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Romania 2009 Jan-Nov Curr Acct Gap Narrowed 69.4% To EUR4.7B

Romania's current account deficit narrowed 69.4% in the first eleven months of 2009 to EUR4.68 billion, from a EUR15.3 billion deficit in the same period a year earlier, due mainly to the falling trade deficit, the central bank said in a statement Friday.
Romania 2009 Jan-Nov Curr Acct Gap Narrowed 69.4% To EUR4.7B
15 ian. 2010, 10:43, English

The country’s trade deficit reached EUR5.97 billion in January-November, down 66.5% on the year. The imports and exports were calculated free-on-board.

Foreign direct investments, which stood at EUR3.82 billion, covered 82% of Romania’s current account gap over the first eleven months of last year. In January-November 2008, the country’s FDI stood at EUR8.64 billion.

Romania’s total external debt reached EUR78.5 billion end November, compared with EUR73.03 billion at the end of 2008, according to central bank data.

The wider debt was mostly due to higher medium- and long-term debt, which stood at EUR63.36 billion end November, up 23.2% compared with EUR51.44 billion at the end of 2008.

In 2008, Romania’s current account deficit rose 1.2% to EUR16.87 billion, from EUR16.67 billion in the previous year, due to a larger trade deficit.

The authorities forecast the current account gap has narrowed to 5.5% of the gross domestic product in 2009, compared with 12.4% of GDP the year earlier.