Current account deficit-The external deficit calmed down to 5.6% in January-February 2008

The current account deficit widened 5.6 percent in the first two months of the year against the same period last year as the trade deficit stagnated and the widening of the revenues deficit slowed down, the data released by the Central Bank of Romania (BNR) show.

The deficit of the balance of payments stood at 2.193 billion euros in the year’s first two months, slightly up against the 2.076 billion euros seen in the same period last year.

The trade deficit, the main source fueling the external unbalance, upped 18 million euros. Yet, the revenues balance deficit advanced 15.8 percent, from 628 million euros in January-February 2007 to 727 million euros in the same period of 2008.

The increase rhythm of the revenues balance deficit slowed down in February against January, when it widened 21.2 percent, to 360 million euros.

Last year, the revenues balance deficit (a component of the payments balance), widened 36 percent, to 4.4 billion euros. The services balance narrowed 18 percent, to 114 million euros, from 139 million euros in the first two months of 2007.

Money inflows in Romania coming from current transfers, including the sums sent into the country by the Romanians abroad, totaled 1.218 billion euros, up 20.4 percent against the first two months of 2007.

Outflows grew 48.7 percent, from 372 million euros in the first two months of 2007 to 533 million euros in January-February 2008.

NewsIn