Romania’s current account deficit reached EUR 1.47 billion in the first three months of this year, up by over EUR 1 billion compared to the one recorded in the first two months of the year.

The current account deficit amounted to EUR 337 million at the end of February, according to Romania’s National Bank (BNR).

Between January and March last year, the current account deficit totaled EUR 524 million.

The primary income balance, which reflects the flows of work revenues and company investment revenues, saw an increase of EUR 1.35 billion in the deficit during the first three months of this year whereas the balance of goods saw a deficit higher by EUR 570 million. At the same time, the services’ balance recorded a lower surplus by EUR 100 million during this period.

The measures aimed at boosting consumption generated an increase in imports, leading to higher deficits, according to BNR Governor Mugur Isarescu.

editor@romania-insider.com