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EC Sees Romania’s ’09 Curr Acct Gap Narrowing To 11.9% Of GDP

The European Commission, or EC, revised downwards its estimation on Romania's current account deficit in 2009, from 13% of the GDP previously seen, to 11.9% of the GDP, according to EC's winter prognosis published on Monday.
EC Sees Romania's '09 Curr Acct Gap Narrowing To 11.9% Of GDP
19 ian. 2009, 13:27, English

EC also cut the 2010 forecast to 11.1% of the GDP, from the previous forecast of 12.6% of the GDP.

The Commission estimates Romania’s current account gap at 12.9% of the GDP at the end of 2008, slightly narrower than 13.6% of the GDP at the end of 2007.

Romanian authorities plan to narrow the current account deficit to around 10.3% of the GDP in 2009, the country’s Finance Minister Gheorghe Pogea said Friday.

The external deficit is one of the major problems Romania’s economy is facing during the current financial crisis. It is also one of the major issues that Fitch and S&P rating agencies cited when they downgraded last year the country’s sovereign ratings to below "investment grade."