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Romania 1H Current Account Gap Widens 50% To EUR3.65B

Romania's current account deficit widened 50% to EUR3.65 billion in January to June, from a gap of EUR2.4 billion in the same period a year earlier, largely due to a decrease in the current transfers surplus, central bank data showed Wednesday.
Romania 1H Current Account Gap Widens 50% To EUR3.65B
Chiriac Aurelian Romeo
11 aug. 2010, 10:18, English

The current transfers balance posted a surplus of EUR1.1 billion in the first six months, compared with EUR2.1 billion in January-June 2009.

Foreign direct investments, which stood at EUR1.84 billion, covered half of Romania’s current account deficit in the first six months of 2010.

In January-June 2009, Romanian FDI was EUR2.6 billion.

Romania’s total external debt reached EUR87.02 billion end-June, compared with EUR80.3 billion at the end of 2009, according to central bank data.

The wider debt was mostly due to the raising medium and long-term debt, which stood at EUR71.2 billion at the end of May, from EUR65.6 billion in December 2009.

The short-term debt was at EUR15.8 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.