Current account deficit might go down below 7.5 percent of GDP in 2009

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The current account deficit might go down below 7.5 percent of the gross domestic product (GDP) in 2009 over the initial forecast of BNR (National Bank of Romania), said on Thursday Cristian Popa, vice-governor of the central bank.

‘It is likely the current account deficit goes below our estimate of 7.5 percent of the GDP, but its is important it should distributed on macroeconomic policies and in the private sector, not only in relation to exchange rate,’ said Popa.

Popa said the rise in crediting and the cut in interest rates for crediting is expected concurrently with the moderation of interest rate at deposits.
At the end of 2008, the current account deficit totalled 16.877 billion euros.

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