In January-September 2010 the balance-of-payments current account posted a deficit of EUR 4,233 million, 32.6 percent higher than in the same period of 2009, due largely to the 30.1 percent decrease year on year in current transfers balance.
- EUR million -
| |
January-September 2009r |
January-September 2010p |
| CREDIT
| DEBIT
| NET
| CREDIT
| DEBIT
| NET |
| CURRENT ACCOUNT (A+B+C)
| 32,691
| 35,883
| -3,192
| 36,567
| 40,800
| -4,233 |
| A. Goods and services
| 26,560
| 31,658
| -5,098
| 31,506
| 36,337
| -4,831 |
| a. Goods (exports fob – imports fob)s
| 21,217
| 26,180
| -4,963
| 26,832
| 31,135
| -4,303 |
| b. Services
| 5,343
| 5,478
| -135
| 4,674
| 5,202
| -528 |
| - transport
| 1,552
| 1,456
| 96
| 1,417
| 1,543
| -126 |
| - tourism-travel
| 710
| 807
| -97
| 621
| 825
| -204 |
| - other
| 3,081
| 3,215
| -134
| 2,636
| 2,834
| -198 |
| B. Incomes
| 923
| 2,345
| -1,422
| 773
| 2,502
| -1,729 |
| C. Current transfers
| 5,208
| 1,880
| 3,328
| 4,288
| 1,961
| 2,327 |
r - revised data
p - provisional data
s - 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 2,070 million (as compared with EUR 3,426 million over January-September 2009) covered 48.9 percent of the current account deficit in the first nine months of 2010. Over January-September 2010, out of the total figure, equity stakes1 amounted to EUR 1,338 million and intra-group loans2 to EUR 732 million.
Medium- and long-term external debt at end-September 2010 stood at EUR 71,673 million (80.2 percent of total external debt), 8.9 percent above the level recorded at end-2009.
Short-term external debt at end-September 2010 totalled EUR 17,645 million (19.8 percent of total external debt), up 14.6 percent from end-2009.
Romania's external debt at end-September 2010*
and external debt service in January-September 2010
- EUR million -
| |
External debt balance |
External debt service
January-September 2010p |
| End-2009r |
End-September 2010p |
| I. Medium- and long-term external debt
| 65,816
| 71,673
| 10,292 |
| I.1. Direct public debta)
| 11,984
| 15,577
| 1,684 |
| I.2. Publicly guaranteed debtb)
| 1,517
| 1,748
| 180 |
| I.3. Non-publicly guaranteed debt
| 39,387
| 37,721
| 7,126 |
| I.4. Medium- and long-term deposits of non-residents
| 7,242
| 7,670
| 1,180e |
| I.5. IMF borrowingsc)
| 5,686
| 8,957
| 122 |
| II. Short-term external debt
| 15,403
| 17,645
| 17,222e |
| Total external debt (I+II)
| 81,219
| 89,318
| 27,514 |
*) The balance of external debt is cash-based (excluding unmatured accrued interest); the IMF’s SDR allocations are not included.
a) external loans taken directly by the Ministry of Public Finance and local general government in compliance with the legislation on public debt, including Government Emergency Ordinance 99/2009 ratifying the Stand-by Arrangement between Romania and the IMF;
b) external loans guaranteed by the Ministry of Public Finance and local general government in compliance with the legislation on public debt;
c) under the Stand-by Arrangement concluded with the IMF, excluding the amount received by the Ministry of Public Finance from the IMF according to Government Emergency Ordinance 99/2009.
e - estimates p - provisional data r - revised data
Medium- and long-term external debt service ratio3 ran at 32.7 percent in the first nine months of 2010, as compared with 33.9 percent in 2009. At end-September 2010, goods and services import cover4 stood at 8.9 months, as compared with 8.5 months at year-end 2009.
Notes:
- Consolidated with estimated net loss
- Loans between parent company and its resident branch
- 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.