 271.9 457.3 199.7 446.5 646.3 868.0 232.0 1746.3 215.8 489.9 705.8 128.5 157.0 285.5 178.5 183.7 647.8 148.8 142.2 291.0 522.4 637.1 1159.5 757.6 721.3 2638.4 625.5 743.2 1368.6 250.0 304.9 554.9 331.9 344.7 1231.4 297.1 366.0 663.1 155.0 186.2 341.1 251.0 183.5 775.6 160.3 194.3 354.6 117.4 146.1 263.5 174.8 193.1 631.3 168.1 182.8 350.9 Balance on services Balance on goods and services Income: credit Compensation of employees: credit Other investment income: credit Direct investment income: credit Portfolio investment income: credit Other investment income: credit Income: debit Compensation of employees: debit Other investment income: debit Direct investment income: debit Portfolio investment income: debit Other investment income: debit Balance on income Balance on goods, services, and income Current transfers, net Current transfers: credit Current transfers: debit B. Capital account 1, 5 Capital transfers, net Total, groups A plus B C. Financial account 1, 5 Direct investment net Direct investment abroad Equity capital abroad Other capital abroad Reinvested earnings abroad Direct investment in reporting economy 6 Equity capital in reporting economy Other capital in reporting economy 7 Reinvested earnings in reporting economy Mergers and acquisitions, net 8 28.4 203.8 175.4 655.0 107.2 723.2 75.5 160.9 85.4 537.7 592.2 1129.9 187.4 1063.3 2005.8 727.0 880.5 1607.6 70.1 63.2 133.2 82.7 71.0 286.9 97.5 90.9 188.5 16.8 22.0 38.8 24.8 20.4 84.0 20.3 24.8 45.0 53.2 41.2 94.4 57.9 50.6 202.9 77.3 66.2 143.4 0.1 0.3 0.3 0.0 0.1 0.4 0.2 0.3 0.5 24.9 26.5 51.4 29.4 30.2 110.9 47.4 49.2 96.6 28.3 14.4 42.7 28.5 20.3 91.6 29.6 16.6 46.3 245.0 161.3 406.2 220.3 191.0 817.5 239.5 186.6 426.1 2.0 2.1 4.2 2.3 2.2 8.7 2.2 3.7 5.8 242.9 159.1 402.0 218.0 188.8 808.8 237.4 182.9 420.2 83.8 117.2 201.0 117.4 137.8 456.1 67.5 122.3 189.9 125.3 1.5 126.9 61.0 5.0 192.9 125.4 2.3 127.7 33.7 40.4 74.1 39.7 46.0 159.8 44.4 58.3 102.7 174.9 98.1 273.0 137.6 120.0 530.6 142.0 95.6 237.6 712.6 690.3 1402.9 49.8 1183.4 2536.4 869.0 976.1 1845.2 173.9 180.3 354.2 301.3 232.8 888.2 172.6 239.4 412.0 203.6 226.4 430.0 342.0 276.4 1048.4 220.5 290.8 511.3 29.7 46.1 75.9 40.7 43.6 160.2 47.9 51.4 99.3 0.0 0.0 0.0 0.0 0.0 0.1 0.0 0.9 0.9 0.0 0.0 0.0 0.0 0.0 0.1 0.0 0.9 0.9 538.7 510.0 1048.7 351.1 950.6 1648.2 696.4 737.7 1434.1 461.3 1031.8 1493.1 343.8 1337.2 2486.6 1044.6 890.7 1935.3 380.2 707.8 1088.1 572.5 1281.5 1797.1 350.9 305.5 656.4 12.3 4.5 16.9 5.1 190.3 168.3 15.7 4.9 20.6 9.1 4.1 13.2 4.3 7.6 25.1 18.7 7.8 26.5 3.6 0.7 4.2 1.2 197.6 192.2 2.9 2.9 5.8 0.3 0.3 0.6 0.3 0.3 1.2 0.0 0.0 0.0 392.6 532.3 924.9 262.1 1091.2 2278.2 366.6 353.7 720.4 105.5 283.1 388.6 110.8 1080.0 1579.4 124.3 80.7 205.1 213.5 177.0 390.5 77.5 55.2 412.9 199.4 214.2 413.6 73.6 72.2 145.8 73.8 66.4 286.0 42.9 58.9 101.8 0.0 180.0 180.0 829.5 0.0 649.5 0.0 43.3 43.3
87 2004 2005 (million EUR) Appendix Portfolio investment assets 9 Equity securities: assets Debt securities: assets Portfolio investment liabilities Equity securities: liabilities Debt securities: liabilities Other investment assets Trade credits: assets, net 10 Loans: assets Banks Other sectors Currency and deposits: assets Banks Other sectors 11 Other assets Other investment liabilities Trade credits: liabilities, net 12 Loans: liabilities General government Banks Other sectors 7 Currency and deposits: liabilities Other liabilities Total, groups A through C D. Errors and omissions OVERALL BALANCE E. Reserves and other financing BNB international reserves 13 Use of Fund credit, net Exceptional financing, net I quarter II quarter I VI III quarter IV quarter Total I quarter II quarter I VI 35.0 13.9 48.9 79.7 32.2 1.3 27.7 116.6 88.9 1.0 2.5 3.4 0.8 17.6 21.8 1.7 1.4 3.0 34.0 11.4 45.4 80.5 14.6 20.5 26.0 117.9 91.9 87.8 96.7 8.9 598.2 33.7 555.6 700.4 151.2 549.2 22.6 13.8 8.8 4.4 5.3 0.9 24.4 67.6 91.9 65.1 82.8 17.7 602.7 28.4 556.5 724.7 83.6 641.1 189.8 175.5 365.3 32.5 355.5 753.3 508.3 64.0 444.3 21.4 48.7 70.1 25.8 61.4 157.3 18.1 78.5 96.6 36.6 22.0 58.6 18.2 5.5 82.3 85.4 75.1 10.4 4.9 8.5 13.5 9.7 6.5 29.6 93.5 66.3 27.2 31.6 13.5 45.1 8.5 0.9 52.7 8.1 8.7 16.8 131.9 158.3 290.2 36.7 357.3 610.8 80.7 60.9 19.8 46.3 189.5 235.9 36.6 354.5 553.8 98.3 63.8 34.5 85.6 31.2 54.4 21.4 41.7 74.7 17.5 2.9 14.7 0.2 53.5 53.7 25.3 68.7 97.2 531.1 0.3 531.4 393.6 416.7 810.3 779.7 409.7 1999.7 913.5 381.4 1294.9 39.2 55.9 95.1 33.4 44.1 172.6 117.8 287.3 405.1 221.6 194.0 415.6 698.1 114.1 1227.8 62.0 576.4 638.4 48.9 5.0 43.9 1.2 4.7 38.0 27.9 23.2 4.7 38.8 100.5 139.3 110.4 163.1 412.8 31.5 208.9 177.4 231.7 88.6 320.3 586.5 53.7 853.1 121.4 344.3 465.7 76.1 153.6 229.7 8.3 276.1 514.0 709.5 531.3 178.2 56.7 13.2 69.9 40.0 24.6 85.3 24.1 49.0 73.1 77.3 521.8 444.4 7.3 386.6 838.3 348.2 153.0 501.3 53.0 251.7 304.6 28.9 227.7 561.3 462.5 551.0 88.5 24.4 773.4 749.1 36.2 614.4 1399.6 114.3 704.0 589.7 24.4 773.4 749.1 36.2 614.4 1399.6 114.3 704.0 589.7 41.8 741.0 782.8 118.8 591.8 1493.4 146.7 650.0 503.3 46.4 32.4 13.9 20.5 22.6 29.1 32.4 54.0 86.4 19.8 0.0 19.8 103.1 0.0 122.9 0.0 0.0 0.0 * Analytical presentation of the balance of payments in accordance with IMF 5th edition of the Balance of Payments Manual. 1 Preliminary data. 2 Data based on customs declarations as of the date of customs clearings, processed by the BNB and supplemented with NSI information. Data are coordinated with the NSI. 3 BNB estimates. 4 Estimates according to the methodology of the BNB and the Ministry of Economy. 5 A minus sign denotes a capital outflow (increase in assets or decrease in liabilities). 6 Data provided by the companies with foreign interest, the Privatization Agency, the NSI, the Central Depository, commercial banks, etc. 7 Data based on reports of residents obligations on financial credits to foreign persons received at the BNB. 8 Mergers and acquisitions are included in this item. 9 Due to introducing of a new reporting form for investment portfolio, data are subject to revision after their processing. 10 Bulgaria s foreign claims on trade credits (prepaid advances and receivables from suppliers) are included in this item. 11 BIS data for 2004 and for the January March 2005 period. BNB data for the April June 2005 period, subject to revisions. 12 Bulgaria s foreign liabilities on trade credits (received advances and payables to suppliers) are included in this item. 13 Excluding changes in BNB international reserves due to valuation adjustments. A minus sign denotes an increase in international reserves and a positive sign a decrease.
