The current account deficit of Albania reached 840 million euros (1.066 billion U.S. dollars) in the nine month ended on September 30, an increase of 60 percent compared to the same period of 2007.
"Sharp increase in commodities prices and a steep decrease in remittances from Albanians abroad are the main reasons of the widening of the country's current account deficit," the Bank of Albania, the country's central bank, said in a report.
Fuel imports in Albania reached 210 million euros, an increase of 50 percent compared with 2007, while the remittances stood at 623 million euros, down 13 percent compared with the previous year, the report shows.
Albania's parliament passed last month the country's 2009 budget, cutting its budget deficit from 5.2 percent to 4.2 percent instead of 3.5 percent recommended by the International Monetary Fund (IMF).
Revenue in the 2009 budget is expected to reach 2.7 billion euros (3.4 billion US dollars), while its expenditure is expected to reach 3.11 billion euros (3.95 billion US dollars) in 2009.
"We have planned to cut the budget deficit with one percentage point to 4.2 percent of GDP compared to (5.2 percent in) 2008," Albania's Finance Minister Ridvan Bode has said.
Source:Xinhua
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