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Romania's current account gap narrows 72.2% in the first ten months, to EUR 3.9bn

Romania's balance of payments gap reduced 72.2 percent in the first ten months, to 3.95 billion euros, on a significant shrinkage of the commercial gap, data published by the central lender BNR show.

The current account gap amounted to 14.20 billion euros in the first ten months last year.

The commercial deficit, the main source fueling the external unbalance, compressed 66.9 percent from January to October, to 5.41 billion euros, from 16.36 billion euros in the same period last year.

The service balance reported a deficit of 234 million euros in the first ten months, versus a 414 million euro surplus in the similar period of 2008, BNR also shows.

The main cause of the gap in the service balance was the 181 million euro deficit recorded on the "other services" segment, from a 617 million euro surplus in the first ten months of 2008.

The revenues balance reduced 46.5 percent, from 3.30 billion euros in the first ten months last year to 1.77 billion euros in the period January - October 2009.

Cash inflows from current transfers, including remittances from Romanians abroad, dropped 26.2 percent in the first ten months to 5.48 billion euros.

Cash outflows in the similar period decreased from 2.37 billion euros to 2.016 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 months first euros percent balance romanias current euro bnr

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