Current account deficit weakens to 1.2% in 2008

After first eleven months of 2008, the balance-of-payments deficit deepened by 7.8%, up to 16 billion euro. In 2007, Romania’s CA deficit amounted to 16.677 billion euro.

The trade deficit (FOB/FOB) – the main source that fuels the foreign unbalance – advanced by 2.1% in 2008 from 2007, up to 18.199 billion euro.

The growth pace of trade deficit slowed down in the past few months, after import growth weakened to 9.4% in 2008, while export growth loosened 13.8% from 2007, according to the statistics provided by INS.

The balance of services recorded an 836-million euro surplus last year, up 75.26% from 2007, BNR informs.

The budget surplus in the service sector is due to a positive evolution in transportation, whose accounts are finally in the black, from a EUR 505 million deficit in 2007.

Tourism-travel service recorded a 115-million euro deficit, from a 52-million euro surplus in 2007.

In “other services” category, the surplus shrank slightly, from 930 million euro in 2007, to 894 million euro in 2008.

The deficit of income balance deepened 33.19%, from 4.152 billion euros in 2007, up to 5.530 billion euro in 2007.

The incomes in Romania from current transfers, which includes the money wired in the country by Romanians from abroad amounted to 8.733 billion euro last year, up 21.46% compared to 2007.

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