Romania's Current Account Deficit Doubles in First Five Months of 2007

The current account deficit doubled in size in the first five month s of 2007 to EUR 5.94 bln from EUR 2.91 bln reported from January till May 2006, but presented a slower acceleration compared to January-April this year reads a BNR press release.

The crucial influence upon the current account balance came from the deficit of the trade balance that added up to EUR 6.13 bln, larger by 75.9 per cent than the one in January-May 2006, according to central bank data.

The negative revenue balance became 56 per cent deeper up to almost EUR 2 bln, contributing to the misbalance of the payment balance current account. The pace of current transfers was inferior to the other components of the current account with a surplus of almost EUR 1.8 bln having been registered in the first five months, higher by 10 per cent.

36 per cent of the current account deficit in January-May 2007 was covered by the FDI. The medium and long term foreign debt in May 31, 2007 was EUR 29.93 bln, larger by 5.5 per cent compared to the end of 2006.

The public foreign debt and public debts with sovereign guarantees registered a balance of EUR 10.38 bln standing for 34.7 per cent of the medium and long term foreign debt at the end of May. The foreign debt without sovereign guarantees at the end of May was amounting to EUR 18.14 bln, 8.8 per cent higher than at the end of 2006.

Foreign direct investment stood at EUR 2.13 bln after the first five months this year, dropping 26.5 per cent compared to the similar period in 2006. The participations in equity and re0-invested profit represented 61.8 per cent and the intra-group loans 38.2 per cent.

The Romanian Agency for Foreign Investment (ARIS) was estimating at the beginning of the year EUR 7 bln in FDI

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