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Romanian Ctrl Bk Adviser Sees Curr Acct Gap At 7% Of GDP

Romania’s current account deficit will narrow to 7% of the gross domestic product in 2009, from 12.5% of the GDP at the end of 2008, said Tuesday Lucian Croitoru, an adviser of the central bank governor.
Romanian Ctrl Bk Adviser Sees Curr Acct Gap At 7% Of GDP
31 mart. 2009, 11:35, English

The largest part of the external gap reduction will come from the private sector, he added.

In 2008, the external deficit narrowed by 1.7 percentage points compared with 2007, as the private sector reduced its gap by 4 percentage points, while the public sector expanded its part, from 2.3% of the GDP in 2007 to 5.3% of the GDP last year, Croitoru said Tuesday during the "Mediafax Talks about Business Solutions to Crisis" seminar.

“If the external deficit is adjusted from 12.5% of the GDP to 8% of the GDP, or even more, as I forecast it will stand at 7% of the GDP, and the public deficit is at 4.6% of the GDP, the largest part of the reduction will be due to the private sector,” Croitoru said.