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Current account deficit deepens, experts say

Joi, 16 august 2007, 0:00

Experts forecast a growth of the current account deficit of Romania after the National Romanian Bank announced on Tuesday that the indicator advanced 77.1% in the first six months, compared to H1 2006.

In a recent report by Consensus Economics, cited by Mediafax, experts forecast an increase of the current account deficit of Romania.

In general terms, the forecast is unchanged but the prognosis regarding the current account deficit remains negative. The Romanian RON appreciation threatens the commercial balance as the exports get more expensive internationally, the report shows.

However, the appreciation of the Romanian currency has a positive effect as it helps maintain the inflation at a comfortable level.

For this year, the current account deficit witnessed a growth of 18.9 billion USD and for 2008, the indicator is estimated to reach 21.1 billion USD.

ING Bank Romania director, Florin Catu says the current account deficit threatens the financial stability of the country.

In their spring prognosis, the National Prognosis Commission estimates for this year a current account deficit of 11.5% of GDP.

Consensus Economics groups in the mentioned report macroeconomic estimates of 12 banks and international institutions - Global Insight, DIW Berlin, EFG Eurobank, ING Financial Markets, UniCredit MIB, Economist Intelligence Unit (EIU), ABN Amro Romania, Kopint-Traki, Deutsche Bank, Goldman Sachs, Raiffeisen Zentralbank and UBS

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