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C/A gap - Romania's current account gap narrows 78.9% to EUR 1.18bn in the first four months

Romania's balance of payments deficit reduced 78.9 percent in the first four months of the year, to 1.182 billion euros, after a significant shrink of the trade gap and the high level of the current transfers surplus, data published by the central lender BNR show.

The current account gap had stood at 5.598 billion euros in the first four months of 2008.

The external deficit widened in April by 473 million euros on the previous month, when the balance of payment deficit totaled 709 million euros.

The trade deficit, the main source fueling the external unbalance, compressed 66.47 percent in the first four months of the year to 1.97 billion euros, from 5.875 billion euros in the similar period of 2008.

The service balance reported a surplus of 110 million euros between January and April, 2.2 times smaller than one year before, when it amounted to 242 million euros.

The main cause of the slash in the service balance surplus is the 87 million euro deficit recorded on the tourism segment, a plunge from the 44 million euro surplus in the first four months of 2008.

The revenues balance narrowed 48.86 percent, from 1.668 billion euros last year to 853 million euros in the period January - April 2009.

Cash inflows from current transfers, including remittances from Romanians abroad, dropped 12.65 percent in the first four months of the year to 2.423 billion euros.

Cash outflows in the similar period reduced 16.71 percent to 892 million euros, resulting in a current transfer surplus of 1.531 billion euros, down 10.1 percent on the first four months of the previous year.

Last year, Romania's balance of payments braked its advance to 1.2 percent, reaching 16.877 billion euros, after widening more than 60 percent in 2007. The external deficit shrank in 2008 to 12.3 percent of the gross domestic product (GDP), from 13.5 percent in the previous year.

 

Sursa: http://www.newsin.ro

Tags: euros percent current surplus million first billion months romanias balance deficit euro bnr

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