88 Bulgarian National Bank. Report January June 2005 5. Exports by Commodity Group Commodity groups* Textile, leather materials, clothing, footwear and other consumer goods, including: Chapter 62. Clothing and accessories to clothing other than knitwear Chapter 61. Clothing and accessories to clothing from knitwear Chapter 64. Shoes, gaiters and similar articles; their components Chapter 94. Furniture; medical furniture; sleeping accessories and similar articles January June 2004 2005 million EUR share, % million EUR share, % Change on same period of previous year million EUR % 1070.0 29.6 1073.7 24.5 3.6 0.3 373.6 10.3 390.5 8.9 16.9 4.5 324.6 9.0 282.9 6.5 41.7 12.9 89.8 2.5 93.6 2.1 3.8 4.2 76.4 2.1 89.1 2.0 12.7 16.6 Base metals and their products, including: Chapter 72. Castiron, iron and steel Chapter 74. Copper and its products Chapter 73. Castiron, iron and steel products Chapter 76. Aluminum and its products Chapter 79. Zink and its products Machines, transport facilities, appliances, tools and weapons, including: Chapter 84. Nuclear reactors, boilers, machines, appliances and machinery; spare parts Chapter 85. Electrical machines and appliances Chapter 89. See and river shipping Mineral products and fuels, including: Chapter 27. Mineral fuels, mineral oils and distilled products Animal and vegetable products, food, drink and tobacco, including: Chapter 12. Oilbearing seeds and fruit; miscellaneous seeds Chapter 10. Cereals Chapter 02. Meat and edible offals Chemical products, plastics and rubber, including: Chapter 39. Plastics and plastic products Chapter 29. Organic chemical products Chapter 28. Inorganic chemical products Chapter 31. Fertilizers Wood, paper, earthenware and glass products, including: Chapter 44. Timber and wood products; wood coal EXPORTS, TOTAL (FOB) 809.6 22.4 996.0 22.7 186.4 23.0 374.6 10.4 415.1 9.5 40.4 10.8 238.2 6.6 355.6 8.1 117.5 49.3 67.5 1.9 78.0 1.8 10.4 15.4 52.2 1.4 55.9 1.3 3.6 7.0 36.7 1.0 45.1 1.0 8.4 22.9 535.5 14.8 722.1 16.5 186.6 34.8 245.5 6.8 289.6 6.6 44.1 18.0 172.6 4.8 209.5 4.8 36.9 21.4 28.7 0.8 95.9 2.2 67.2 234.6 363.3 10.1 507.1 11.6 143.9 39.6 323.2 8.9 453.9 10.4 130.7 40.4 299.6 8.3 454.7 10.4 155.1 51.8 28.0 0.8 81.2 1.9 53.2 189.8 1.8 0.1 74.2 1.7 72.4 3921.9 31.7 0.9 44.1 1.0 12.4 39.2 347.7 9.6 427.2 9.8 79.5 22.9 69.8 1.9 93.7 2.1 23.9 34.3 47.6 1.3 79.9 1.8 32.4 68.0 64.9 1.8 70.4 1.6 5.5 8.4 42.2 1.2 51.7 1.2 9.5 22.4 188.8 5.2 200.9 4.6 12.1 6.4 72.2 2.0 74.7 1.7 2.6 3.5 3614.5 100.0 4381.7 100.0 767.2 21.2 * Commodity groups include chapters from the Harmonized System for Commodity Description and Coding. Source: Customs Agency data, supplemented with NSI data and processed by the BNB. For 2004 final data. For 2005 preliminary data as of 21 September 2005.
89 6. Imports by Commodity Group Commodity groups* January June 2004 2005 million EUR share, % million EUR share, % Change on same period of previous year million EUR % Appendix Machines, transport facilities, appliances, tools and weapons, including: Chapter 84. Nuclear reactors, boilers, machines, appliances and machinery; spare parts Chapter 87. Automobile transport Chapter 85. Electrical machines and appliances Chapter 90. Optical instruments and appliances Mineral products and fuels, including: Chapter 27. Mineral fuels, mineral oils and distilled products Chapter 26. Ores, slags and ashes Textile, leather materials, clothing, footwear and other consumer goods, including: Chapter 61. Clothing and accessories to clothing from knitwear Chapter 52. Cotton Chapter 51. Wool, sheer and coarse filaments; yarns and fabrics from manes and tails Chapter 55. Staple synthetic and artificial fibres Chapter 54. Synthetic or artificial fibres Chapter 62. Clothing and accessories to clothing other than knitwear Chemical products, plastics and rubber, including: Chapter 39. Plastics and plastic products Chapter 30. Pharmaceuticals Chapter 38. Miscellaneous products of chemical industry Base metals and their products, including: Chapter 72. Castiron, iron and steel Chapter 73. Castiron, iron and steel products Chapter 76. Aluminum and its products Animal and vegetable products, food, drink and tobacco, including: Chapter 02. Meat and edible offals Wood, paper, earthenware and glass products, including: Chapter 48. Paper and cardboard; products of cellulose, paper and cardboard Other imports 1 IMPORTS, TOTAL (CIF) ( ) Freight expenditure IMPORTS, TOTAL (FOB) 1630.4 30.6 2129.6 32.3 499.2 30.6 581.3 10.9 748.9 11.4 167.6 28.8 521.5 9.8 696.0 10.6 174.6 33.5 384.6 7.2 442.9 6.7 58.3 15.2 94.9 1.8 94.6 1.4 0.4 0.4 1088.3 20.4 1503.3 22.8 415.0 38.1 863.6 16.2 1185.7 18.0 322.1 37.3 192.6 3.6 278.7 4.2 86.0 44.7 879.4 16.5 898.6 13.6 19.2 2.2 145.9 2.7 119.0 1.8 26.9 18.4 115.4 2.2 111.4 1.7 4.0 3.5 78.9 1.5 90.4 1.4 11.5 14.6 87.8 1.6 84.8 1.3 3.0 3.5 68.6 1.3 66.3 1.0 2.3 3.3 56.0 1.0 66.1 1.0 10.1 18.1 690.0 12.9 771.5 11.7 81.5 11.8 200.6 3.8 256.1 3.9 55.5 27.7 176.4 3.3 161.8 2.5 14.6 8.3 67.4 1.3 75.3 1.1 7.9 11.7 435.4 8.2 587.4 8.9 152.0 34.9 192.6 3.6 268.4 4.1 75.8 39.4 92.7 1.7 116.9 1.8 24.2 26.1 73.8 1.4 84.2 1.3 10.4 14.1 345.6 6.5 342.1 5.2 3.4 1.0 25.9 0.5 42.2 0.6 16.3 63.0 220.6 4.1 290.0 4.4 69.4 31.5 99.8 1.9 107.3 1.6 7.5 7.5 41.8 0.8 66.4 1.0 24.6 58.9 5331.4 100.0 6588.8 100.0 1257.4 23.6 411.6 514.2 4919.8 6074.6 1154.9 23.5 * Commodity groups include chapters from the Harmonized System for Commodity Description and Coding. 1 Including information on imports of goods from Chapter 99 Customs Reliefs of the Customs Tariff. Source: Customs Agency data, supplemented with NSI data and processed by the BNB. For 2004 final data. For 2005 preliminary data as of 21 September 2005.
