Current account deficit triples in July

The current account deficit stood at 708m euros in July, an almost three-fold increase against July 2005, after having gone up 40% in the first six months. The reasons behind the worsening of the deficit are the increase in the trade deficit, as well as the drop in current transfers, i.e. of money sent by Romanians abroad, data presented by the National Bank show. The current account deficit stood at a total 4.87 billion euros in the first seven months, a 43% increase against the first seven months of 2005. The fast growth in July led to an increase in the growth pace of the external deficit from 40% in the first six months of the year, to 43% in the first seven months of the year. On the other hand, direct foreign investments stood at some 4 billion euros in the first seven months, a 48% increase against the same period last year, according to NBR data. In July alone, foreign direct investments attracted by Romania stood at some 800 million euros, increasing by ones third against July last year.