Romania records 37% drop in current account deficit after five months

Romania's current account deficit went down by 37.7 percent in the first five months of the year, to EUR 1.8 billion, compared to the same period of 2010, according to the Romanian Central Bank (BNR). The current account deficit was of EUR 2.9 billion in the first five months of 2010. The current account deficit occurs when the country's total imports of goods, services and transfers is greater than the country's total export of goods, services and transfers. The services sector accounted for a deficit of EUR 342 million between January and May this year, down 9.7 percent on the same period of 2010. The tourism segment had a deficit of EUR 122 million, similar to the one during the first five months of last year. editor@romania-insider.com