Romania’s current account deficit surged by 77% y/y to EUR 1.35 billion in January, despite the smaller deficit in the trade with goods – its major element, according to data published by the National Bank of Romania (BNR).
Romanians spent more abroad (tourism) this January, and foreign investors derived more dividends and interest from their placements in Romania.
The balance of goods posted a EUR 1.9 billion deficit, EUR 229 million (11%) less compared to the same period in 2023. The net export of services, however, decreased by EUR 351 million (-28% y/y) to EUR 890 million, and overall, the trade balance deteriorated.
The transport services posted a surplus of EUR 478 million (+EUR 37 million y/y), the telecommunications, IT and information services closed January with a surplus of EUR 465 million (-EUR 43 million), while the deficit recorded in tourism deepened to EUR 451 million from EUR 183 million in January 2023.
The primary income balance, which includes interest and dividends derived by foreign investors (and in a small part the wage remittances), went into the red, with a deficit of EUR 376 million this January compared to a surplus of EUR 27 million at the beginning of last year.
The balance of secondary incomes, which include private current transfers and public administration transfers, recorded a surplus of EUR 49 million, EUR 72 million less compared to January 2023.
iulian@romania-insider.com
(Photo source: Vlad Ispas/Dreamstime.com)
