Romania's balance of payments deficit reduced 78.9 percent in the first four months of the year, to 1.182 billion euros, after a significant shrink of the trade gap and the high level of the current transfers surplus, data published by the central lender BNR show, NewsIn informs.
In prior-year period, the current account gap had stood at 5.598 billion euros.

The external deficit widened in April by 473 million euros on the previous month, when the balance of payment deficit totaled 709 million euros.

The trade deficit, the main source fueling the external unbalance, contracted 66.47 percent in the first four months of the year to 1.97 billion euros, from 5.875 billion euros in the similar period of 2008.

The service balance reported a surplus of 110 million euros between January and April, 2.2-fold smaller than a year before, when it amounted to 242 million euros.

The main cause of the reduction of the service balance surplus is the 87 million euro deficit recorded on the tourism segment, a plunge from the 44 million euro surplus in the first four months of 2008.

The revenues balance narrowed 48.86 percent, from 1.668 billion euros last year to 853 million euros in the period January – April 2009.

Cash inflows from current transfers, including remittances from Romanians abroad, dropped 12.65 percent in the first four months of the year to 2.423 billion euros.

Cash outflows in the similar period reduced 16.71 percent to 892 million euros, resulting in a current transfer surplus of 1.531 billion euros, down 10.1 percent on the first four months of the previous year.

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