Jan-Oct CA deficit narrows to �3.954 bln

In the Jan-Oct 2008 period, current account gap was €14.205 billion.

Compared to Jan-Sep €3.313 billion gap, the external deficit widened by €641 million in October. In September, the country’s balance of payments turned negative, after the first monthly surplus in seven years.

Trade deficit (FOB/FOB) – the main driver of external imbalance – narrowed in Jan-Oct period this year by 66.9% to €5.414 billion, from €16.368 billion in the same period of last year.

The primary driver of the balance of payments deficit was “other services” category that recorded a deficit of €181 million, from €617 million surplus in Jan-Oct 2008.

“Travel” segment remained into the negative territory with a €76 million deficit, compared to -€105 million in the same period of last year.

However, the payments balance of transport services swung to a €23 million surplus in nine months ending September 30 from €97 million in the year-ago period.

Revenues balance of payments shrank 46.5% from €3.309 billion in the first ten months of 2008, to €1.77 billion in 2009.

On the financial account, net inflows from current transfers that comprise the amounts of money sent in the country from Romanians from abroad fell 26.2% in the first ten months to €5.48 billion from €7.428 billion in the same period of last year. In October, net inflows amounted to €401 million, slightly below €405 million a month earlier.

Net outflows increased by €354 million, from €2.37 billion in Jan-Oct 2008 to €2.016 billion this year. Last year, Romania’s balance of payments deficit slowed down its growth rate to 1.2%, to €16.877 billion, after 60% advance in 2007. Versus the Gross Domestic Product, the country’s external deficit shrank to 12.3% of GDP from 13.5% of GDP in 2007.

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