SOFIA, Bulgaria, May 31 (UPI) -- Bulgaria's current account deficit widened to $587 million in the first quarter of 2004, official figures showed Monday.
In the first quarter of 2003, the current account deficit was $477.5 million.
The widening deficit was powered by surging imports which rose in the first quarter of this year by 15.7 percent year-on-year. The year-on-year rise in exports over the same period was just 5.2 percent, the official figures showed.
Economists are concerned by the size of the Bulgarian current account deficit particularly when measured as a percentage of gross domestic product. In 2003, the current account deficit hit 8.7 percent of gross domestic product.
Bulgaria hopes to join the European Union in 2007 but serious economic imbalances may be an obstacle to accession, analysts say.
The Bulgarian government hopes to achieve economic growth this year of around 5 percent year-on-year.
