Romania's CA deficit narrows 55% in January

The balance of payments deficit narrowed 54.6 percent in the first month of the year, to 525 million euros, on a significant shrink of the trade gap and on a hike in the surplus on the service sector, data published by the central lender BNR show, NewsIn informs.
The current account deficit stood at 1.157 billion euros in January 2008.

The trade deficit (FOB-FOB), the main driver of external imbalance, compressed by two thirds (66.4 percent) in January to 385 million euros, from 1.145 billion euros in the first month of 2008.

The service balance reported a surplus of 118 million euros in January, up 34 percent on the previous year, stemming mainly from the jump to the profit side on the transportation part, from a 1 million euro deficit in 2008 to a surplus of 62 million euros in the first month of this year.

Cash inflows from current transfers, including remittances from Romanians abroad, dropped 12 percent year-on-year to 483 million euros, while outflows reduced 25 percent to 239 million euros.

The current transfers surplus, counted for computing the balance of payments, slipped from 309 million euros to 303 million euros.

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