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EC: Romanian Current Acc Def Seen Slowing In ’08, ’09

The European Commission sees Romania’s current account deficit slowing in both 2008 and 2009 to 13.5% and 13% of gross domestic product, respectively, lower compared to the Commission’s previous forecasts.
EC: Romanian Current Acc Def Seen Slowing In ’08, ’09
03 nov. 2008, 13:35, English

In its previous forecasts, the EC estimated a current account deficit of 16.1% for 2008 and 16.2% of GDP for 2009.

According to the EC, the current account deficit stood at 13.9% of GDP in 2007.

Romania’s National Prognosis Commission, or CNP, has revised up, in its final fall prognosis report, the current account deficit estimation to 12.2% of gross domestic product for end-2009, from 11.85% of GDP.

For end-2008, CNP estimates a current account deficit of 13.2% of the GDP, down from 13.4% in its preliminary prognosis, at EUR19.590 billion.

Romania’s current account deficit widened 1.6% on the year in January-August to EUR10.006 billion, mainly due to a higher trade deficit.