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Romania’s Jan Curr Acct Gap 55% Lower YY To EUR525M

Romania's current account deficit shrank by 54.6% in January to EUR525million, from EUR1.15 billion in the same month a year earlier, mainly driven by a lower trade deficit, the central bank said in a statement Friday.
Romania's Jan Curr Acct Gap 55% Lower YY To EUR525M
13 mart. 2009, 12:32, English

The bulk of the current account gap in January was made by the trade deficit, which stood at EUR385 million, which fell sharply compared with EUR1.14 billion in the previous month the year before. Imports and exports were calculated free-on-board.

In January, the current account deficit was entirely covered by by foreign direct investments which stood at EUR912 million.

Romania’s total foreign debt rose to EUR50.567 billion at the end of the January, higher compared with EUR50.11 billion at the end of December last year.

Last year, Romania’s current account deficit rose by 1.2% to EUR16.87 billion, from EUR16.67 billion in the previous year, mainly driven by a larger trade deficit.

The National Prognosis Commission, or CNP, revised significantly downwards its projection on Romania’s current account deficit in 2009, from 12.2% of the gross domestic product seen in October, to 10.3% of the GDP.