Romania Jan-Nov Current Account Deficit Widens To EUR5.2B

Romania's current account deficit widened 23.5% to EUR5.17 billion in January-November 2010, from a gap of EUR4.19 billion in the year-earlier period, due to the lower current transfers surplus and an increasing deficit of the incomes balance, central bank data showed Thursday.

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The current transfers balance posted a surplus of EUR3.1 billion in January to November, down from EUR3.7 billion in the same period of 2009.

On the other hand, the incomes deficit widened to EUR2.26 billion, from EUR1.55 billion in the first eleven months of 2009.

Foreign direct investments, which stood at EUR2.27 billion, covered about 44% of Romania's current account deficit in January-November 2010. In the year-earlier period, Romanian FDI was EUR3.05 billion.

Romania's total external debt reached EUR90.7 billion at the end of November, up from EUR81.2 billion in December 2009, according to central bank data.

The wider debt was mostly due to the rising medium and long-term debt, which stood at EUR72.4 billion in November, from EUR65.8 billion at the end of 2009.

The short-term debt was at EUR18.3 billion, up from EUR15.4 billion at the end of December 2009.

In 2009, Romania's current account deficit narrowed 68.7% on the year to EUR5.05 billion.

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