Romania’s 10-Mo Curr Acct Gap Widens 10.9% YY To EUR14.43B

The bulk of the current account gap in January-October was made by the trade deficit which stood at EUR15.04 billion, compared with EUR13.01 billion in the year-earlier period. Imports and exports were calculated free-on-board.

In the first ten months of the year, the current account deficit was 56.5% covered by foreign direct investments which stood at EUR8.16 billion. The Romanian authorities see FDI at EUR10 billion at the end of the year.

At the end of September, the current account deficit stood at EUR12.7 billion, 14.75% higher than after the first nine months of 2007.

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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 EUR49.1 billion at the end of October, sharply higher compared with EUR38.45 billion at the end of December last year.