Romania's current account deficit amounted to 269 million euros in the first quarter, twice higher than at the end of the first two months. Compared with the same time last year, which NBR deems as irrelevant, the deficit of the balance of payments rose 80.5%, but was some 15 million euro lower than the deficit in Q1, 2002. The problem arising from a fast increasing deficit made the central bank postpone its decision to cut the intervention interest rate. One of the reasons for concern about the possibility to adjust the deficit from some 6% of GDP in 2003 (2.92bn euros) to 5.5% in 2004 is the substantial increase in wages, those calculated in foreign currency included, which fuel demand and implicitly imports. That is because the trade balance remains the main source of deficit. Its deficit reached 600 million euros, 51% above the 2003 level. The other current account components were unable to significantly compensate for this deficit, but rather added to it. ZF
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