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Balance of Payments 2008 H1

14.08.2008

In 2008 H1, the balance-of-payments current account posted a deficit of EUR 7,981 million, due largely to the wider trade deficit (EUR 8,673 million), up 10.3 percent from the same period of last year. Exports outpaced imports January through June 2008 by 2.8 percentage points.

                                                                                                                           - EUR million -
  2007 H1* 2008 H1**
CREDIT DEBIT NET CREDIT DEBIT NET
CURRENT ACCOUNT (A+B+C)   22,467   29,824   -7,357   26,268   34,249   -7,981
A. Goods and services   17,952   25,393   -7,441   21,146   29,240   -8,094
a. Goods (exports fob - imports fob)***   14,183   22,045   -7,862   16,751   25,424   -8,673
b. Services    3,769    3,348      421    4,395     3,816      579
- transport       966    1,113     -147    1,443     1,308      135
- tourism - travel       470       472        -2       642       682      -40
- other    2,333    1,763      570    2,310    1,826      484
B. Incomes    1,194    3,447   -2,253    1,062    3,643   -2,581
C. Current transfers    3,321      984    2,337    4,060    1,366    2,694
* revised data
** provisional data
*** Source: National Institute of Statistics; imports fob are calculated based on CIF/FOB conversion coefficient of 1.0834 set by the NIS.

Some 61 percent of the current account deficit in 2008 H1 were covered by inflows from foreign direct investment worth EUR 4,845 million. Equity stakes and reinvested earnings accounted for 59 percent of the total figure, with intra-group loans1 making up 41 percent.

Medium- and long-term external debt2 at end-June 2008 added 16.6 percent against end-2007 to EUR 44,794 million.

Public and publicly guaranteed external debt at end-June 2008 totalled EUR 10,398 million, accounting for 23.2 percent of medium- and long-term external debt, compared with 26.7 percent at end-2007. Non-publicly guaranteed external debt came in at EUR 28,454 million at end-June 2008, rising 14.1 percent from year-end 2007.

Romania's medium- and long-term external debt at end-June 2008* and external debt service in 2008 H1

                                                                                                                                                                     - EUR million -
  Medium- and long-term external debt External debt service in 2008 H1p
Balance at 31/12/2007r Balance at 30/06/2008p
1. DIRECT PUBLIC DEBTa) 8,183 8,518 1,243
2. PUBLICLY GUARANTEED DEBTb),
of which: 		2,074 1,880 210
- public sectorc) 1,989 1,806 202
- private sectord) 85 74 8
3. Non-publicly guaranteed debt 24,947 28,454 2,682
4. External debt (1+2+3) 35,204 38,852 4,135
5. Medium- and long-term deposits of non-residents 3,219 5,942 171e
Total external debt (4+5) 38,423 44,794 4,306

*) The balance of medium- and long-term external debt is cash-based (not including unmatured accrued interest).
a) external loans taken directly by the Ministry of Economy and Finance/local general government in compliance with the legislation on public debt
b) external loans guaranteed by the Ministry of Economy and Finance/local general government in compliance with the legislation on public debt
c) financial and non-financial corporations with majority state-owned capital
d) financial and non-financial corporations with majority private capital
r - revised data
p - provisional data
e - estimates

import cover4 stood at 5.5 months versus 6 months at year-end 2007.

Notes:

  1. Loans between the foreign investor and the resident firm.
  2. External debt balance is subject to monthly revision.
  3. External debt service ratio is computed as a ratio of medium- and long-term external debt service to exports of goods and services.
  4. Import cover is computed as a ratio of the NBR's official reserves (foreign exchange + gold) at end of period to average monthly
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