Bulgaria’s current account deficit for the first four months of 2007 reached 47 per cent of the annual basis, totaling 2.14 billion euro.

Import since the beginning of the year significantly outstrips export, Dnevnik daily reported, quoting Bulgarian National Bank (BNB) data.

Since the beginning of the year, import went up 17.3 per cent, while the export growth rate registered 5.4 per cent increase.

Dnevnik reported that the data was preliminary and statistics for the first few months of the year should be revised to be used for the assessment of the overall economic level.

Still, the high current account deficit troubles economists since foreign investment has not increased to cover the gap.

The lack of growth in foreign investment should be seen as a warning, Dnevnik reported. Bulgaria should deal with bureaucracy and corruption to attract foreign investors, economists said.

Cabinet has failed coming up with clear indicators of which sectors will be developed, Reuters news agency reported.