Romania’s CA deficit up 50% y/y to 9.3% of GDP in 12 months to March

Romania’s current account (CA) deficit rose by 50% to EUR 33.0 billion in 12 months to March 2025, after a sharp 82% y/y surge (to EUR 7.7 billion) in Q1, according to data published by the National Bank of Romania (BNR).

The CA gap reached 9.3% of GDP (based on the latest available 4-quarter GDP numbers), up from 8.4% in 2024 and 6.8% as of March 2024.

All the main segments of the CA balance contributed to the recent deterioration of the overall figures, but the trade in goods made the strongest contribution: the trade gap (goods) deepened by EUR 6.2 billion (to EUR 34.9 billion) compared to an overall EUR 11.0 billion overall deepening of the CA balance.

The trade in services showed EUR 1.7 billion y/y smaller surplus (EUR 10.9 billion) in 12 months to March. Particularly fewer transport services rendered and more net tourism services purchased contributed mostly to this.

The negative primary revenues (net interest and dividends derived by foreign investors) rose by EUR 589 million to EUR 9.2 billion in 12 months to March.

The net surplus of secondary revenues (transfers to households and the public sector) plunged by EUR 2.5 billion to only EUR 285 million in 12 months to March, driven by fewer transfers to the public administration.

(Photo source: Vlad Ispas/Dreamstime.com)