Balance of Payments in January - February 2006
21.04.2006
January through February 2006, the balance-of-payments current account deficit rose 80.5 percent against the same year-ago period to EUR 1,018 million, largely due to the wider trade deficit.
- EUR mill. -
| |
January - February 2005* |
January - February 2006* |
| CREDIT
| DEBIT
| NET
| CREDIT
| DEBIT
| NET |
| CURRENT ACCOUNT (A+B+C)
| 4,331
| 4,895
| -564
| 5,481
| 6,499
| -1,018
|
| A. Goods and services
| 3,639
| 4,284
| -645
| 4,698
| 5,746
| -1,048
|
|---|
| a. Goods (exports fob - imports fob)
| 3,163
| 3,750
| -587
| 3,875
| 4,872
| -997
|
|---|
| b. Services
| 476
| 534
| -58
| 823
| 874
| -51
|
|---|
| - transport
| 153
| 191
| -38
| 255
| 279
| -24
|
|---|
| - tourism - travel
| 77
| 67
| 10
| 98
| 124
| -26
|
|---|
| - other
| 246
| 276
| -30
| 470
| 471
| -1
|
|---|
| B. Incomes
| 140
| 547
| -407
| 228
| 667
| -439
|
|---|
| C. Current transfers
| 552
| 64
| 488
| 555
| 86
| 469
|
|---|
* provisional data
Current account deficit was financed up to 98.2 percent by foreign direct investment (EUR 1 billion compared with EUR 0.5 billion in the same year-ago period).
Medium- and long-term external debt1
at end-February 2006 amounted to EUR 24,556 million, up 0.3 percent compared with end-2005.
Public and publicly guaranteed external debt totalled EUR 11,304 million at end-February 2006, accounting for 46 percent of medium- and long-term debt (compared with 46.2 percent at year-end 2005).
Non-publicly guaranteed external debt equalled EUR 12,464 million at end-February 2006, up 1.9 percent against end-2005.
Medium- and long-term external debt at end-February 2006
and external debt service for January-February 2006
- EUR mill., provisional data -
| |
Medium - and long-term external debt |
External debt service |
|---|
| Balance at 31/12/2005 |
Balance at 28/02/2006
| January-February 2006 |
| I. PUBLIC DEBTa) |
6,957
| 6,971
| 83
|
|---|
II. PUBLICLY GUARANTEED DEBTa),
of which:
|
4,343
| 4,333
| 118
|
|---|
| - public sector
| 4,131
| 4,121
| 116
|
|---|
| - private sectorb)
| 212
| 212
| 2
|
|---|
III. NON-PUBLICLY GUARANTEED DEBT,
of which:
|
12,225
| 12,464
| 571
|
|---|
| - public sector
| 560
| 560
| 6
|
|---|
| - private sectorb)
| 11,665
| 11,904
| 565
|
|---|
| Total external debt resulting from medium- and long-term borrowings |
23,525
| 23,768
| 772
|
|---|
| Medium- and long-term deposits of non-residents |
949*
| 788*
| 172*
|
|---|
| Total medium- and long-term external debt |
24,474
| 24,556
| 944
|
|---|
* 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
Medium- and long-term external debt service ratio2 in January-February 2006 was 20.1 percent versus 18.2 percent in 2005.
At end- February 2006,
import cover3 rose to 6.7 months of imports from 6.4 months of imports at end-2005.
Notes:
- External debt balance is subject to monthly revision.
- Medium- and long-term 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.