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Romania’s Jan-Jul Curr Acct Gap Narrows 73.8% YY To EUR2.7B

Romania's current account deficit tightened 73.8% in the first seven months of 2009 to EUR2.72 billion, from almost EUR10.37 billion in the same period a year earlier, due largely to the narrower trade deficit, the central bank said in a statement Friday.
Romania's Jan-Jul Curr Acct Gap Narrows 73.8% YY To EUR2.7B
11 sept. 2009, 12:03, English

The bulk of the current account gap in the January-July period was made up of the trade deficit, which stood at EUR3.24 billion, against EUR10.59 billion in the similar period of 2008. Imports and exports were calculated free-on-board.

In the first seven months, the current account deficit was entirely financed by foreign direct investments, which stood at EUR3.1 billion.

Romania’s total foreign debt was of EUR76.8 billion at the end of July, higher than EUR73.4 billion at the end of 2008, according to the central bank.

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

The International Monetary Fund forecast the current account gap will narrow to 5.5% of the gross domestic product by the end of 2009, compared with 12.3% of the GDP in 2008.