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Romania 2010 Current Account Deficit Widens 5% YY To EUR5.2B

Romania's current account deficit widened 5% to EUR5.16 billion in 2010, from a gap of EUR4.91 billion in the previous year, due to the lower current transfers surplus and an increasing deficit of the incomes balance, central bank data showed Friday.
Romania 2010 Current Account Deficit Widens 5% YY To EUR5.2B
Oana Gavrila
11 feb. 2011, 11:07, English

The current transfers balance posted a surplus of EUR3.4 billion in 2010, down from EUR4.2 billion in the year before.

On the other hand, the incomes deficit widened to EUR1.96 billion in 2010, from EUR1.9 billion a year earlier, while the services balance posted a deficit of EUR745 million, compared with EUR294 million in 2009, the data showed.

Foreign direct investments, which stood at EUR2.6 billion, covered half of Romania’s current account deficit in 2010. In 2009, Romanian FDI was EUR3.5 billion.

Romania’s total external debt reached EUR90.76 billion at the end of 2010, up from EUR81.2 billion in December 2009, according to central bank data.

The wider debt was mostly due to the rising medium and long-term debt, which stood at EUR72 billion in December, from EUR65.7 billion at the end of 2009.

The short-term debt was at EUR18.7 billion, up from EUR15.4 billion at the end of December 2009.