Romania Jan-Jul Current Account Gap Narrows 74%YY -MediaFax

BUCHAREST (Dow Jones)--Romania's current account deficit narrowed 74% in the first seven months of 2009 to EUR2.72 billion, from almost EUR10.37 billion in the same period a year earlier, due largely to the narrower trade deficit, news agency Mediafax reported the central bank as saying Friday.

The bulk of the current account gap in the January to July period was made up of the trade deficit, which stood at EUR3.24 billion, against EUR10.59 billion in the similar period of 2008. Imports and exports were calculated free-on-board.

In the first seven months, the current account deficit was entirely financed by foreign direct investment, which stood at EUR3.1 billion.

Romania's total foreign debt was of EUR76.8 billion at the end of July, higher than EUR73.4 billion at the end of 2008, according to the central bank.

In 2008, Romania's current account deficit rose 1.2% to EUR16.87 billion, from EUR16.67 billion in the previous year, also due to a larger trade deficit.

The International Monetary Fund forecast the current account gap will narrow to 5.5% of gross domestic product by the end of 2009, compared with 12.3% of GDP in 2008.

Agency Web site: www.mediafax.ro

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September 11, 2009 05:52 ET (09:52 GMT)


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