Current account deficit surges to EUR 878 million in January-June

Romania’s current account balance posted a deficit of EUR 878 million in the first six months of 2014, compared to a surplus of EUR 124 million a year earlier, mainly due to a wider income deficit, central bank data showed Wednesday.

The income deficit grew from EUR 1.69 billion to EUR 2.97 billion, trade balanhce switched from a EUR 215 million deficit to a EUR 193 million in excess, while current transfers experience a drop in excess from EUR 2.03 billion to EUR 1.9 billion according to BNR.

Romanian foreign direct investment, or FDI, fell 10.3 percent to EUR1.19 billion in the first half of the year. Reinvested profit and equity raising represented EUR 1.11 billion, while intragroup loands where at EUR 78 million. 

Long term and medium term external debt was EUR 75.3 billion on June 30 (81 percent of total foreign debt) down 2.1 percent compared to the end of last year. Short term foreign debt was EUR 17.65 billion (19 percent), down 7.9 percent compared to December 31, 2013.

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