Croatia's current account deficit reaches 5-year high
Zagreb - Croatia's current account deficit continued growing in 2007, rising by nearly one-fifth to 3.2 billion euros (5.07 billion dollars), the business weekly Lider reported Tuesday.
The deficit, largest in five years, reached 8.6 per cent of gross domestic product, the report said, quoting preliminary central bank figures.
The foreign trade deficit rose by 13 per cent to 9.4 billion euros. At the same time the surplus in services grew to 6.3 billion euros, up 10.7 per cent from 2006, thanks to the country's booming tourism sector.
In a fourth consecutive year of growth, tourism brought Croatia seven billion euros, helping to reduce the overall deficit. Current accounts, the broadest measure of an economy's payments balance, is comprised of visible trade, transfers and services. (dpa)
