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Romania's current account gap narrows 75% in the first nine months, to EUR 3.3bn

Romania's balance of payments gap reduced 74.6 percent in the first nine months, to 3.313 billion euros, on a significant shrinkage of the commercial gap and the deficit of the revenues balance, data of the central lender BNR show.

The current account gap amounted to 13.043 billion euros in the first nine months last year.

The commercial deficit, the main source fueling the external unbalance, compressed 67.3 percent from January to September, to 4.769 billion euros, from 14.598 billion euros in the same period last year.

The service balance reported a deficit of 194 million euros in the first nine months, versus a 370 million euro surplus in the similar period of 2008, BNR also shows.

The main cause of the gap in the service balance was the 162 million euro deficit recorded on the "other services" segment, from a 597 million euro surplus in the first nine months of 2008.

The revenues balance reduced 53.3 percent, from 3.444 billion euros in the first nine months last year to 1.607 billion euros in the period January - September 2009.

Cash inflows from current transfers, including remittances from Romanians abroad, dropped 24.5 percent in the first nine months to 5.079 billion euros.

Cash outflows in the similar period lost 13 percent to 2.096 billion euros.

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

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