Romania Jan-Oct Current Account Gap Widens To EUR4.94B

Romania's current account deficit widened 30.3% to EUR4.94 billion in the first ten months, from a gap of EUR3.79 billion a year earlier, largely due to the lower current transfers surplus, central bank data showed Tuesday.

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The current transfers balance posted a surplus of EUR2.45 billion in January to October, down 31.5% from EUR3.57 billion in the year-earlier period.

Foreign direct investments, which stood at EUR2.15 billion, covered about 43% of Romania's current account deficit in the first ten months of 2010. In the year-earlier period, Romanian FDI was EUR2.91 billion.

Romania's total external debt reached EUR89.4 billion at the end of October, 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 EUR71.3 billion in October, from EUR65.8 billion at the end of 2009.

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

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

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