Over January - April 2009, the balance-of-payments current account posted a deficit of EUR 1,182 million, 78.9 percent lower than in the same period of 2008, due largely to the narrower trade deficit (EUR 1,970 million), by 66.5 percent.
- EUR million -
| |
January - April 2008* |
January - April 2009** |
| CREDIT
| DEBIT
| NET
| CREDIT
| DEBIT
| NET |
| CURRENT ACCOUNT (A+B+C) |
17,016
| 22,614
| -5,598
| 13,963
| 15,145
| -1,182
|
| A. Goods and services |
13,525
| 19,158
| -5,633
| 11,128
| 12,988
| -1,860
|
| a. Goods (exports fob - imports fob)***
| 10,915
| 16,790
| -5,875
| 8,704
| 10,674
| -1,970
|
| b. Services
| 2,610
| 2,368
| 242
| 2,424
| 2,314
| 110
|
| - transport
| 773
| 861
| -88
| 738
| 584
| 154
|
| - tourism - travel
| 390
| 346
| 44
| 278
| 365
| -87
|
| - other
| 1,447
| 1,161
| 286
| 1,408
| 1,365
| 43
|
| B. Incomes
| 717
| 2,385
| -1,668
| 412
| 1,265
| -853
|
| C. Current transfers
| 2,774
| 1,071
| 1,703
| 2,423
| 892
| 1,531 |
* 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 2,055 million (as compared with EUR 3,695 million over January-April 2008) entirely covered the current account deficit over the first four months of 2009 (compared with 66 percent over the same period of 2008). Over January-April 2009, out of the total of EUR 2,055 million, equity stakes accounted for 51.2 percent of the total figure, intra-group loans1 for 40.0 percent and reinvested earnings for 8.8 percent.
Medium- and long-term external debt at end-April 2009 added 1.6 percent against end-2008 to EUR 51,640 million (72.0 percent of total external debt).
Short-term external debt at end-April 2009 totalled EUR 20,115 million (28.0 percent of total external debt), down 9.4 percent from year-end 2008.
Public and publicly guaranteed external debt at end-April 2009 amounted to EUR 10,586 million (14.8 percent of total external debt), down 1.3 percent from end-2008.
Non-publicly guaranteed external debt came in at EUR 35,689 million at end-April 2009 (49.7 percent of total external debt), rising 3.4 percent from year-end 2008.
Romania's external debt at end-April 2009* and external debt service over January-April 2009
- EUR million -
| |
Total external debt balance |
External debt service January-April 2009p |
| End-2008r |
End-April 2009p |
|
I. Medium- and long term external debt |
50,804
| 51,640
| 3,119
|
| I.1. Direct public debt a) |
9,000
| 8,898
| 323
|
| I.2. Publicly guaranteed debt b) |
1,720
| 1,688
| 116
|
| I.3. Non-publicly guaranteed debt |
34,517
| 35,689
| 2,004
|
| I.4. Medium- and long- term deposits of non-residents |
5,567
| 5,365
| 676e
|
| II. Short term external debt |
22,200
| 20,115
| 12,722e |
| Total external debt (I+II) |
73,004
| 71,755
| 15,841 |
*) The balance of medium- and long-term external debt is cash-based (excluding 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 ratio2 ran at 28.0 percent in the first four months of 2009, compared to 29.3 percent in 2008. At end-April 2009, goods and services import cover3 stood at 8.4 months versus 5.7 months at year-end 2008.
Notes:
- Loans between the foreign investor and the resident company.
- 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.