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Current account deficit might drop to 7 pct of GDB in 2009, says adviser to BNR 's governor

Romania's current account deficit might drop to 7 percent of the GDP in 2009, according to estimates of Lucian Croitoru, BNR (National Romanian Bank) adviser to governor.

Revision of the budget deficit to 4.6 percent of the GDP shows that the private sector will have the main task in adjusting current account deficit and foreign debt, in 2009 the same as last year, the BNR representatives told a conference on economic crisis.

He also mentioned 2007 current account deficit stood at 14 percent of the GDP, while in 2008 it dropped 12.2-12.5 percent of the GDP, through adjustment of the private sector, by 4.5 percentage points. The budget deficit was expanded by 3 percentage points, from 2.3 in 2007 up to 5.3 percent of the GDP in 2008.

The BNR adviser to governor also added that the initial strategy of the Government to shrink budget deficit to 2 percent of the GDP in 2009 was correct, from the viewpoint of reducing current account deficit. Nevertheless, in the context of the economy being forecast to shrink by 4 percent this year, such budget deficit is no longer sustainable anymore.

 

Sursa: http://www.rompress.ro

Tags: deficit current account percent governor adviser bnr

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