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Balance of Payments in January - August 2000

20.10.2000

In the first 8 months of 2000, the current account recorded a USD 571 million deficit, 24.3 percent lower year on year. The following factors were mainly accountable for this development: (i) the 3.7 percent increase in the trade deficit, (ii) the 33.7 percent decline in services deficit and (iii) the 37 percent rise in the surplus under current transfers.

  1999 (January - August) 2000 (January - August)
CREDIT DEBIT BALANCE CREDIT DEBIT BALANCE
CURRENT ACCOUNT (A+B+C) 6,843 7,597 -754 8,532 9,103 -571
A. Goods and Services 6,216 7,063 -847 7,776 8,578 -802
  a. Goods fob (exports-imports fob) 5,363 6,005 -642 6,723 7,389 -666
  b. Services 853 1058 -205 1,053 1,189 -136
        - Transportation 330 336 -6 406 407 -1
        - Tourism 168 218 -50 220 231 -11
        - Other services 355 504 -149 427 551 -124
B. Incomes 107 363 -256 142 389 -247
C. Current transfers 520 171 349 614 136 478

The current account deficit for the first 8 months of the year amounted to 40.8 percent of the full-year projected deficit of USD 1,400 million.

In the first 8 months of 2000, Romania's external debt* posted a 1.2 percent increase to USD 9,101.5 million at end-August. In the same period, the medium- and long-term debt rose by 1.7 percent to USD 8,752.4 million, whereas short-term debt fell by 9.4 percent to USD 349.1 million.

Public and publicly guaranteed debt as of 31 August 2000 stood at USD 6,297.8 million, accounting for 72 percent of the medium- and long-term external debt (against 71.8 percent on 31 December 1999). The private debt balance stayed virtually flat from end-1999, at USD 2,454.6 million.

Debt service ratio (computed as a ratio between external debt service and exports of goods and services) was 19.1 percent as of end-August 2000 compared with 35.9 percent at end-1999.

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