In 2012p, the balance-of-payments current account posted a deficit of EUR 5,039 million, 15.1 percent lower than in 2011, due to the decrease in the income and trade balance deficits (by EUR 540 million and EUR 96 million respectively), as well as to the increase in the services and current transfers surpluses (by EUR 238 million and EUR 25 million respectively).
- EUR million -
| |
2011s |
2012p |
| CREDIT |
DEBIT |
NET |
CREDIT |
DEBIT |
NET |
| CURRENT ACCOUNT (A+B+C) |
59,517 |
65,455 |
-5,938 |
59,584 |
64,623 |
-5,039 |
| A. Goods and services |
52,527 |
59,596 |
-7,069 |
52,560 |
59,295 |
-6,735 |
| a. Goods (exports fob – imports fob)* |
45,274 |
52,683 |
-7,409 |
45,043 |
52,356 |
-7,313 |
| b. Services |
7,253 |
6,913 |
340 |
7,517 |
6,939 |
578 |
| - transport |
2,227 |
1,344 |
883 |
2,251 |
1,325 |
926 |
| - tourism-travel |
1,019 |
1,408 |
-389 |
1,128 |
1,424 |
-296 |
| - other |
4,007 |
4,161 |
-154 |
4,138 |
4,190 |
-52 |
| B. Incomes |
1,274 |
3,481 |
-2,207 |
1,349 |
3,016 |
-1,667 |
| C. Current transfers |
5,716 |
2,378 |
3,338 |
5,675 |
2,312 |
3,363 |
p - provisional data
s - semi-final data
* - 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 Starting January 2012, the CIF/FOB conversion factor of 1.0834 has been replaced by the new factor of 1.0430.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 1,613 million1 (as compared with EUR 1,815 million in 2011) covered 32.0 percent of the curent account deficit in 2012. Out of the total figure, equity stakes consolidated with the estimated net loss amounted to EUR 698 million and intra-group loans2 to EUR 915 million.
Medium- and long-term external debt at end-2012 stood at EUR 78,742 million (79.4 percent of total external debt), 3.7 percent above the level recorded at end-2011.
Short-term external debt at end-2012 totalled EUR 20,467 million (20.6 percent of total external debt), down 10.2 percent from end-2011.
Romania's external debt at end-2012*
and external debt service in 2012
- EUR million -
| |
External debt |
External debt service
2012p |
| End-2011s |
End-2012p |
| I. Medium- and long-term external debt |
75,929 |
78,742 |
17,359 |
| I.1. Direct public debta) o/w: |
19,615 |
23,598 |
3,493 |
| I.1.1. IMF borrowings |
2,310 |
2,144 |
188 |
| I.2. Publicly guaranteed debtb) |
1,466 |
1,426 |
204 |
| I.3. Non-publicly guaranteed debt |
36,127 |
37,253 |
8,588 |
| I.4. Medium- and long-term deposits of non-residents |
8,490 |
7,810 |
3,355e |
| I.5. IMF borrowingsc) |
10,231 |
8,655 |
1,719 |
| II. Short-term external debt |
22,795 |
20,467 |
33,179e |
| Total external debt (I+II) |
98,724 |
99,209 |
50,538 |
*) 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 s - semi-final data
Medium- and long-term external debt service ratio3 ran at 33.0 percent in 2012, against 28.8 percent in 2011. At end-2012, goods and services import cover4 stood at 7.2 months, as compared with 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.
Balance of payments data are updated on a monthly basis; updates are available in the Interactive database.