Current account deficit to go down slightly in 2008 and 2009
Foreign direct investment and European funds will finance a wider share of the current account deficit, in 2008.
The year 2008 could bring a major change compared with the previous years, the growth pace of the current account deficit is lower than the growth pace of GDP.
European funds worth some 560 million euros which reached Romania not long ago will have a positive effect on the balance of payments in Q3.
The effects at the level of the rate of exchange, already seen, are related to the curbing of the pressure caused by the depreciation of Romanian leu currency, which continues to be put by the behaviour of speculating investors, in the context of international financial turbulence.
Exports exceeded imports in H1, so the balance of trade was positive.
Foreign direct investment reached 4.8 billion euros Jan – June 2008, in consequence of the increased attractiveness at world level of the business environment in Romania. With the trend being maintained, BCR will revise upwards its estimate on foreign direct investment this year, its value at the end of 2008 can be, in an optimist scenario, higher than the maximum in 2006, when BCR was privatized.