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Romania’s 8-Mo Curr Acct Def +1.6% On Yr To EUR10B

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, the central bank said in a statement Monday.
Romania’s 8-Mo Curr Acct Def +1.6% On Yr To EUR10B
13 oct. 2008, 12:32, English

In the same period a year earlier, the trade deficit stood at EUR9.853 billion, central bank data showed.

The bulk of the current account gap in January-August 2008 was made by the trade deficit which stood at EUR11.714 billion. Imports and exports were calculated free-on-board.

Of the current account, services posted a surplus of EUR688 million while current account transfers posted a surplus of EUR4.4 billion.

The current account deficit was 65% covered by foreign direct investments in January-August, which rose to EUR6.5 billion. Authorities said investments may exceed EUR10 billion by the end of the year.

In the first seven months of the year, the current account deficit posted an 11.9% year-on-year rise to EUR9.4 billion.

Romanian authorities estimate 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 EUR47.461 billion at the end of August, up 23.31% compared with EUR38.487 at the end of December last year.