In 2011p, the balance-of-payments current account posted a deficit of EUR 5,682 million, 3 percent higher than in the previous year, due mainly to the 22 percent increase in income deficit.
- EUR million -
| |
2010r |
2011p |
| CREDIT
| DEBIT
| NET
| CREDIT
| DEBIT
| NET |
| CURRENT ACCOUNT (A+B+C)
| 50,911
| 56,429
| -5,518
| 59,611
| 65,293
| -5,682 |
| A. Goods and services
| 43,990
| 51,186
| -7,196
| 52,292
| 59,375
| -7,083 |
| a. Goods (exports fob – imports fob)s
| 37,368
| 44,968
| -7,600
| 45,017
| 52,482
| -7,465 |
| b. Services
| 6,622
| 6,218
| 404
| 7,275
| 6,893
| 382 |
| - transport
| 1,928
| 1,156
| 772
| 2,272
| 1,343
| 929 |
| - tourism-travel
| 860
| 1,238
| -378
| 1,018
| 1,407
| -389 |
| - other
| 3,834
| 3,824
| 10
| 3,985
| 4,143
| -158 |
| B. Incomes
| 924
| 2,838
| -1,914
| 1,237
| 3,573
| -2,336 |
| C. Current transfers
| 5,997
| 2,405
| 3,592
| 6,082
| 2,345
| 3,737 |
r - revised data
p - provisional data
s - Source: National Institute of Statistics (NIS) - International Trade of Goods. Imports FOB are calculated by the NBR based on the CIF/FOB conversion coefficient set by the NIS1. Starting January 2012, the former CIF/FOB conversion coefficient of 1.0834 will be replaced by the new coefficient of 1.0430. In order to ensure imports FOB data comparability, the monthly data series for 2010 and 2011 have been recalculated accordingly.
Non-residents’ direct investment in Romania worth EUR 1,917 million2 (down 13.6 percent year on year) covered 33.7 percent of the curent account deficit in 2011. Out of the total figure, equity stakes consolidated with the estimated net loss amounted to EUR 1,430 million and intra-group loans3 totalled EUR 487 million.
Medium- and long-term external debt at end-2011 stood at EUR 75,612 million (76.7 percent of total external debt), 3.7 percent above the level recorded at end-2010.
Short-term external debt at end-2011 totalled EUR 22,994 million (23.3 percent of total external debt), up 17.6 percent from end-2010.
Romania's external debt at end-2011*
and external debt service in 2011
- EUR million -
| |
External debt |
External debt service
2011p |
| End-2010r |
End-2011p |
| I. Medium- and long-term external debt
| 72,909
| 75,612
| 14,568 |
| I.1. Direct public debta)
| 16,158
| 19,516
| 2,251 |
| I.2. Publicly guaranteed debtb)
| 1,708
| 1,509
| 253 |
| I.3. Non-publicly guaranteed debt
| 37,733
| 35,904
| 10,071 |
| I.4. Medium- and long-term deposits of non-residents
| 8,228
| 8,452
| 1,722e |
| I.5. IMF borrowingsc)
| 9,082
| 10,231
| 271 |
| II. Short-term external debt
| 19,549
| 22,994
| 24,952e |
| Total external debt (I+II)
| 92,458
| 98,606
| 39,520 |
*) 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 27.9 percent in 2011, against 33.4 percent in 2010. At end-2011, goods and services import cover5 stood at 7.5 months, as compared to 8.4 months at end-2010.
Notes:
- http://www.insse.ro/
- Estimated data
- 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.