90 Bulgarian National Bank. Report January June 2005 7. Exports by Use Commodity groups Consumer goods Food Cigarettes Drink Clothing and footwear Medical goods and cosmetics Housing and home furniture Other January June 2004 2005 million EUR share, % million EUR share, % Change on same period of previous year million EUR % 1250.1 34.6 1289.9 29.4 39.7 3.2 142.4 3.9 178.9 4.1 36.5 25.6 11.4 0.3 7.1 0.2 4.3 37.9 34.8 1.0 38.0 0.9 3.2 9.2 765.1 21.2 745.8 17.0 19.4 2.5 74.9 2.1 76.4 1.7 1.5 2.0 130.4 3.6 149.3 3.4 18.9 14.5 91.2 2.5 94.4 2.2 3.3 3.6 Raw material feedstocks Castiron, iron and steel Nonferrous metals Chemical products Plastics, rubber Fertilizers Textile materials Food feedstocks Wood and paper, cardboard Cement Tobacco Other Investment goods Machines, tools and appliances Electrical machines Transport facilities Spare parts and equipment Other Nonenergy commodities, total Energy commodities Petroleum products Other EXPORTS, TOTAL (FOB) 1542.9 42.7 1954.7 44.6 411.9 26.7 374.6 10.4 415.1 9.5 40.4 10.8 322.5 8.9 408.9 9.3 86.4 26.8 106.8 3.0 144.6 3.3 37.8 35.4 87.8 2.4 115.6 2.6 27.8 31.7 42.2 1.2 51.7 1.2 9.5 22.4 151.8 4.2 160.8 3.7 8.9 5.9 59.3 1.6 196.1 4.5 136.8 230.5 111.5 3.1 114.3 2.6 2.8 2.5 11.7 0.3 10.1 0.2 1.6 14.1 38.4 1.1 29.5 0.7 8.8 23.1 236.2 6.5 308.2 7.0 72.0 30.5 505.5 14.0 686.8 15.7 181.2 35.9 173.5 4.8 197.8 4.5 24.3 14.0 46.8 1.3 53.9 1.2 7.1 15.2 37.7 1.0 117.7 2.7 80.0 212.2 111.6 3.1 147.6 3.4 36.0 32.3 135.9 3.8 169.8 3.9 33.8 24.9 3298.5 91.3 3931.4 89.7 632.8 19.2 316.0 8.7 450.3 10.3 134.3 42.5 232.3 6.4 325.9 7.4 93.6 40.3 83.7 2.3 124.4 2.8 40.7 48.6 3614.5 100.0 4381.7 100.0 767.2 21.2 Source: Customs Agency data, supplemented with NSI data and processed by the BNB. For 2004 final data. For 2005 preliminary data as of 21 September 2005.
91 8. Imports by Use Commodity groups January June 2004 2005 million EUR share, % million EUR share, % Change on same period of previous year million EUR % Appendix Consumer goods Food, drink and cigarettes Housing and home furniture Medical goods and cosmetics Clothing and footwear Automobiles Other Raw material feedstocks Ores Castiron, iron and steel Nonferrous metals Textile materials Wood and paper, cardboard Chemical products Plastics, rubber Food feedstocks Leather and furs Tobacco Other Investment goods Machines, tools and appliances Electrical machines Transport facilities Spare parts and equipment Other Nonenergy commodities, total Energy commodities Fuels Crude oil and natural gas Coal Other fuels Other Oils Other imports 1 IMPORTS, TOTAL (CIF) 863.2 16.2 1004.1 15.2 140.9 16.3 135.8 2.5 171.9 2.6 36.1 26.6 177.5 3.3 193.6 2.9 16.0 9.0 219.1 4.1 212.8 3.2 6.3 2.9 53.1 1.0 60.8 0.9 7.7 14.5 157.0 2.9 218.9 3.3 61.9 39.4 120.7 2.3 146.2 2.2 25.5 21.2 2208.4 41.4 2508.6 38.1 300.2 13.6 192.6 3.6 278.7 4.2 86.0 44.7 192.6 3.6 268.4 4.1 75.8 39.4 52.1 1.0 88.6 1.3 36.5 70.0 698.1 13.1 686.0 10.4 12.0 1.7 116.4 2.2 129.6 2.0 13.2 11.3 130.6 2.4 136.8 2.1 6.3 4.8 239.6 4.5 306.0 4.6 66.5 27.7 159.5 3.0 121.8 1.8 37.7 23.6 45.6 0.9 47.6 0.7 2.0 4.4 13.6 0.3 6.6 0.1 7.0 51.6 367.8 6.9 438.5 6.7 70.7 19.2 1355.1 25.4 1822.3 27.7 467.1 34.5 461.4 8.7 608.4 9.2 147.0 31.8 163.4 3.1 203.0 3.1 39.6 24.3 359.6 6.7 560.6 8.5 201.0 55.9 185.2 3.5 235.1 3.6 49.9 27.0 185.5 3.5 215.1 3.3 29.6 15.9 4426.8 83.0 5335.0 81.0 908.2 20.5 862.8 16.2 1187.4 18.0 324.6 37.6 772.8 14.5 1029.1 15.6 256.4 33.2 654.5 12.3 886.3 13.5 231.8 35.4 104.5 2.0 124.3 1.9 19.7 18.9 13.8 0.3 18.6 0.3 4.8 35.2 90.0 1.7 158.3 2.4 68.2 75.8 90.0 1.7 158.3 2.4 68.2 75.8 41.8 0.8 66.4 1.0 24.6 58.9 5331.4 100.0 6588.8 100.0 1257.4 23.6 1 Information on imports of goods in Chapter 99 Customs Reliefs of the Customs Tariff is insufficient to classify goods by commodity group. Source: Customs Agency data, supplemented with NSI data and processed by the BNB. For 2004 final data. For 2005 preliminary data as of 21 September 2005.
