Current account deficit increased 7.8% during 2008 first 11 months, up to 15.99 billion Euros

Romania’s current account deficit recorded a 7.8% growth between January and November 2008, compared to the same period in 2007, up to 15.99 billion Euros, data at the Romanian Central Bank (BNR) indicate. The growth rate decreased in November, after increasing 10.9% during the first 10 months.

The main influence on the current account results came from the commercial balance deficit, which increased to 16.91 billion Euros.

Foreign investments during the first 11 months in 2008 were 8.64 billion Euros, compared to 6.55 billions in 2007 (January through November), covering 54% of the current account deficit. Out of all foreign investments, 51.3% were capital participations and reinvested profits.

The medium and long term debt at the end of November 2008 was 49.71 billion Euros, 29.2% more than at the end of 2007.

The public foreign debt and the publicly guaranteed debt was 10.78 billion Euros, standing for 21.7% of the total foreign debt.