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Raiffeisen Bank: Current account deficit at 14 percent of GDP

The current account deficit stabilized at 14 percent of GDP, said on Friday the analysts with Raiffeisen Bank, who say that the current account deficit started a positive evolution.

The current account deficit reached 2.193 billion euros after the first two months of the year, according to National Bank of Romania. (BNR). Compared to the similar period of the past year, the current account deficit increased 5.6 percent, following the slower increase of imports, exceeded by a higher pace of exports for the third consecutive month. According to the central bank, the current account deficit over the first two months was 55.5 percent covered by direct foreign investment, totaling 1.218 billion euros. Equity stakes and reinvested earnings accounted for 49.2 percent of the total figure, with intra-group loans making up 50.8 percent. Medium- and long-term external debt at end-February 2008 added 1.9 percent against end-2007 to 38,912 million euros. Public and publicly guaranteed external debt at end-February 2008 totalled 10,618 million euros, accounting for 27.3 percent of medium- and long-term external debt, compared with 27.2 percent at end-2007. Non-publicly guaranteed external debt came in at 25,289 million euros at end-February 2008, rising 2.9 percent from year-end 2007. Medium- and long-term external debt service ratio ran at 17.1 percent during January-February 2008, compared to 21.8 percent in 2007. At end-February 2008, import cover stood at 6.1 months versus 6 months at year-end 2007. Sursa: http://www.rompress.ro

Tags: percent account current deficit february external euros bnr