Romania plunges into payments deficit

Compared to a deficit of €2.45 billion in Jan-Aug period, external deficit climbed €864 million in September. In August, Romania recorded the first monthly surplus in the balance of payments of the past 7 years.

In the first nine months of last year, current account deficit amounted to €13.043 billion.

The trade deficit (FOB/FOB) – the main driver of external imbalance – narrowed in January-September period by 67.3% to €4.769 billion, from €14.598 billion a year earlier.

The balance of payments plunged to deficit in the first nine months of the year, to €194 million, versus €370 million surplus in the same period of last year, data from the central bank show.

The primary driver of the balance of payments deficit was “other services” category that recorded a deficit of €162 million, from €597 million in Jan-Sep 2008.

“Travel” segment remained into the negative territory with a €55 million deficit, compared to -€136 million in the same period of last year.

The payments balance of transport services increased to a €23 million surplus in nine months ending September 30 from €91 million in the year-ago period.

Revenues balance of payments shrank 53.3% from €3.444 billion in the first nine months of 2008, to €1.607 billion in 2009.

On the financial account, the central bank reported inflows of €5.079 billion, from €6.725 billion in 2008. In September, net inflows amounted to €405 million, less than half from €932 million in previous month.

Net outflows fell 13%, from €2.096 billion in Jan-Sep 2008 to €1.822 billion this year.

Last year, Romania’s balance of payments deficit slowed down its decrease rate to 1.2%, to €16.877 billion, after roughly 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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