The current account of the balance of payments recorded a deficit of EUR 12.176 billion in the first half of this year, 34% higher compared to the same period of 2023.
Considering its structure, the goods balance deficit rose to EUR 15.02 bln, while the services balance recorded a surplus of EUR 6.145 bln, EUR 1.064 bln less than the same period of 2023.
In terms of services, Romanians’ travels abroad and tourism recorded the largest deficit in H1, of EUR 2.255 bln, 33% higher compared to the first half of 2023.
The deficit is calculated for the first 6 months of the year – that is, before the hot months for tourist trips abroad, the estimates being that it will reach EUR 5 billion for the entire year.
According to NBR data, Romanians spend twice as much abroad as they receive from foreign tourists who come to Romania.
During the presentation of the report on inflation governor Mugur Isărescu emphasized that, in 2023, Romanians spent EUR 8.6 bln abroad, while foreign tourists who visited Romania spent approximately half. He called the negative impact on the current account balance „Romania’s eternal problem”. „Within the service sector, which is in surplus in the current account this year as in previous years, we still have a major deficit in terms of tourism”, stressed Mugur Isărescu.
If the increase in tourism deficit remains the same during the second half, at the end of 2024, it could reach EUR 5.2 bln, a significant contribution to the increase in the current account deficit.
Romania, against the trend in Europe
The underperformance of Romanian tourism and the worsening of the deficit comes in a year in which the European Travel Commission anticipates record earnings in Europe exceeding EUR 800 billion.
Record summer temperatures, excessive hotel rates, overcrowded locations, nothing stands in the way of the summer vacation season in Europe, at least for now, according to the quarterly report of the European Travel Commission (ETC).
According to this document, international tourists could spend a record amount of more than EUR 800 billion this year in Europe, 37% higher compared to the level of EUR 583 billion recorded before the pandemic. Additionally, the arrivals of visitors from abroad are also up 6% compared to 2019, reaching a new record for Europe.
Moreover, there is growing interest in the less visited and less crowded destinations in southern Europe. While foreign tourist arrivals in Croatia rose by 7.6% in the first half of this year, compared to the level of 2019, in the case of Albania the increase is 86%.
Places offering advantageous exchange rates also record an increase in popularity, whether they are traditional destinations or not. Bulgaria (by 29%), Serbia (40%) and Turkey (22%) recorded a double-digit increase in international tourist arrivals compared to the pre-pandemic level.
In Romania, the increase was only 3% in the first half of 2024, compared to the same period of last year, according to NIS data.
Services recorded a surplus of EUR 6.15 bln in H1 – IT and Transport kept the balance in surplus
In the first half of 2024, telecommunications and IT services recorded the largest surplus, with EUR 2.94 bln, followed by transport with EUR 2.74 bln. Services for processing goods owned by third parties, that is, lohn services, recorded a surplus of EUR 1.47 bln, while other services reached EUR 1.25 bln.
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