92 Bulgarian National Bank. Report January June 2005 9. Exports by Major Trading Partner and Region Countries European Union25, incl.: European Union15, incl.: 1 Italy Greece Germany Belgium France Spain United Kingdom Austria Netherlands European Union10, incl.: 2 Cyprus Poland Hungary January June 2004 2005 million EUR share, % million EUR share, % Change on same period of previous year million EUR % 2179.0 60.3 2602.7 59.4 423.8 19.4 2027.3 56.1 2364.3 54.0 337.1 16.6 487.2 13.5 600.8 13.7 113.6 23.3 398.8 11.0 457.1 10.4 58.4 14.6 389.6 10.8 427.3 9.8 37.7 9.7 213.6 5.9 240.8 5.5 27.2 12.7 168.3 4.7 198.7 4.5 30.3 18.0 110.4 3.1 130.5 3.0 20.2 18.3 82.4 2.3 102.3 2.3 19.9 24.1 83.5 2.3 92.8 2.1 9.4 11.2 47.9 1.3 60.5 1.4 12.6 26.3 151.7 4.2 238.4 5.4 86.7 57.2 13.1 0.4 53.5 1.2 40.4 308.0 35.6 1.0 49.1 1.1 13.5 38.1 31.4 0.9 37.8 0.9 6.4 20.4 Europe, incl.: 3 Russia Switzerland Balkan countries, incl.: 4 Turkey Romania Serbia and Montenegro Macedonia America, incl.: USA Asia, incl.: Singapore China Other countries EXPORTS, TOTAL (FOB) 139.2 3.9 152.6 3.5 13.4 9.6 50.3 1.4 55.9 1.3 5.6 11.1 25.8 0.7 29.8 0.7 4.0 15.4 713.4 19.7 917.1 20.9 203.7 28.6 336.8 9.3 453.1 10.3 116.3 34.5 150.3 4.2 172.8 3.9 22.6 15.0 124.3 3.4 126.3 2.9 2.1 1.7 75.3 2.1 85.6 2.0 10.3 13.6 206.2 5.7 208.2 4.8 1.9 0.9 144.7 4.0 115.9 2.6 28.8 19.9 186.4 5.2 242.6 5.5 56.2 30.2 23.8 0.7 51.7 1.2 27.8 116.7 24.5 0.7 26.6 0.6 2.1 8.8 190.4 5.3 258.5 5.9 68.1 35.8 3614.5 100.0 4381.7 100.0 767.2 21.2 1 Including EU member states prior to the enlargement of 1 May 2004. 2 Including new member states which joined the EU on 1 May 2004. 3 Including Russia, Switzerland, Ukraine, Gibraltar (UK), Moldova, Belarus, Norway, Liechtenstein, San Marino, Iceland, and Monaco. 4 Including Turkey, Romania, Serbia and Montenegro, Macedonia, Albania, Croatia, and Bosnia and Herzegovina. Source: Customs Agency data, supplemented with NSI data and processed by the BNB. For 2004 final data. For 2005 preliminary data as of 21 September 2005.
93 10. Imports by Major Trading Partner and Region Countries January June 2004 2005 million EUR share, % million EUR share, % Change on same period of previous year million EUR % Appendix European Union25, incl.: European Union15, incl.: 1 Germany Italy Greece France United Kingdom Austria Spain Netherlands Belgium Sweden European Union10, incl.: 2 Poland Czech Republic Hungary Europe, incl.: 3 Russia Ukraine Switzerland Balkan countries, incl.: 4 Turkey Romania Serbia and Montenegro Macedonia America, incl.: USA Brazil Asia, incl.: China Kazakhstan Japan Other countries IMPORTS, TOTAL (CIF) 2919.2 54.8 3377.5 51.3 458.4 15.7 2605.3 48.9 3017.2 45.8 411.9 15.8 746.7 14.0 901.9 13.7 155.2 20.8 540.2 10.1 623.4 9.5 83.2 15.4 343.4 6.4 364.7 5.5 21.3 6.2 281.8 5.3 341.8 5.2 60.1 21.3 138.7 2.6 155.8 2.4 17.1 12.3 127.3 2.4 155.0 2.4 27.7 21.7 112.0 2.1 123.4 1.9 11.4 10.2 85.2 1.6 94.0 1.4 8.9 10.4 81.4 1.5 88.5 1.3 7.1 8.7 65.0 1.2 79.2 1.2 14.2 21.9 313.9 5.9 360.4 5.5 46.5 14.8 77.1 1.4 103.3 1.6 26.1 33.9 86.5 1.6 96.3 1.5 9.7 11.3 66.5 1.2 73.5 1.1 6.9 10.4 982.0 18.4 1198.9 18.2 216.9 22.1 696.6 13.1 846.9 12.9 150.3 21.6 196.6 3.7 270.6 4.1 74.0 37.6 71.5 1.3 67.0 1.0 4.6 6.4 506.5 9.5 715.0 10.9 208.6 41.2 316.9 5.9 418.4 6.3 101.5 32.0 142.6 2.7 226.9 3.4 84.3 59.1 18.9 0.4 30.7 0.5 11.8 62.3 17.9 0.3 24.0 0.4 6.1 34.4 391.1 7.3 500.3 7.6 109.2 27.9 141.1 2.6 192.2 2.9 51.1 36.3 97.6 1.8 138.0 2.1 40.4 41.4 461.6 8.7 682.0 10.4 220.4 47.7 166.4 3.1 245.2 3.7 78.8 47.4 14.2 0.3 91.5 1.4 77.3 546.5 69.5 1.3 74.8 1.1 5.3 7.6 71.1 1.3 115.1 1.7 44.1 62.0 5331.4 100.0 6588.8 100.0 1257.4 23.6 1 Including EU member states prior to the enlargement of 1 May 2004. 2 Including new member states which joined the EU on 1 May 2004. 3 Including Russia, Switzerland, Ukraine, Gibraltar (UK), Moldova, Belarus, Norway, Liechtenstein, San Marino, Iceland, and Monaco. 4 Including Turkey, Romania, Serbia and Montenegro, Macedonia, Albania, Croatia, and Bosnia and Herzegovina. Source: Customs Agency data, supplemented with NSI data and processed by the BNB. For 2004 final data. For 2005 preliminary data as of 21 September 2005.
94 Bulgarian National Bank. Report January June 2005 11. Currency Structure of Exports and Imports Currency US dollar Euro Other currencies, incl.: British pound Swedish krone Swiss franc TOTAL January June 2004 2005 imports exports imports exports 34.1 33.7 37.1 34.7 63.5 63.5 60.7 62.9 2.3 2.8 2.2 2.4 0.9 1.6 0.9 1.3 0.1 0.8 0.1 0.8 0.6 0.2 0.6 0.2 100.0 100.0 100.0 100.0 (%) Source: Customs Agency data, supplemented with NSI data and processed by the BNB. For 2004 final data. For 2005 preliminary data as of 21 September 2005.
