Romania Jan-Sept Current Account Gap Widens To EUR4.23B

Romania's current account deficit widened 32.6% to EUR4.23 billion in the first nine months, from a gap of EUR3.2 billion a year earlier, largely due to the falling current transfers surplus, central bank data showed Friday.

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The current transfers balance posted a surplus of EUR2.33 billion in January to September, down 30.1% from EUR3.33 billion in the year-earlier period.

Foreign direct investments, which stood at EUR2.07 billion, covered nearly half of Romania's current account deficit in the first eight months of 2010. In the year-earlier period, Romanian FDI was EUR3.43 billion.

Romania's total external debt reached EUR89.3 billion at the end of September, 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 EUR71.7 billion in September, from EUR65.8 billion at the end of 2009.

The short-term debt was at EUR17.6 billion, up from EUR15.4 billion at the end of December.

In 2009, Romania's current account deficit narrowed 68.7% on the year to EUR5.05 billion.

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