Romania’s current account (CA) deficit has more than doubled to EUR 2.96 billion in June on higher imports and dividend outflows, bringing the rolling 12-month deficit to EUR 30.5 billion – 1.5% more compared to the previous 12-month period, according to data published by the National Bank of Romania (BNR). The CA deficit to GDP ratio has, however, decreased to 7.9% in the 12 months, subject to revision upon Q2 GDP release, from 8.3% in the previous 12-month period.
The country’s rolling 12-month CA deficit has dropped in June-July 2025 after the local currency weakened versus the euro in May amid a stable exchange rate over the past years. The fiscal consolidation, inter alia via lower private consumption, maintained pressure on the country’s chronic CA deficit since then.
However, the expensive oil and petroleum products reversed the trend in the second quarter of 2026, and high dividends reported by FDI companies (reinvested or repatriated) pushed the CA deficit in June. Over the medium term, however, the CA deficit and particularly the CA gap to GDP ratio is expected to narrow along with fiscal consolidation.
Imports of goods increased by just over EUR 1 billion to EUR 11.2 billion in June, and the 12-month rolling imports of goods increased by nearly EUR 2 billion to EUR 124.6 billion.
The dividends generated by the FDI companies, in turn, increased by nearly EUR 0.7 billion to EUR 947 million in June, while they increased by EUR 1.3 billion to EUR 11.9 billion in the 12-month rolling period. The Romanian tourists’ spending abroad also increased significantly, by over EUR 1 billion to EUR 10.3 billion in 12 months to June 2026.
Overall, the outflows under the CA increased by 4.8% y/y or EUR 8.6 billion to EUR 186.8 billion in 12 months to June.
At the same time, the FX inflows generated by the exports of goods and services have advanced more uniformly – by 5.5% y/y or EUR 8.1 billion to EUR 156.3 billion in 12 months to June.
The FDI inflows to Romania deteriorated significantly, by 85% y/y to EUR 528 million in H1, or by 27.3% y/y to EUR 4.7 billion in 12 months to June. The new equity FDI investments were particularly low: EUR 432 million (-59% y/y) in H1 and EUR 877 million (-57% y/y) in 12 months to June.
The FDI to GDP ratio was only 1.3 % in 12 months to June, compared to a slightly larger yet still disappointing 1.9% in the previous 12-month period.
iulian@romania-insider.com
(Photo source: Vlad Ispas/Dreamstime.com)
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