In 2010 the balance-of-payments current account posted a deficit of EUR 5,158 million, 5.0 percent higher than in 2009, due to the increase year on year in income and services negative balances and the drop in current transfers surplus.
- EUR million -
| |
2009r |
2010p |
| CREDIT
| DEBIT
| NET
| CREDIT
| DEBIT
| NET |
| CURRENT ACCOUNT (A+B+C)
| 44,055
| 48,968
| -4,913
| 50,432
| 55,590
| -5,158 |
| A. Goods and services
| 36,147
| 43,312
| -7,165
| 43,604
| 50,213
| -6,609 |
| a. Goods (exports fob – imports fob)s
| 29,084
| 35,955
| -6,871
| 37,251
| 43,115
| -5,864 |
| b. Services
| 7,063
| 7,357
| -294
| 6,353
| 7,098
| -745 |
| - transport
| 2,077
| 2,000
| 77
| 1,941
| 2,097
| -156 |
| - tourism-travel
| 884
| 1,051
| -167
| 852
| 1,238
| -386 |
| - other
| 4,102
| 4,306
| -204
| 3,560
| 3,763
| -203 |
| B. Incomes
| 1,188
| 3,090
| -1,902
| 1,045
| 3,005
| -1,960 |
| C. Current transfers
| 6,720
| 2,566
| 4,154
| 5,783
| 2,372
| 3,411 |
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 2,596 million1 (as compared with EUR 3,488 million in 2009) covered 50.3 percent of the current account deficit in 2010. In 2010, out of the total figure, equity stakes2 amounted to EUR 2,040 million and intra-group loans3 to EUR 556 million.
Medium- and long-term external debt at end-2010 stood at EUR 72,019 million (79.3 percent of total external debt), 9.5 percent above the level recorded at end-2009.
Short-term external debt at end-2010 totalled EUR 18,746 million (20.7 percent of total external debt), up 21.6 percent from end-2009.
Romania's external debt at end-2010*
and external debt service in 2010
- EUR million -
| |
External debt |
External debt service
2010p |
| End-2009r |
End-2010p |
| I. Medium- and long-term external debt
| 65,746
| 72,019
| 14,012 |
| I.1. Direct public debta)
| 11,984
| 15,800
| 2,003 |
| I.2. Publicly guaranteed debtb)
| 1,517
| 1,711
| 249 |
| I.3. Non-publicly guaranteed debt
| 39,317
| 37,198
| 10,019 |
| I.4. Medium- and long-term deposits of non-residents
| 7,242
| 8,228
| 1,563e |
| I.5. IMF borrowingsc)
| 5,686
| 9,082
| 178 |
| II. Short-term external debt
| 15,417
| 18,746
| 23,810e |
| Total external debt (I+II)
| 81,163
| 90,765
| 37,822 |
*) 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 ratio4 ran at 32.1 percent in 2010, as compared with 33.9 percent in 2009. At end 2010, goods and services import cover5 stood at 8.6 months, as compared with 8.5 months at end-2009.
Notes:
- Estimated data
- 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.