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11 Feb 2019, Natalia Mihailova, EMIS Editor

Romania’s trade gap rises to the highest level since 2008

Romania’s trade gap rose by 17% up to EUR 15.1 billion, a 10-year high trade gap in 2018, Business-Review.eu reported, referring to government data. Romania's exports of goods increased by 8.1% last year to EUR 67.7 billion but were largely outpaced by imports which rose by 9.6% to 82.9 billion. Overall, the external trade balance kept on worsening in 2018 with Romania's merchandise trade gap reaching 7.1% of GDP.

Last year December’s shortfall alone stood at EUR 1.71 billion, when Romania's exports increased by 2.4% up to EUR 4.6 billion while imports rose by 3.5% to EUR 6.3 billion, Business-Review.eu added.

In 2017, Romania's trade gap surged 30% to EUR 12.96 billion, due to the adoption of government’s strategy of wage-led growth, which stimulated household consumption and GDP growth rates, but generated larger fiscal and current account deficits, the last has already exceeded 4.0% of GDP in October.

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