NBR: Current account gap narrowed 73.3% in H1

Romania’s balance of payments narrowed 73.3% in first half 2009, to 2.375 billion euros, on reduced trade gap and surplus in balance of current transfers, NBR data show.
Compared to May, when the BOP amounted at 1.7765 billion euros, the external deficit soared in June by 599 million euros.

In the first half 2008, the current account deficit amounted to 8.884 billion euros.

The country’s trade deficit – the primary source that fuels the country’s external gap – narrowed 67.18% in the period under review, down to 2.962 billion euros, from 9.026 bn euros year-ago half.

The goods and service balance slid on deficit in first half this year, reaching 29 million euros versus 377-million euro surplus in prior-year period, National Bank of Romania.

The service balance was primarily weighed down by “other services” category, that fell into a deficit of 67 million euros from the 433-mn euro surplus in first half 2008.

“Travel – tourism” category fell on deficit as well, of 56 million euros, from the 50-mn euro surplus a year earlier.

However, the external balance of transport services recorded a surplus, of 94 million euros in the six months to June , versus 115 mn euros a year earlier.

The balance of income gap narrowed 46.45% from 2.814 bn euros in H1 2008 to 1.507 bn euros in H1 2009.

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