Balance of Payments and External Debt - May 2009
14.07.2009
Over January-May 2009, the balance-of-payments current account posted a deficit of EUR 1,776 million, 75.5 percent lower than in the same period of 2008, due largely to the narrower trade deficit (EUR 2,502 million, down 65.9 percent).
- EUR million -
| |
January-May 2008* |
January-May 2009** |
| CREDIT
| DEBIT
| NET
| CREDIT
| DEBIT
| NET |
| CURRENT ACCOUNT (A+B+C)
| 21,413
| 28,652
| -7,239
| 17,266
| 19,042
| -1,776 |
| A. Goods and services
| 17,180
| 24,318
| -7,138
| 13,882
| 16,359
| -2,477 |
| a. Goods (exports fob - imports fob)***
| 13,951
| 21,284
| -7,333
| 11,007
| 13,509
| -2,502 |
| b. Services
| 3,229
| 3,034
| 195
| 2,875
| 2,850
| 25 |
| - transport
| 970
| 1,087
| -117
| 827
| 734
| 93 |
| - tourism - travel
| 499
| 450
| 49
| 360
| 396
| -36 |
| - other
| 1,760
| 1,497
| 263
| 1,688
| 1,720
| -32 |
| B. Incomes
| 886
| 3,082
| -2,196
| 487
| 1,658
| -1,171 |
| C. Current transfers
| 3,347
| 1,252
| 2,095
| 2,897
| 1,025
| 1,872 |
* revised data
** provisional data
*** Source: National Institute of Statistics (NIS); imports FOB are calculated based on CIF/FOB conversion coefficient of 1.0834 set by the NIS.
Non-residents' direct investment in Romania worth EUR 2,475 million (as compared with EUR 4,269 million over January-May 2008) entirely covered the current account deficit in the first five months of 2009. During January-May 2009, out of the total of EUR 2,475 million, intra-group loans1 accounted for 47.7 percent of the total figure, equity stakes for 43.2 percent and reinvested earnings for 9.1 percent.
Medium- and long-term external debt at end-May 2009 added 12.3 percent against end-2008 to EUR 57,043 million (76.0 percent of total external debt).
Short-term external debt at end-May 2009 totalled EUR 18,005 million (24.0 percent of total external debt), down 18.9 percent from year-end 2008.
Romania's external debt at end-May 2009* and external debt service over January-May 2009
- EUR million -
|
| Total external debt balance
| External debt service
January-May 2009p |
| End-2008r |
End-May 2009p |
| I. Medium- and long-term external debt
| 50,804
| 57,043
| 3,538 |
| I.1. Direct public debta)
| 9,000
| 8,784
| 485 |
| I.2. Publicly guaranteed debtb)
| 1,720
| 1,659
| 134 |
| I.3. Non-publicly guaranteed debt
| 34,517
| 35,898
| 1,958 |
| I.4. Medium- and long-term deposits of non-residents
| 5,567
| 5,927
| 917e |
| I.5. IMF borrowingsc)
| -
| 4,775
| 44 |
| II. Short-term external debt
| 22,200
| 18,005
| 16,744e |
| Total external debt (I+II)
| 73,004
| 75,048
| 20,282 |
*) 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
c) the first tranche worth SDR 4.37 billion of the Stand-By Arrangement concluded with the IMF on 4 May 2009
r - revised data
p - provisional data
e - estimates
Medium- and long-term external debt service ratio2 ran at 25.5 percent in the first five months of 2009, compared to 29.3 percent in 2008. At end-May 2009, goods and services import cover3 stood at 8.9 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.