Fitch to Raise Romania's '08 Growth Forecast to 7%

Fitch plans to revise estimates regarding Romania's economic growth for 2008, from 6% to 7%, due to the country's accelerating growth of 8.8% in the first half, Reporter.gr informs, citing an analyst with the rating agency.

Romania's gross domestic product (GDP) grew by 9.3% in the second quarter of the year, following an 8.2% growth in the first quarter.

However, Fitch reiterates its estimates for the current account deficit widening to 17% of GDP this year from almost 14% of GDP last year.

''The fact that Romania will have a higher GDP does not help the current account deficit. The economic growth shows an excess of domestic demand, which could trigger the advance of imports'' Andrew Colquhoun said in an interview to local media.

Romania's economy grew by 6% in 2007.