Romania's Current Account Gap Up to 7.98 Bln Euros in H1

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Romania's Current Account Gap Up to 7.98 Bln Euros in H1

Romania's current deficit advanced, over the first half of the year, by 8.48% to 7.98 bln euros, which is much lower than the level reached during the first half of the previous year, when this indicator doubled, according to National Bank of Romania (BNR), nineoclock.ro reported.

The current account deficit increased by 108%, over the first six months of the previous year. The balance of current transfers indicated 2.69 bln euros for the first six months, compared to 2.33 bln euros during the similar time interval of the previous year, BNR press release shows.

The current account deficit over the first six months was covered, 61%, by direct foreign investments, which amounted to 4.84 bln euros, out of which the participations in the capital and in the reinvested profit accounted for 59% and the intra-group loans to 41%. The external medium and long term interest stood at 44.79 bln euros as at the end of June, up by 16.6% compared to the end of last year.

The public external and publicly guaranteed debt had, on June 30, a balance of 10.39 bln euros and accounted for 23.2% of the medium and long term foreign debt. The external debt not guaranteed publicly amounted to 28.45 bln euros at the end of the first half of the year, being by 14.1% higher than in December 2007.

The European Commission estimates that the current account deficit will deepen this year to an equivalent of 16.1% of the Gross Domestic Product (GDP), as against 14% of GDP in 2007, which results in Romania ranking the third within the EU in terms of this macro-economic indicator.

At the same time, National Commission for Prognosis anticipates, in 2008, a current account deficit of 13.6% of GDP, a share that is declining compared to the previous year, when it was 14% of GDP.

The value of foreign direct investment advanced, marked a 63.5-percent year on on year oncrease in the the first half of the year to 4.85 bln euros, according to BNR.

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