Prima pagină » English » Romanian Fin Min Sees Curr Acct Gap Shrinking To 7.5% Of GDP

Romanian Fin Min Sees Curr Acct Gap Shrinking To 7.5% Of GDP

Romania's revised budget sees the current account deficit shrinking to 7.5% of the gross domestic product at the end of 2009, from more than 12% of the GDP in 2008, Finance Minister Gheorghe Pogea said Tuesday.
Romanian Fin Min Sees Curr Acct Gap Shrinking To 7.5% Of GDP
14 apr. 2009, 12:45, English

In 2008, Romania’s current account deficit was of EUR16.87 billion, about 12.3% of the GDP.

In the first two months of 2009, Romania’s current account deficit tightened by 75.5% to EUR614 million, from EUR2.5 billion in the same period a year earlier, due largely to a narrower trade deficit, the central bank said Tuesday.

Romania’s Government revised Saturday the 2009 budget to include measures agreed in March with the International Monetary Fund.

The consolidated budget deficit was revised to 4.6% of GDP from a previous estimate of 2% of GDP. The GDP forecast for 2009 was also revised down to RON531 billion, from a previous forecast of RON579 billion.

Romania agreed with the IMF, the European Union and other international institutions a EUR19.95 billion financial package, supported by a EUR12.95 billion IMF loan under a two-year standby arrangement.