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January 27, 2023

Current account deficit doubles in size

The current account deficit has grown to almost EUR 1 bln in the first eight months, twice the level of the deficit registered in the same period last year, against the backdrop of a growth of over EUR 1 bln in the outflows of labor revenues, financial investments and other primary investment.
According to the data published by BNR, the deficit of the current account of the balance of payments totaled EUR 945 M, compared to a deficit of EUR 489 M at the end of August 2013, against the backdrop in which the trade balance registered a surplus of EUR 346 M.
On the other hand, the services’ surplus grew to EUR 3.85 bln, of which EUR 1.57 bln from the processing of goods owned by third parties and EUR 1.8 bln from transport services. Tourism services continued to register a deficit, albeit falling from EUR 215 M to EUR 91 M.
The biggest deterioration of the current account deficit was registered in the case of primary revenues – labor revenues, revenues from investments in financial assets (direct investments, portfolio investments and other investments) and other primary revenues (taxes, subsidies).
At the same time, the surplus from secondary revenues, private and public administration transfers dropped from EUR 1.4 bln to EUR 1.1 bln.
The short-term external debt totaled EUR 19.31 bln (20 per cent of the total external debt), up by 0.5 per cent compared to December 31, 2013.

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