In January 2009, the balance-of-payments current account posted a deficit of EUR 525 million, 54.6 percent lower than in January 2008, due largely to the narrower trade deficit (EUR 385 million), down 66.4 percent.
- EUR million -
| |
January 2008* |
January 2009** |
| CREDIT |
DEBIT |
NET |
CREDIT |
DEBIT |
NET |
| CURRENT ACCOUNT (A+B+C) |
3,886
| 5,043
| -1,157
| 3,117
| 3,642
| -525
|
| A. Goods and services
| 3,163
| 4,220
| -1,057
| 2,490
| 2,757
| -267
|
| a. Goods (exports fob - imports fob)***
| 2,525
| 3,670
| -1,145
| 1,912
| 2,297
| -385
|
| b. Services
| 638
| 550
| 88
| 578
| 460
| 118
|
| - transport
| 187
| 188
| -1
| 181
| 119
| 62
|
| - tourism - travel
| 101
| 80
| 21
| 72
| 67
| 5
|
| - other
| 350
| 282
| 68
| 325
| 274
| 51
|
| B. Incomes
| 175
| 584
| -409
| 144
| 705
| -561
|
| C. Current transfers
| 548
| 239
| 309
| 483
| 180
| 303 |
* revised data
** provisional data
*** Source: National Institute of Statistics; imports fob are calculated based on CIF/FOB conversion coefficient of 1.0834 set by the NIS.
Non-residents' foreign direct investment in Romania worth EUR 912 million (as compared with EUR 603 million in January 2008) entirely covered the current account deficit in January 2009 (compared with 52.1 percent in January 2008). In January 2009, out of the total of EUR 912 million, equity stakes accounted for 49.6 percent of the total figure, intra-group loans1 36.2 percent and reinvested earnings 14.2 percent.
Medium- and long-term external debt2 at end-January 2009 added 0.9 percent against end-2008 to EUR 50,567 million.
Public and publicly guaranteed external debt
at end-January 2009 totalled EUR 10,936 million, accounting for 21.6 percent of medium- and long-term external debt, compared with 21.3 percent at end-2008.
Non-publicly guaranteed external debt came in at EUR 34,454 million at end-January 2009, rising 1.7 percent from year-end 2008.
Romania's medium- and long-term external debt at end-January 2009* and
external debt service in January 2009
- EUR million -
| |
Medium- and long-term external debt |
External debt service January 2009p |
| Balance at end-2008r |
Balance at end-January 2009p |
| 1. Direct public debt a) |
8,969
| 9,160
| 74
|
| 2. Publicly guaranteed debt b) |
1,720
| 1,776
| 9
|
| 3. Non-publicly guaranteed debt |
33,863
| 34,454
| 311
|
| 4. External debt (1+2+3) |
44,552
| 45,390
| 394 |
| 5. Medium- and long-term deposits of non-residents |
5,567
| 5,177
| 33e |
| Total external debt (4+5) |
50,119
| 50,567
| 427 |
*) The balance of medium- and long-term external debt is cash-based (not including unmatured accrued interest).
a) external loans taken directly by the Ministry of Public Finance and local general government in compliance with the legislation on public debt
b) external loans guaranteed by the Ministry of Public Finance and local general government in compliance with the legislation on public debt
r - revised data
p - provisional data
e - estimates
Medium- and long-term external debt service ratio3 ran at 17.2 percent in January 2009, compared to 28.6 percent in 2008. At end-January 2009, goods and services import cover4 stood at 10.3 months versus 5.7 months at year-end 2008.
Notes:
- Loans between the foreign investor and the resident firm.
- External debt balance is subject to monthly revision.
- External debt service ratio is computed as a ratio of medium- and long-term external debt service to exports of goods and services.
- Import cover is computed as a ratio of the NBR's official reserves (foreign exchange + gold) at end of period to average monthly imports of goods and services for the period under review.