Romania's trade deficit after Q3 increased by 12.5 percent to €16.93 billion

During the first nine months of 2008, Romania's trade deficit increased by 12.5 percent y.o.y. to reach €16.93 billion even though the exports dynamic exceeded the imports, Romania's National Statistics Institute reports. The exports' advance was 18.3% up to €25.58 billion while imports increased by 15.9 percent to €42.51 billion.

Fitch downgraded Romania's country rating

The financial rating company, Fitch, downgraded Romania's country rating for the long term foreign currency credits from BBB to BB+ and for the long term national currency credits from BBB+ to BBB-, a press release shows.

According to the document, the decision reflects the fears of the agency regarding the local macro-economic policies and the ability of the government to avoid a severe financial and economic crisis. Moreover, Fitch downgraded the rating for short term foreign currency credits from F3 to B and decreased Romania's ceiling from A minus to BBB.

Romania's rating was BBB which was two steps over the junk category and the country's rating was negative. Critics against Romania's economic policies were rejected by local authorities who declared that Romania does not need help from IMF.