95 12. Gross External Debt by Institutional Sector 1 (million EUR) Appendix 2004 2005 III VI IX XII III VI I. General government 2 Shortterm Longterm Bonds and notes 3 Bonds and notes held by residents 4 Loans II. Monetary authorities III. Commercial banks 5 Shortterm Loans Currency and deposits Other debt liabilities Longterm Bonds and notes Loans IV. Other sectors 6 Shortterm Loans Trade credits Longterm Bonds and notes Loans V. Direct investment: intercompany loans GROSS EXTERNAL DEBT (I+II+III+IV+V) Memo items Longterm external debt 7 Shortterm external debt Public and publicly guaranteed external debt Private nonguaranteed external debt Revolving credits 8 Trade credits 8 Credits payable at request 8 incl. intercompany loans 6778.5 6822.1 6141.4 5824.7 5149.9 5189.3 0.0 0.0 0.0 0.0 0.0 0.0 6778.5 6822.1 6141.4 5824.7 5149.9 5189.3 3986.7 4003.1 3345.9 3145.4 2494.6 2596.6 315.9 251.1 275.8 288.5 290.6 378.6 3107.7 3070.2 3071.2 2967.9 2946.0 2971.2 0.0 0.0 0.0 0.0 0.0 0.0 941.0 1195.2 1321.3 1712.0 2420.2 2038.3 723.7 877.3 904.0 1128.1 1854.5 1409.5 15.4 17.7 20.6 27.6 24.7 86.5 571.8 726.2 730.3 998.9 1712.7 1188.0 136.5 133.4 153.1 101.6 117.1 135.0 217.3 317.9 417.3 583.8 565.7 628.8 0.0 0.4 1.4 5.8 6.8 6.8 217.2 317.5 415.9 578.1 559.0 622.0 2059.6 2254.0 2873.6 2811.2 3296.1 4020.9 926.2 1113.8 1338.7 1248.1 1495.2 2104.8 325.5 409.7 673.4 537.2 568.8 855.0 600.7 704.1 665.3 710.9 926.4 1249.8 1133.3 1140.3 1534.9 1563.1 1800.9 1916.1 2.9 2.9 2.9 2.9 2.9 2.9 1130.4 1137.4 1532.0 1560.2 1798.0 1913.2 1673.1 1862.8 1956.5 1898.1 2148.0 2002.8 11452.1 12134.2 12292.8 12245.9 13014.3 13251.3 9802.1 10143.1 10050.1 9869.7 9664.6 9736.9 1649.9 1991.0 2242.7 2376.2 3349.7 3514.4 7276.1 7322.8 6683.6 6423.0 5770.6 5859.2 4176.0 4811.4 5609.2 5822.9 7243.7 7392.1 264.8 317.1 342.4 332.7 355.0 405.9 1042.2 1186.7 1098.9 979.9 1302.9 1519.7 541.2 631.7 717.9 751.0 872.5 969.3 346.7 400.0 446.6 435.9 521.0 545.6 1 Preliminary data. Euro equivalent is calculated using average monthly exchange rates of respective foreign currencies as of end of period. 2 Data source: Register of Government and Government Guaranteed Debt of the Ministry of Finance. Preliminary data as of 25 August 2005. Excluding debt liabilities of public sector companies and government guaranteed debt. 3 Brady bonds, Eurobonds, Global bonds and government securities (denominated in and foreign currency) held by nonresidents are included in this item. 4 In accordance with the residence concept, government securities issued and held by residents on international financial markets are subtracted from debt; therefore, they are shown with a minus sign (at nominal value). 5 Data source: commercial banks (including data on private and stateowned banks). Deposits related to contingent liabilities are excluded. 6 Data on public and private companies, including government guaranteed loans. Intercompany loans are excluded. Data cover only loans registered by the BNB and on which the BNB has received information. 7 In compliance with the requirements of the External Debt Statistics, Guide for Compilers and Users, IMF, 2003, paras. 3.14 and 7.5, disbursements related to direct investment are included in the longterm external debt. 8 Data are included in the Gross external debt amount.
96 Bulgarian National Bank. Report January June 2005 13. Gross External Debt Disbursements by Institutional Sector 1 (million EUR) I. General government 2 Shortterm Longterm Bonds and notes Bonds and notes held by residents 3 Loans II. Monetary authorities 2004 2005 I quarter II quarter III quarter IV quarter Total I quarter II quarter 155.6 123.1 189.4 38.7 506.8 43.1 57.4 0.0 0.0 0.0 0.0 0.0 0.0 0.0 155.6 123.1 189.4 38.7 506.8 43.1 57.4 4.0 0.0 9.2 2.2 15.4 0.0 0.0 62.4 105.0 24.3 15.0 206.7 5.5 11.5 89.2 18.0 155.9 21.5 284.7 37.6 45.9 0.0 0.0 0.0 0.0 0.0 0.0 0.0 III. Commercial banks 4 Shortterm Loans Currency and deposits 5 Other debt liabilities Longterm Bonds and notes Loans IV. Other sectors 6 Shortterm Loans Longterm Bonds and notes Loans V. Direct investment: intercompany loans GROSS EXTERNAL DEBT (I+II+III+IV+V) Memo items Longterm external debt 7 Shortterm external debt Public and publicly guaranteed external debt Private nonguaranteed external debt Revolving credits 8 Trade credits 9 216.5 307.7 206.7 496.8 1227.6 930.5 162.1 183.3 194.0 100.3 317.9 795.5 899.8 94.6 6.8 4.9 4.9 13.6 30.1 4.0 65.0 101.2 161.5 66.0 303.9 632.7 869.1 1.5 75.4 27.5 29.3 0.4 132.7 26.7 28.1 33.1 113.7 106.4 178.8 432.1 30.7 67.5 0.0 0.4 1.0 4.4 5.7 1.0 0.0 33.1 113.3 105.5 174.5 426.4 29.7 67.5 263.4 133.4 782.5 245.6 1424.8 184.0 305.8 61.5 82.6 268.5 70.9 483.5 53.3 67.5 61.5 82.6 268.5 70.9 483.5 53.3 67.5 201.8 50.8 514.0 174.7 941.3 130.8 238.2 0.0 0.0 0.0 0.0 0.0 0.0 0.0 201.8 50.8 514.0 174.7 941.3 130.8 238.2 128.4 143.4 206.6 286.3 764.7 147.6 127.6 763.9 707.5 1385.2 1067.4 3923.9 1305.2 652.8 519.0 430.9 1016.4 678.6 2644.9 352.1 490.7 244.9 276.6 368.8 388.8 1279.0 953.1 162.1 221.2 142.3 244.2 134.6 742.4 65.3 105.4 542.7 565.2 1141.0 932.8 3181.5 1240.0 547.4 128.3 84.0 74.1 70.9 357.2 59.2 212.3 92.9 110.4 29.9 59.7 293.0 157.9 292.9 1 Actual external debt disbursements. Preliminary data. Data are recalculated in euro based on monthly average exchange rates of respective foreign currencies. 2 Data source: Register of Government and Government Guaranteed Debt of the Ministry of Finance. Preliminary data as of 25 August 2005. Excluding data on debt liabilities of public sector companies and government guaranteed debt. 3 In accordance with the residence concept, the net decrease in the stock of Brady bonds, Eurobonds and Global bonds held by residents represents a net increase in liabilities to nonresidents and is reflected with a positive sign in the Gross External Debt Disbursements table. 4 Data source: commercial banks. 5 Deposits related to contingent liabilities are excluded. 6 Including received loans (excluding intercompany loans) registered by the BNB and on which the BNB has received information, as well as government guaranteed loans (Source: Register of Government and Government Guaranteed Debt of the Ministry of Finance. Preliminary data as of 25 August 2005). 7 In compliance with the requirements of the External Debt Statistics, Guide for Compilers and Users, IMF, 2003, paras. 3.14 and 7.5, disbursements related to direct investment are included in the longterm external debt. 8 Data not included in the Gross External Debt Disbursements table by institutional sector. 9 The net increase in the trade credit stock over the reporting month is reported in supplementary tables to the Gross External Debt Disbursements table, while the net decrease is reported in supplementary tables to the Gross External Debt Service table.
