In January-August 2009, the balance-of-payments current account posted a deficit of EUR 2,449 million, 78.6 percent lower than in the same period of 2008, due largely to the narrower trade deficit (EUR 3,923 million, down 68.6 percent).
- EUR million -
| |
January-August 2008* |
January-August 2009** |
| CREDIT
| DEBIT
| NET
| CREDIT
| DEBIT
| NET |
| CURRENT ACCOUNT (A+B+C)
| 36,154 |
47,599 |
-11,445 |
28,760 |
31,209 |
-2,449 |
| A. Goods and services
| 28,531 |
40,564 |
-12,033 |
23,291 |
27,283 |
-3,992 |
| a. Goods (exports fob - imports fob)***
| 22,955 |
35,436 |
-12,481 |
18,560 |
22,483 |
-3,923 |
| b. Services
| 5,576 |
5,128 |
448 |
4,731 |
4,800 |
-69 |
| - transport
| 1,708 |
1,800 |
-92 |
1,337 |
1,269 |
68 |
| - tourism - travel
| 862 |
952 |
-90 |
631 |
658 |
-27 |
| - other
| 3,006 |
2,376 |
630 |
2,763 |
2,873 |
-110 |
| B. Incomes
| 1,507 |
5,222 |
-3,715 |
795 |
2,243 |
-1,448 |
| C. Current transfers
| 6,116 |
1,813 |
4,303 |
4,674 |
1,683 |
2,991 |
* 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 3,154 million (as compared with EUR 6,725 million over January-August 2008) entirely covered the current account deficit in the first eight months of 2009. During January-August 2009, out of the total of EUR 3,154 million, intra-group loans1 amounted to EUR 1,690 million (as compared with EUR 2,992 million over January-August 2008) and equity stakes (including reinvested earnings) to EUR 1,464 million (as compared with EUR 3,733 million over January-August 2008).
Medium- and long-term external debt at end-August 2009 added 17.3 percent against end-2008 to EUR 60,068 million (78.1 percent of total external debt).
Short-term external debt at end-August 2009 totalled EUR 16,850 million (21.9 percent of total external debt), down 24.1 percent from year-end 2008.
Romania's external debt at end-August 2009* and external debt service in January-August 2009
- EUR million -
|
| Total external debt balance
| External debt service
January-August
2009p |
| End-2008r |
End-August 2009p |
| I. Medium- and long-term external debt
| 51,221
| 60,068
| 6,579 |
| I.1. Direct public debta)
| 9,012
| 10,248
| 868 |
| I.2. Publicly guaranteed debtb)
| 1,721
| 1,596
| 223 |
| I.3. Non-publicly guaranteed debt
| 35,021
| 36,674
| 4,040 |
| I.4. Medium- and long-term deposits of non-residents
| 5,467
| 6,775
| 1,399e |
| I.5. IMF borrowingsc)
| -
| 4,775
| 49 |
| II. Short-term external debt
| 22,200
| 16,850
| 23,960e |
| Total external debt (I+II)
| 73,421
| 76,918
| 30,539 |
*) The balance of 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 28.2 percent in the first eight months of 2009, compared to 29.3 percent in 2008. At end-August 2009, goods and services import cover3 stood at 8.8 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.