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Romania’s 1H Curr Acct Def Up 8.5% On Yr To EUR7.98B

Romania's first half current account deficit rose by 8.5% on the year inthe first half to EUR7.981 billion, primarily as a result of a higher trade deficit, the central bank said in a statement Thursday.
Romania's 1H Curr Acct Def Up 8.5% On Yr To EUR7.98B
14 aug. 2008, 11:14, English

In the first half last year, the current account gap stood at EUR7.357 billion.

The trade deficit, which makes the bulk of the current account, was at EUR8.673 billion, while current account transfers registered a surplus of EUR2.694 billion.

During the first six months of the year, exports’ growth outpaced the imports increase by 2.8 percentage points. Imports were up 15.3% on the year in January-June to EUR25.424 billion, while exports rose by 18.1% to EUR16.751 billion over the same period.

In January-June 2008, the current account deficit was 61% covered by foreign direct investments, which totaled EUR4.845 billion.

Romania’s public debt totaled EUR44.794 billion at the end of June, up 16.6% compared with at the end of 2007.

Last year, Romania’s current account deficit widened 66.1% on the year to EUR16.87 billion from EUR10.15 billion in 2006, mainly due to a wider
trade deficit.