97 14. Gross External Debt Service by Institutional Sector 1 (million EUR) Appendix First quarter 2004 Second quarter 2004 Principal Interest Total Principal Interest Total I. General government 2 Shortterm Longterm Bonds and notes 3 Bonds and notes held by residents 4 Loans II. Monetary authorities III. Commercial banks 5 Shortterm Loans Currency and deposits 6 Other debt liabilities Longterm Loans IV. Other sectors 7 Shortterm Loans Longterm Loans V. Direct investment: intercompany loans GROSS EXTERNAL DEBT (I+II+III+IV+V) Memo items Longterm external debt Shortterm external debt Public and publicly guaranteed external debt Private nonguaranteed external debt Revolving credits 8 Trade credits 9 186.1 148.5 334.6 82.8 19.1 101.8 0.0 0.0 0.0 0.0 0.0 0.0 186.1 148.5 334.6 82.8 19.1 101.8 40.8 141.1 181.9 0.2 0.0 0.2 69.6 16.5 53.1 35.3 0.0 35.3 75.7 23.9 99.6 47.3 19.1 66.3 0.0 0.0 0.0 0.0 0.0 0.0 66.1 2.6 68.7 54.7 6.8 61.5 63.4 0.9 64.3 41.5 2.7 44.2 2.3 0.9 3.2 2.6 2.7 5.3 25.1 0.0 25.1 8.0 0.0 8.0 36.0 0.0 36.0 30.9 0.0 30.9 2.8 1.7 4.4 13.3 4.1 17.4 2.8 1.7 4.4 13.3 4.1 17.4 33.1 3.7 36.8 57.8 12.1 69.8 13.9 0.2 14.1 19.0 1.3 20.3 13.9 0.2 14.1 19.0 1.3 20.3 19.2 3.5 22.7 38.8 10.8 49.6 19.2 3.5 22.7 38.8 10.8 49.6 21.8 4.7 26.5 27.6 2.4 30.0 307.1 159.5 466.6 222.9 40.3 263.2 229.8 158.4 388.2 162.4 36.4 198.8 77.3 1.1 78.4 60.5 3.9 64.4 191.0 150.6 341.6 97.6 26.8 124.4 116.1 8.9 125.0 125.3 13.5 138.8 40.5 0.7 41.2 26.6 0.4 27.1 48.3 0.0 48.3 0.9 0.0 0.9
98 Bulgarian National Bank. Report January June 2005 I. General government 2 Shortterm Longterm Bonds and notes 3 Bonds and notes held by residents 4 Loans II. Monetary authorities III. Commercial banks 5 Shortterm Loans Currency and deposits 6 Other debt liabilities Longterm Loans (million EUR) Third quarter 2004 Fourth quarter 2004 Principal Interest Total Principal Interest Total 767.3 84.5 851.8 99.4 21.3 120.7 0.0 0.0 0.0 0.0 0.0 0.0 767.3 84.5 851.8 99.4 21.3 120.7 613.2 62.1 675.3 0.3 0.0 0.3 31.0 2.0 29.0 46.2 0.0 46.2 123.1 24.4 147.5 52.9 21.3 74.2 0.0 0.0 0.0 0.0 0.0 0.0 74.8 2.9 77.7 91.8 5.6 97.4 68.2 0.1 68.2 81.6 0.1 81.8 2.0 0.1 2.0 6.6 0.1 6.7 57.8 0.0 57.8 27.9 0.0 27.9 8.4 0.0 8.4 47.2 0.0 47.2 6.7 2.8 9.5 10.1 5.4 15.6 6.7 2.8 9.5 10.1 5.4 15.6 IV. Other sectors 7 Shortterm Loans Longterm Loans V. Direct investment: intercompany loans GROSS EXTERNAL DEBT (I+II+III+IV+V) Memo items Longterm external debt Shortterm external debt Public and publicly guaranteed external debt Private nonguaranteed external debt Revolving credits 8 Trade credits 9 119.4 6.0 125.4 327.4 14.6 342.0 13.0 0.3 13.3 221.6 3.6 225.2 13.0 0.3 13.3 221.6 3.6 225.2 106.4 5.6 112.1 105.7 11.0 116.7 106.4 5.6 112.1 105.7 11.0 116.7 68.9 4.8 73.7 96.5 6.7 103.2 1030.5 98.1 1128.6 615.1 48.1 663.2 949.3 97.8 1047.1 311.8 44.3 356.2 81.2 0.4 81.5 303.3 3.8 307.0 773.1 86.7 859.8 122.3 27.3 149.6 257.4 11.4 268.8 492.8 20.7 513.6 37.4 0.9 38.3 58.5 1.1 59.6 34.9 0.0 34.9 153.5 0.0 153.5
99 (million EUR) Total 2004 First quarter 2005 Second quarter 2005 Appendix I. General government 2 Shortterm Longterm Bonds and notes 3 Bonds and notes held by residents 4 Loans II. Monetary authorities III. Commercial banks 5 Shortterm Loans Currency and deposits 6 Other debt liabilities Longterm Loans IV. Other sectors 7 Shortterm Loans Longterm Loans V. Direct investment: intercompany loans GROSS EXTERNAL DEBT (I+II+III+IV+V) Memo items Longterm external debt Shortterm external debt Public and publicly guaranteed external debt Private nonguaranteed external debt Revolving credits 8 Trade credits 9 Principal Interest Total Principal Interest Total Principal Interest Total 1135.6 273.4 1409.0 849.8 145.2 995.0 183.0 29.8 212.8 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 1135.6 273.4 1409.0 849.8 145.2 995.0 183.0 29.8 212.8 654.5 203.2 857.7 747.0 137.7 884.7 0.6 0.0 0.6 182.1 18.5 163.6 4.9 14.5 9.6 101.1 0.0 101.1 299.0 88.7 387.7 98.0 21.9 119.9 81.2 29.8 111.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 287.5 17.8 305.3 260.3 5.3 265.6 555.3 5.3 560.7 254.7 3.8 258.4 178.1 0.4 178.5 549.4 0.1 549.5 13.5 3.8 17.3 5.2 0.4 5.5 3.2 0.1 3.3 118.7 0.0 118.7 159.6 0.0 159.6 532.8 0.0 532.8 122.5 0.0 122.5 13.4 0.0 13.4 13.5 0.0 13.5 32.8 14.0 46.9 82.1 4.9 87.1 5.9 5.2 11.1 32.8 14.0 46.9 82.1 4.9 87.1 5.9 5.2 11.1 537.6 36.4 574.0 43.5 15.1 58.5 233.1 19.9 253.0 267.5 5.4 272.9 17.4 0.5 17.9 15.1 0.5 15.6 267.5 5.4 272.9 17.4 0.5 17.9 15.1 0.5 15.6 270.2 30.9 301.1 26.0 14.6 40.6 218.0 19.4 237.4 270.2 30.9 301.1 26.0 14.6 40.6 218.0 19.4 237.4 214.8 18.5 233.3 57.6 6.9 64.5 55.5 3.8 59.4 2175.5 346.0 2521.6 1211.2 172.4 1383.6 1027.0 58.8 1085.8 1653.4 336.8 1990.2 1014.0 170.8 1184.8 1014.0 170.8 1184.8 522.2 9.2 531.4 194.4 0.9 195.3 194.4 0.9 195.3 1183.9 291.5 1475.4 855.3 148.2 1003.5 855.3 148.2 1003.5 991.7 54.5 1046.2 353.1 23.5 376.6 353.1 23.5 376.6 163.0 3.2 166.2 35.1 17.4 52.5 35.1 17.4 52.5 237.6 0.0 237.6 0.1 0.0 0.1 0.1 0.0 0.1 1 Actual disbursements. Preliminary data. Data are recalculated in euro based on monthly average exchange rates of respective foreign currencies. 2 Data source: Register of Government and Government Guaranteed Debt of the Ministry of Finance. Preliminary data as of 25 July 2005. Excluding data on debt liabilities of public sector companies and government guaranteed debt. 3 Principal and interest payments on Brady bonds, Eurobonds, Global bonds and government securities held by nonresidents. 4 In accordance with the residence concept, government securities issued and held by residents on international financial markets are subtracted from debt; therefore, they are shown with a minus sign. The net increase in the stock of Brady bonds, Eurobonds and Global bonds held by residents represents a net decrease in liabilities to nonresidents and is reflected with a positive sign. 5 Data source: commercial banks. 