BCR expecting a current account deficit of 13.7% of GDP in 2007

The balance of payment current account registered a deficit of €13.34 billion in the first ten months, up 71.7 percent year-on-year, making up 11.3 percent of estimated GDP for 2007, according to data provided by the Romanian National Bank (BNR). The rhythm of growth of the current account deficit diminished in the past few months, advancing 87.1 percent in the January-August period.  The main contributor to the current account balance was the trade balance deficit, worth €14.03 bln, up 61.8 percent compared to January-October 2006.  The volume of direct foreign investments to Romania in the first ten months of the year amounted to €5.94 bln, with the level of coverage of the deficit by investment at 45.5 percent.  BCR analysts are expecting healthy growth of foreign investments this year of €7 bln.