Romania’s 9-Mo Curr Acct Def Widens 14.75% On Yr To EUR12.7B

In January-August, the current account deficit widened by only 1.6% on the year to EUR10 billion.

At the end of September, the trade deficit, with exports and imports calculated on a free-on-board basis, stood at EUR13.26 billion, compared with EUR11.7 billion in the year-earlier period.

According to National Statistics Institute data, the trade deficit in September rose sharply by 36% on the year to EUR2.3 billion, and was the result of EUR2.9 billion worth of exports and EUR4.2 billion imports.

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Exports are calculated exclusive of costs, insurance and freight fees, but imports are calculated including such costs. The statistics institute said trade data for September are estimates.

In the first nine months of the year, the current account deficit was 56.6% covered by foreign direct investments which stood at EUR7.2 billion. The Romanian authorities see FDI at EUR10 billion at the end of the year.

Romania’s Prognosis Commission estimates the country’s current account deficit will fall to 13.4% of GDP this year, from 14% of GDP in 2007.

Romania’s total foreign debt rose to EUR48.1 billion at the end of September, sharply higher compared with EUR38.43 billion at the end of December last year.