6 The net increase in the stock of deposits is reported in the Gross External Debt Disbursements table and the net decrease in the Gross External Debt Service table. Deposits related to contingent liabilities are excluded. 7 Including principal and interest payments (excluding intercompany loans) registered by the BNB and on which the BNB has received information, as well as payments on government guaranteed debt (Source: Register of Government and Government Guaranteed Debt of the Ministry of Finance. Preliminary data as of 25 July 2005). 8 Data not included in the Gross External Debt Service tables by debtor and by creditor. 9 The net increase in the trade credit stock over the reporting month is reported in supplementary tables to the Gross External Debt Disbursements table, while the net decrease is reported in supplementary tables to the Gross External Debt Service table.
100 Bulgarian National Bank. Report January June 2005 15. External Sector Indicators Gross external debt 1 Gross external debt, million EUR 2 Public sector external debt, million EUR 3 Private sector external debt, million EUR 4 Gross external debt (per cent of GDP 5 ) Public and publicly guaranteed debt (per cent of GDP) Private nonguaranteed external debt (per cent of GDP) Gross external debt (per cent of exports of goods and nonfactor services) 6 Shortterm debt/gross external debt (%) Shortterm external debt (per cent of GDP) 2004 2005 I III I VI I IX I XII I III I VI 11452.1 12134.2 12292.8 12245.9 13014.3 13251.3 7276.1 7322.8 6683.6 6423.0 5770.6 5859.2 4176.0 4811.4 5609.2 5822.9 7243.7 7392.1 58.9 62.4 63.3 63.0 61.5 62.6 37.4 37.7 34.4 33.1 27.2 27.7 21.5 24.8 28.9 30.0 34.2 34.9 0.0 0.0 0.0 107.9 0.0 0.0 14.4 16.4 18.2 19.4 25.7 26.5 8.5 10.2 11.5 12.2 15.8 16.6 (%) Gross external debt service 1 Gross external debt service, million EUR 7 Principal paid, million EUR Interest paid, million EUR Public sector debt service, million EUR 3 Principal paid, million EUR Interest paid, million EUR Private sector debt service, million EUR 4 Principals paid, million EUR Interest paid, million EUR Gross external debt service (per cent of GDP) Gross external debt service (per cent of exports of goods and nonfactor services) Balance of payments 1 (million EUR) Current account Trade balance 8 Exports, FOB Exports, FOB (change on same period of previous year, %) Imports, FOB Imports, FOB (change on same period of previous year, %) Capital and financial account Financial account Direct investment in Bulgaria 9 Direct investment in Bulgaria/current account deficit (%) Portfolio investment assets 10 Portfolio investment liabilities 10 Other investment assets 10 Other investment liabilities 10 (Per cent of GDP) Current account Trade balance Services, net Travel, net Income, net Current transfers, net Capital and financial account Financial account Direct investment in Bulgaria Portfolio investment assets Portfolio investment liabilities Other investment assets Other investment liabilities Other indicators 11 Gross external assets, million EUR 12 BNB international reserves, million EUR 13 External assets of commercial banks, million EUR 466.6 729.8 1858.4 2521.6 1383.6 2469.4 307.1 530.0 1560.4 2175.5 1211.2 2238.1 159.5 199.8 297.9 346.0 172.4 231.3 341.6 466.0 1325.8 1475.4 1003.5 1242.1 191.0 288.5 1061.6 1183.9 855.3 1056.3 150.6 177.4 264.2 291.5 148.2 185.8 125.0 263.8 532.6 1046.2 380.1 1227.3 116.1 241.4 498.8 991.7 355.9 1181.9 8.9 22.4 33.7 54.5 24.3 45.4 2.4 3.8 9.6 13.0 6.5 11.7 21.1 14.7 21.7 22.2 52.7 42.3 538.7 1048.7 697.6 1648.2 696.4 1433.2 509.3 1305.3 1772.8 2728.9 651.6 1693.0 1717.7 3614.5 5798.3 7984.9 2077.6 4381.7 5.0 11.2 15.9 19.7 21.0 21.2 2227.0 4919.8 7571.1 10713.8 2729.2 6074.6 15.7 17.4 18.3 20.8 22.5 23.5 461.3 1493.1 1149.3 2486.5 1044.7 1934.4 461.3 1493.1 1149.3 2486.6 1044.6 1935.3 392.6 924.9 1187.0 2278.2 366.6 720.4 72.9 88.2 170.2 138.2 52.6 50.3 35.0 48.9 30.9 1.3 27.7 88.9 87.8 8.9 589.3 555.6 700.4 549.2 189.8 365.3 397.8 753.3 508.3 444.3 393.6 810.3 1590.0 1999.7 913.5 1294.9 2.8 5.4 3.6 8.5 3.3 6.8 2.6 6.7 9.1 14.0 3.1 8.0 0.1 0.9 4.3 3.7 0.4 0.4 0.2 1.6 4.7 5.0 0.3 1.7 0.9 1.4 2.1 2.7 0.7 1.1 0.9 1.8 3.4 4.6 0.8 1.9 2.4 7.7 5.9 12.8 4.9 9.1 2.4 7.7 5.9 12.8 4.9 9.1 2.0 4.8 6.1 11.7 1.7 3.4 0.2 0.3 0.2 0.0 0.1 0.4 0.5 0.0 3.0 2.9 3.3 2.6 1.0 1.9 2.0 3.9 2.4 2.1 2.0 4.2 8.2 10.3 4.3 6.1 7474.3 8408.7 8410.5 9482.3 9483.0 10204.3 5365.6 6111.3 6218.8 6770.4 6747.8 7453.2 1659.6 1878.7 1772.9 2288.4 2286.3 2302.2
101 (%) 2004 2005 I III I VI I IX I XII I III I VI Appendix Deposits of real sector abroad, million EUR 14 Net external debt, million EUR 15 Net external debt (per cent of GDP) BNB international reserves/imports of goods and nonfactor services (monthly) BNB international reserves/shortterm debt (%) Nominal effective exchange rate (index June 1997 = 100) 16 Real effective exchange rate (index June 1997 = 100) 17 449.1 418.8 418.8 423.6 448.9 448.9 3977.7 3725.5 3882.3 2763.6 3531.3 3047.0 20.5 19.2 20.0 14.2 16.7 14.4 5.9 6.0 5.9 6.1 6.0 6.0 325.2 306.9 277.3 284.9 201.4 212.1 125.9 126.2 126.5 127.9 126.9 124.8 139.8 136.8 139.1 141.9 142.1 137.5 1 Data for 2004 and 2005 are preliminary. Flow data include the period from the beginning of the year to the end of the reporting month, and stock data are as of the end of the reporting month. With the January 2005 data the BNB reports the gross external debt based on tables by sector. This change is made in compliance with the recommendations of the External Debt Statistics: Guide for Compilers and Users, IMF, 2003. Data for previous periods are published in the same structure. 