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Romania’s 11-Mo Curr Acct Gap Widens 7.8% YY To EUR16B

Romania’s current account deficit rose 7.8% on the year in the January-November period to EUR 16 billion, from EUR14.83 billion in the same period a year earlier, the central bank said in a statement Thursday.
Romania's 11-Mo Curr Acct Gap Widens 7.8% YY To EUR16B
15 ian. 2009, 10:17, English

The bulk of the current account gap in the first eleven months of the year was made by the trade deficit, which stood at EUR16.91 billion, compared with EUR15.95 billion in the year-earlier period. Imports and exports were calculated free-on-board.

In the first eleven months of the year, the current account deficit was 54% covered by foreign direct investments which stood at EUR8.64 billion. The Romanian authorities see FDI at EUR10 billion at the end of the year.

At the end of October, the current account deficit stood at EUR 14.437 billion, 10.9% higher than after the first ten months of 2007.

Romania’s Prognosis Commission estimates the country’s current account deficit will fall to 13.4% of GDP this year, from 14% of GDP in 2007.

Romania’s total foreign debt rose to EUR49.71 billion at the end of November, sharply higher compared with EUR38.47 billion at the end of December last year.