January through September 2006, the balance-of-payments current account posted a deficit of EUR 6,699 million, up 46.6 percent against the same year-ago period.
This development can be ascribed mainly to the wider trade deficit, which amounted to EUR 7,401 million, up 53.4 percent from the corresponding period of last year, with imports rising faster than exports (24.5 percent and 16 percent respectively).
- EUR million -
| |
1/01-30/09/2005* |
1/01-30/09/2006** |
| CREDIT
| DEBIT
| NET
| CREDIT
| DEBIT
| NET |
| CURRENT ACCOUNT (A+B+C)
| 23,072
| 27,640
| -4,568
| 27,728
| 34,427
| -6,699
|
| A. Goods and services
| 19,440
| 24,434
| -4,994
| 23,342
| 30,419
| -7,077
|
|---|
| a. Goods (exports fob - imports fob)
| 16,466
| 21,290
| -4,824
| 19,096
| 26,497
| -7,401
|
|---|
| b. Services
| 2,974
| 3,144
| -170
| 4,246
| 3,922
| 324
|
|---|
| - transport
| 857
| 1,134
| -277
| 1,168
| 1,364
| -196
|
|---|
| - tourism - travel
| 611
| 505
| 106
| 707
| 701
| 6
|
|---|
| - other
| 1,506
| 1,505
| 1
| 2,371
| 1,857
| 514
|
|---|
| B. Incomes
| 821
| 2,858
| -2,037
| 1,244
| 3,511
| -2,267
|
|---|
| C. Current transfers
| 2,811
| 348
| 2,463
| 3,142
| 497
| 2,645
|
|---|
* rectified data
** provisional data
Some 72.5 percent of the EUR 6,699 million current account deficit were covered by inflows from foreign direct investment worth EUR 4.9 billion in the first nine months of 2006,
compared with EUR 3.7 billion January through September 2005. Out of the total figure, equity stakes and reinvested earnings accounted for 54.3 percent and intra-group loans1 accounted for 45.7 percent.
Medium- and long-term external debt2
at end-September 2006 amounted to EUR 25,992 million, up 5.9 percent against end-2005.
Public and publicly guaranteed external debt at end-September 2006 totalled EUR 10,853 million, accounting for 41.8 percent of medium- and long-term debt, compared with 46 percent at end-2005.
Non-publicly guaranteed external debt at end-September 2006 came in at EUR 14,197 million, rising 15.3 percent from end-2005.
Romania's medium- and long-term external debt at end-September 2006 and external debt service January through September 2006
- EUR million -
| |
Medium-and long-term external debt |
External debt service |
|---|
| Balance at 31/12/2005r |
Balance at 30/09/2006p |
1/01-30/09/2006p |
| 1. PUBLIC DEBTa) |
6,936
| 6,884
| 548
|
|---|
2. PUBLICLY GUARANTEED DEBTa),
of which:
|
4,343
| 3,969
| 610
|
|---|
| - public sector
| 4,131
| 3,793
| 574
|
|---|
| - private sectorb)
| 212
| 176
| 36
|
|---|
3. NON-PUBLICLY GUARANTEED DEBT,
of which:
|
12,308
| 14,197
| 2,693
|
|---|
| - public sector
| 582
| 575
| 53
|
|---|
| - private sectorb)
| 11,726
| 13,622
| 2,640
|
|---|
| 4. External debt (1+2+3) (loans, borrowings and the like) |
23,587
| 25,050
| 3,851
|
|---|
| 5. Medium- and long-term deposits of non-residents |
949
| 942
| 248e
|
|---|
| Total external debt (4+5) |
24,536
| 25,992
| 4,099
|
|---|
r - rectified data
p - provisional data
e - estimates
a) loans taken or guaranteed by the Ministry of Public Finance in compliance with Public Debt Act
b) financial and non-financial entities with majority private capital
January through September 2006, medium- and long-term external debt service ratio3 ran at 17.6 percent, compared to 20.1 percent in 2005.
At end-September 2006,
import cover4 stood at 6 months versus 6.3 months at year-end 2005.
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 official reserves of the NBR (foreign exchange + gold) at end of period to average monthly imports of goods and services for the period under review.