2 The euro equivalent is calculated using the endofperiod exchange rates of the respective foreign currencies. Data on external liabilities on trade credits, on advances to supplier are included in the debt stock. 3 Source: the Ministry of Finance, the Bulgarian National Bank, commercial banks, local companies. The buybacks of the IAB Brady bonds in January 2005 are included in the principal payments for 2005. 4 Source: commercial banks, local companies. 5 In the calculation of the indicators in which gross domestic product (GDP) is included the following data are used: GDP for 2004: EUR 19,433.7 million (preliminary NSI data) and projected GDP for 2005: EUR 21,177 million. 6 Goods and nonfactor services. The indicator is calculated on an annual basis. 7 Actual payments. The euro equivalent is calculated using the monthly average exchange rates of the respective foreign currencies. Payments on revolving credits are not included. 8 Data are based on customs declarations, supplemented with NSI data and processed by the BNB according to the declaration date. For 2004 and 2005 data are preliminary provided by the Customs Agency. 9 Data are provided by companies with foreign participation, by the Agency for Privatization, branch ministries, the NSI, the Central Depository and commercial banks. 10 A negative sign () denotes an increase in assets and a decrease in liabilities and a positive sign (+) denotes a decrease in assets and an increase in liabilities. 11 Data source of the monetary aggregates, commercial banks' assets and the foreign exchange deposits: Monetary Survey (June 2005). 12 Including BNB international reserves, commercial bank assets abroad and real sector deposits abroad. 13 Including monetary and nonmonetary gold. Source: Issue Department. In accordance with the amendment to Article 28, paragraph 3, item 6 of the The Law on the BNB in force as of 1 February 2005, since February 2005 monetary gold and other gold instruments are valued at market prices. 14 Source: Bank for International Settlements, Basle. For the July June 2005 period the latest published data (for December 2004) are used. 15 The difference between the amount of the gross external debt and the amount of the gross external assets. 16 As of the end of the period. 17 CPI based index calculated as of the end of the corresponding period..
102 Bulgarian National Bank. Report January June 2005 16. Balance Sheet of the BNB ( 000) ISSUE DEPARTMENT 31.I.2005 28.II.2005 31.III.2005 29.IV.2005 31.V.2005 30.VI.2005 ASSETS 1. Cash in foreign currency 2. Monetary gold and other instruments in gold* 3. Foreign securities 4. Accrued interest receivable LIABILITIES 1. Currency in circulation 2. Bank deposits and current accounts 3. Government deposits and accounts 4. Other depositors accounts 5. Accrued interest payable 6. Banking Department deposit 12 327 546 12 784 763 13 197 599 13 506 590 14 075 390 14 577 142 2 428 523 2 042 447 3 102 851 2 260 295 2 742 186 3 327 219 640 265 824 290 826 709 837 151 843 018 906 798 9 060 201 9 719 849 9 098 130 10 244 561 10 312 645 10 169 938 198 557 198 177 169 909 164 583 177 541 173 187 12 327 546 12 784 763 13 197 599 13 506 590 14 075 390 14 577 142 4 797 396 4 761 921 4 822 835 4 997 933 5 126 186 5 221 149 1 751 837 1 892 123 1 838 818 1 853 395 1 916 810 2 065 257 3 985 298 4 152 213 4 481 878 4 653 747 4 992 078 5 159 595 504 228 517 829 572 798 578 413 568 785 555 724 921 1 079 636 720 997 824 1 287 866 1 459 598 1 480 634 1 422 382 1 470 534 1 574 593 ( 000) BANKING DEPARTMENT 31.I.2005 28.II.2005 31.III.2005 29.IV.2005 31.V.2005 30.VI.2005 ASSETS 1. Nonmonetary gold and other precious metals 2. Investments in securities 3. Loans and advances to banks, net of provisions 4. Receivables from government 5. Bulgaria s IMF quota and holdings in other international financial institutions 6. Accrued interest receivable 7. Equity investments in domestic entities 8. Fixed assets 9. Other assets 10. Banking Department deposit LIABILITIES Obligations 1. Borrowings from IMF 2. Liabilities to international financial institutions 3. Accrued interest payable 4. Other liabilities Equity, total 5. Capital 6. Reserves 7. Retained profit 4 625 575 4 743 866 4 759 942 4 697 874 4 756 630 4 861 357 3 306 3 336 3 346 3 593 3 621 3 894 0 0 0 0 0 0 24 0 0 0 0 0 1 730 906 1 688 569 1 673 074 1 663 156 1 644 237 1 625 085 1 408 821 1 395 246 1 406 806 1 412 953 1 443 186 1 453 235 123 163 228 149 190 244 74 234 74 234 74 234 72 808 72 640 77 406 105 366 107 520 107 480 107 450 107 400 106 767 14 929 15 200 14 140 15 383 14 822 20 133 1 287 866 1 459 598 1 480 634 1 422 382 1 470 534 1 574 593 4 625 575 4 743 866 4 759 942 4 697 874 4 756 630 4 861 357 3 125 885 3 071 048 3 064 790 3 061 883 3 073 559 3 063 958 1 730 906 1 688 569 1 673 074 1 663 156 1 644 237 1 625 085 1 385 766 1 372 912 1 384 461 1 390 627 1 420 810 1 430 713 0 0 0 0 0 0 9 213 9 567 7 255 8 100 8 512 8 160 1 499 690 1 672 818 1 695 152 1 635 991 1 683 071 1 797 399 20 000 20 000 20 000 20 000 20 000 20 000 1 218 685 1 367 627 1 362 600 1 513 175 1 534 685 1 625 776 261 005 285 191 312 552 102 816 128 386 151 623 * Monetary gold and other instruments in gold are valued at their market value pursuant to the amendments to Article 28, para. 3, item 6 of the Law on the Bulgarian National Bank effective as of 1 February 2005. As of 31 January 2005 the value of gold and other instruments in gold amounted to 640,265,000. Due acknowledgment is requested when the contents of the source are quoted.