Balance of Payments in 2005
17.02.2006
In 2005, the balance-of-payments current account showed a deficit of EUR 6,891 million, increasing 35.1 percent year on year.
- EUR mill. -
| |
2004* |
2005** |
| CREDIT
| DEBIT
| BALANCE
| CREDIT
| DEBIT
| BALANCE |
| CURRENT ACCOUNT (A+B+C)
| 25,533
| 30,632
| -5,099
| 31,640
| 38,531
| -6,891
|
| A. Goods and services
| 21,838
| 27,374
| -5,536
| 26,186
| 34,426
| -8,240
|
| a. Goods (exports fob - imports fob)
| 18,935
| 24,258
| -5,323
| 22,255
| 30,061
| -7,806
|
| b. Services
| 2,903
| 3,116
| -213
| 3,931
| 4,365
| -434
|
| - transport
| 1,252
| 1,206
| 46
| 1,136
| 1,570
| -434
|
| - tourism - travel
| 406
| 434
| -28
| 845
| 709
| 136
|
| - other
| 1,245
| 1,476
| -231
| 1,950
| 2,086
| -136
|
| B. Incomes
| 329
| 2,864
| -2,535
| 1,313
| 3,622
| -2,309
|
| C. Current transfers
| 3,366
| 394
| 2,972
| 4,141
| 483
| 3,658 |
* revised data
** provisional data
Medium- and long-term external debt1 at end-December 2005 totalled EUR 24,408 million, 33.4 percent higher year on year.
Public and publicly guaranteed external debt stood at EUR 11,321 million at end-2005, holding 46.4 percent of medium- and long-term debt as compared to 54.9 percent at end-2004.
Non-publicly guaranteed external debt equalled EUR 12,138 million at end-December, up 54.2 percent year on year.
Medium- and long-term external debt at end-December 2005 and external debt service in 2005
- EUR mill., provisional data -
| |
Medium - and long-term external debt |
External debt service |
| Balance at 31/12/2004 |
Balance at 31/12/2005
| 2005 |
| I. PUBLIC DEBTa) |
6,370
| 6,979
| 1,002
|
II. PUBLICLY GUARANTEED DEBTa),
of which:
|
3,680
| 4,342
| 869
|
| - public sector
| 3,498
| 4,195
| 822
|
| - private sectorb)
| 182
| 147
| 47
|
III. NON-PUBLICLY GUARANTEED DEBT,
of which:
|
7,871
| 12,138
| 2,613
|
| - public sector
| 385
| 561
| 60
|
| - private sectorb)
| 7,486
| 11,577
| 2,553
|
| Total external debt resulting from medium- and long-term borrowings |
17,921
| 23,459
| 4,484
|
| Medium- and long-term deposits of non-residents |
376
| 949*
| 271*
|
| Total medium- and long-term external debt |
18,297
| 24,408
| 4,755 |
* 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
In 2005, external debt service ratio2 stood at 18.2 percent as compared to 18.4 percent in 2004.
At end-December 2005, import cover3 rose to 6.4 months of imports from 5.2 months of imports at end-2004.
Notes:
- 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.