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Romania’s 1Q Curr Acct Def Widens 11% On Yr To EUR3.519B

Romania’s current account deficit widened 10.9% on the year in January-March to EUR3.519 billion, from EUR3.173 billion in the year-earlier period, on higher trade deficit.
Romania’s 1Q Curr Acct Def Widens 11% On Yr To EUR3.519B
15 mai 2008, 12:13, English

The trade deficit, with imports and exports calculated free on board, was up 9.9% on the year in the first quarter, to EUR3.863 billion, from EUR3.514 billion.

In January-March, the current account was 47.6% covered by foreign direct investment which totaled EUR1.676 billion. In 2007, foreign direct investment in Romania totaled EUR7 billion, compared with EUR9.1 billion in 2006.

Current account transfers registered a surplus of EUR1.435 billion in Jan-Mar, up nearly 33% from the EUR1.079 billion surplus last year. Services posted a slight surplus of EUR43million, down from EUR285 million in the same period a year earlier.

Romania’s public debt totaled EUR39.9 billion at the end of March, up 4.2% compared with the end of 2007.

Last year, Romania’s current account deficit widened 66.1% on the year to EUR16.87 billion from EUR10.15 billion in 2006, mainly due to a larger trade deficit.