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Romania’s Jan-Aug Curr Acct Gap Narrows 78.6% YY To EUR2.45B

Romania's current account deficit tightened 78.6% in the first eight months of 2009 to EUR2.45 billion, from almost EUR11.45 billion in the same period a year earlier, due largely to the narrower trade deficit, the central bank said in a statement Tuesday.
Romania's Jan-Aug Curr Acct Gap Narrows 78.6% YY To EUR2.45B
13 oct. 2009, 12:59, English

The country’s trade deficit reached EUR3.92 billion in January-August, down 68.6% from EUR12.48 billion in the similar period of 2008. Imports and exports were calculated free-on-board.

Foreign direct investments, which stood at EUR3.15 billion, entirely covered Romania’s current account deficit in January-August. In the first eight months of 2008, the FDI stood at EUR6.72 billion.

Romania’s total external debt reached EUR76.92 billion end August, compared with EUR73.42 billion at the end of 2008, according to central bank data.

The wider debt was mostly due to higher medium- and long-term debt, which stood at EUR60.07 billion end August, up 17.3% compared to EUR51.22 billion at the end of 2008.

Short-term foreign debt at end-August was at EUR16.85 billion, down 24.1% from EUR22.2 billion end last year.

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 authorities forecast the current account gap to narrow to 5.5% of the gross domestic product by the end of 2009, compared with 12.4% of the GDP in 2008.