Balance of Payments in February 2008
15.04.2008
January through February 2008, the balance-of-payments current account posted a deficit of EUR 2,193 million, up 5.6 percent from the same period of last year, as a result of slower import dynamics, with exports outpacing imports for the third consecutive month.
- EUR million -
| |
1 January - 28 February 2007* |
1 January - 29 February 2008** |
| CREDIT
| DEBIT
| NET
| CREDIT
| DEBIT
| NET |
| CURRENT ACCOUNT (A+B+C)
| 7,010
| 9,086
| -2,076
| 8,427
| 10,620
| -2,193
|
| A. Goods and services
| 5,555
| 7,643
| -2,088
| 6,861
| 8,992
| -2,131
|
| a. Goods (exports fob - imports fob)***
| 4,389
| 6,616
| -2,227
| 5,241
| 7,486
| -2,245
|
| b. Services
| 1,166
| 1,027
| 139
| 1,620
| 1,506
| 114
|
| - transport
| 283
| 332
| -49
| 455
| 388
| 67
|
| - tourism - travel
| 133
| 136
| -3
| 177
| 196
| -19
|
| - other
| 750
| 559
| 191
| 988
| 922
| 66
|
| B. Incomes
| 443
| 1,071
| -628
| 348
| 1,075
| -727
|
| C. Current transfers
| 1,012
| 372
| 640
| 1,218
| 553
| 665 |
* 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 55.5 percent of the current account deficit were covered by inflows from foreign direct investment worth EUR 1,218 million during 1 January 2008 - 29 February 2008. Equity stakes and reinvested earnings accounted for 49.2 percent of the total figure, with intra-group loans1 making up 50.8 percent.
Medium- and long-term external debt2 at end-February 2008 added 1.9 percent against end-2007 to EUR 38,912 million.
Public and publicly guaranteed external debt at end-February 2008 totalled EUR 10,618 million, accounting for 27.3 percent of medium- and long-term external debt, compared with 27.2 percent at end-2007.
Non-publicly guaranteed external debt came in at EUR 25,289 million at end-February 2008, rising 2.9 percent from year-end 2007.
Romania's medium- and long-term external debt at end-February 2008* and external debt service January through February 2008
- EUR million -
| |
Medium- and long-term external debt |
External debt service 1 January - 29 February 2008p |
| Balance at 31/12/2007r |
Balance at 29/02/2008p |
| 1. DIRECT PUBLIC DEBTa) |
7,299
| 7,568
| 97
|
2. PUBLICLY GUARANTEED DEBTb),
of which: |
3,089
| 3,050
| 48
|
| - public sectorc)
| 2,952
| 2,915
| 48
|
| - private sectord)
| 137
| 135
| 0
|
| 3. Non-publicly guaranteed debt |
24,568
| 25,289
| 890
|
| 4. External debt (1+2+3) |
34,956
| 35,907
| 1,035
|
| 5. Medium- and long-term deposits of non-residents |
3,219
| 3,005
| 138e
|
| Total external debt (4+5) |
38,175
| 38,912
| 1,173 |
*) 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 6.1 months versus 6 months 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 end of period to