Romania Jan-Aug Current Account Gap Widens To EUR4.07B

Romania's current account deficit widened 48.7% to EUR4.07 billion in the first eight months, from a gap of EUR2.74 billion a year earlier, largely due to the falling current transfers surplus, central bank data showed Wednesday.

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The current transfers balance posted a surplus of EUR1.8 billion in January to August, down 38.8% from EUR2.9 billion in the same period of last year.

Foreign direct investments, which stood at EUR1.95 billion, covered nearly half of Romania's current account deficit in the first eight months of 2010. In the year-earlier period, Romanian FDI was EUR3.05 billion.

Romania's total external debt reached EUR87.7 billion at the end of August, up from EUR80.3 billion in December 2009, according to central bank data.

The wider debt was mostly due to the raising medium and long-term debt, which stood at EUR70.6 billion in August, from EUR65.7 billion at the end of 2009.

The short-term debt was at EUR17.14 billion, up from EUR14.6 billion at the end of December.

In 2009, Romania's current account deficit narrowed 68.7% on the year to EUR5.05 billion.

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