Balance of Payments in January-May 2008
16.07.2008
In January-May 2008, the balance-of-payments current account posted a deficit of EUR 6,526 million. Behind this development stood chiefly the widening of the trade deficit, which amounted to EUR 7,030 million.
- EUR million -
| |
January - May 2007* |
January - May 2008** |
| CREDIT
| DEBIT
| NET
| CREDIT
| DEBIT
| NET |
| CURRENT ACCOUNT (A+B+C)
| 18,613
| 24,488
| -5,875
| 22,112
| 28,638
| -6,526
|
| A. Goods and services
| 14,851
| 20,829
| -5,978
| 17,799
| 24,635
| -6,836
|
| a. Goods (exports fob - imports fob)***
| 11,679
| 18,079
| -6,400
| 13,692
| 20,722
| -7,030
|
| b. Services
| 3,172
| 2,750
| 422
| 4,107
| 3,913
| 194
|
| - transport
| 811
| 911
| -100
| 1,174
| 1,064
| 110
|
| - tourism - travel
| 381
| 383
| -2
| 458
| 551
| -93
|
| - other
| 1,980
| 1,456
| 524
| 2,475
| 2,298
| 177
|
| B. Incomes
| 1,026
| 2,802
| -1,776
| 873
| 2,815
| -1,942
|
| C. Current transfers
| 2,736
| 857
| 1,879
| 3,440
| 1,188
| 2,252 |
* revised data
** provisional data
*** Source: National Institute of Statistics; imports fob are calculated based on CIF/FOB conversion coefficient of 1.0834 set by NIS.
Roughly 63 percent of the current account deficit were covered by inflows from foreign direct investment worth EUR 4,114 million in January-May 2008. Equity stakes and reinvested earnings accounted for 59 percent of the total figure, with intra-group loans1 covering the remaining 41 percent.
Medium- and long-term external debt2 at end-May 2008 added 12.2 percent against end-2007 to EUR 43,122 million.
Public and publicly guaranteed external debt at the end of May 2008 came in at EUR 10,449 million, accounting for 24.2 percent of medium- and long-term debt, compared with 26.9 percent at end-2007.
Non-publicly guaranteed external debt ran at EUR 27,795 million at end-May 2008, standing 11.6 percent higher than at end-December 2007.
Romania's medium- and long-term external debt at end-May 2008* and external debt service in January-May 2008
- EUR million -
| |
Medium- and long-term external debt |
External debt service in January-May 2008p |
| Balance at end-2007r |
Balance at end-May 2008p |
| 1. DIRECT PUBLIC DEBTa) |
8,218
| 8,454
| 410
|
2. PUBLICLY GUARANTEED DEBTb),
of which: |
2,105
| 1,995
| 111
|
| - public sectorc)
| 1,969
| 1,868
| 104
|
| - private sectord)
| 136
| 127
| 7
|
| 3. Non-publicly guaranteed debt |
24,902
| 27,795
| 2,242
|
| 4. External debt (1+2+3) |
35,225
| 38,244
| 2,763
|
| 5. Medium- and long-term deposits of non-residents |
3,219
| 4,878
| 163e
|
| Total external debt (4+5) |
38,444
| 43,122
| 2,926 |
*) 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
In January-May 2008, import cover4 stood at 5.5 months as against 6 months of prospective imports of goods and services at year-end 2007.
Notes:
- Loans between the foreign investor and the resident firm.
- External debt balance is subject to monthly revision.
- 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