In January - May 2012p, the balance-of-payments current account posted a deficit of EUR 1,920 million, 22.2 percent lower from the same year-ago period, mainly due to the increase in the current transfers surplus (EUR +192 million) and in the services surplus (EUR +161 million), as well as to the decrease in the trade deficit (EUR -165 million).
- EUR million -
| |
January - May 2011r |
January - May 2012p |
| CREDIT |
DEBIT |
NET |
CREDIT |
DEBIT |
NET |
| CURRENT ACCOUNT (A+B+C) |
23,897 |
26,364 |
-2,467 |
24,875 |
26,795 |
-1,920 |
| A. Goods and services |
20,943 |
23,668 |
-2,725 |
21,574 |
23,973 |
-2,399 |
| a. Goods (exports fob – imports fob)s |
18,296 |
21,080 |
-2,784 |
18,561 |
21,180 |
-2,619 |
| b. Services |
2,647 |
2,588 |
59 |
3,013 |
2,793 |
220 |
| - transport |
803 |
535 |
268 |
891 |
526 |
365 |
| - tourism-travel |
368 |
489 |
-121 |
417 |
520 |
-103 |
| - other |
1,476 |
1,564 |
-88 |
1,705 |
1,747 |
-42 |
| B. Incomes |
438 |
1,672 |
-1,234 |
522 |
1,727 |
-1,205 |
| C. Current transfers |
2,516 |
1,024 |
1,492 |
2,779 |
1,095 |
1,684 |
p - provisional data
r - revised 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 factor set by the NIS. Starting January 2012, the former CIF/FOB conversion factor of 1.0834 shall be replaced by the new factor of 1.0430. In order to ensure imports FOB data comparability, the monthly data series for 2011 have been recalculated accordingly.
Non-residents’ direct investment in Romania worth EUR 465 million1 (as compared with EUR 849 million in the January - May 2011) covered 24.2 percent of the curent account deficit in January - May 2012. Out of the total figure, equity stakes consolidated with the estimated net loss amounted to EUR 492 million and intra-group loans2 recorded net outflows of EUR 27 million.
Medium- and long-term external debt at end-May 2012 stood at EUR 77,611 million (78.8 percent of total external debt), 2.7 percent above the level recorded at end-2011.
Short-term external debt at end-May 2012 totalled EUR 20,820 million (21.2 percent of total external debt), down 8.8 percent from end-2011.
Romania's external debt at end-May 2012*
and external debt service in January - May 2012
- EUR million -
| |
External debt |
External debt service
January - May 2012p |
| End-2011r |
End-May 2012p |
| I. Medium- and long-term external debt |
75,597 |
77,611 |
5,397 |
| I.1. Direct public debta) o/w: |
19,571 |
20,804 |
1,584 |
| I.1.1. IMF borrowings |
2,310 |
2,368 |
29 |
| I.2. Publicly guaranteed debtb) |
1,509 |
1,418 |
73 |
| I.3. Non-publicly guaranteed debt |
35,796 |
37,174 |
2,453 |
| I.4. Medium- and long-term deposits of non-residents |
8,490 |
7,727 |
1,221e |
| I.5. IMF borrowingsc) |
10,231 |
10,488 |
66 |
| II. Short-term external debt |
22,828 |
20,820 |
15,198e |
| Total external debt (I+II) |
98,425 |
98,431 |
20,595 |
*) 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 government in compliance with the legislation on public debt, including Government Emergency Ordinance No. 99/2009 ratifying the Stand-by Arrangement between Romania and the IMF;
b) external loans guaranteed by the Ministry of Public Finance and local 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 No. 99/2009 (item I.1.1. in the above table).
e - estimates p - provisional data r - revised data
Medium- and long-term external debt service ratio3 ran at 25 percent in January - May 2012, against 28.3 percent in 2011. At end-May 2012, goods and services import cover4 stood at 7.9 months, as compared to 7.5 months at end-2011.
Notes:
- Estimates.
- 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.