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Romanians send back home as much money as foreign firms take out of Romania

A good performance was recorded in this Sept. with respect to the current transfers mainly based on the money sent back home by the Romanians working abroad, who brought one billion euros into Romania. At the same time, the foreign investors too repatriated one billion euros, the Business Standard daily reports on Thursday.

The transfer balance thus reached 4.7 billion euros, up from 3.7 billion euros in the same period last year, while services posted a negative development from 527 million euros at end-Sept. 2007 to 397 million euros in this Sept.

On the other hand, the current revenues expressing the profit repatriation by the foreign firms saw a deepened negative balance to 4.1 billion euros up from 3.1 billion euros.

The current account deficit resumed the accelerated increase pace, going up by 14.8 percent to 12.7 billion euros from Jan. till end-Sept. compared to the same period last year.

In the eight months of 2008, the current account of the balance of payments posted 10 billion euros in deficit, dramatically slowing down its increase pace to 1.6 percent in July from 11.9 percent in the same month last year.

The determining influence on the current account balance was put by the trade balance deficit that totalled 13.6 billion euros, by 11.7 percent higher than in Jan.-Sept. 2007.

The high current account deficit was one of the arguments put forward by financial rating agencies Fitch and Standard&Poor's when they decided to exclude Romania from the investment grade level. Fitch anticipated the deficit will go higher than 14 percent of GDP this year, being fuelled by the excessive rise in the lending sector; such anticipation, however, is countered by the Romanian analysts who see the current account deficit going down by year-end below the 14 percent posted last year.

 

Sursa: http://www.rompress.ro

Tags: billion euros deficit percent account balance romania foreign current

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