Thursday, 15 April 2010

ROMANIA c/a deficit as remittances fall

BUCHAREST, April 13 (Reuters) - Romania's current account deficit widened by almost two thirds in the first two months of 2010 as remittances from workers based abroad fell, data showed on Tuesday.
The deficit, once Romania's main economic vulnerability and the reason it sought aid from the International Monetary Fund, gained 64.3 percent year-on-year to 754 million euros ($1.03 billion).

The external shortfall had narrowed significantly last year as the economy contracted by 7.1 percent.
This year's annual increase in January-February figures was due largely due to a 68.5 percent fall on the year in current transfers, which stood at 312 million euros, the central bank said.

Analysts said this meant lower remittances from Romanian workers abroad. One in ten Romanians have fled the country in recent years, seeking better living standards in the richer west, mainly in Italy and Spain.
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