Romania current account deficit up 66.1% to 16.87 billion euro in 2007

Joi, 14 februarie 2008, 15:34 English | Business

Romania's current account deficit rose 66.1% to 16.87 billion euro overall in 2007 as compared to the previous year, mainly due to the trade balance deficit, Romanian National Bank announced on Thursday. The value of the current account deficit accounts for about 14.2% of the Romanian GDP in 2007.

The trade balance deficit rose 49.6% as compared to 2006, amounting to 17.58 billion euro. The goods and services balance and the revenue balance registered considerable deficits in 2007 as well.

According to Romania's National Bank data, the current account deficit was covered 41.9% by foreign direct investments, which amounted to 7.06 billion euro while capital participations and reinvested profits accounted for 45.9%.