Balance of Payments in January 2008
13.03.2008
In January 2008, the balance-of-payments current account posted a deficit of EUR 1,135 million. This development can be ascribed mainly to the wider income deficit, which amounted to EUR 360 million, up 21.2 percent from the same period of last year, as a result of higher interest payments on loans granted to the real economy and the banking sector.
- EUR million -
| |
January 2007* |
January 2008** |
| CREDIT
| DEBIT
| NET
| CREDIT
| DEBIT
| NET |
| CURRENT ACCOUNT (A+B+C)
| 3,363
| 4,335
| -972
| 3,981
| 5,116
| -1,135
|
| A. Goods and services
| 2,656
| 3,689
| -1,033
| 3,278
| 4,349
| -1,071
|
| a. Goods (exports fob - imports fob)***
| 2,076
| 3,187
| -1,111
| 2,427
| 3,547
| -1,120
|
| b. Services
| 580
| 502
| 78
| 851
| 802
| 49
|
| - transport
| 146
| 164
| -18
| 224
| 185
| 39
|
| - tourism - travel
| 69
| 74
| -5
| 91
| 101
| -10
|
| - other
| 365
| 264
| 101
| 536
| 516
| 20
|
| B. Incomes
| 195
| 492
| -297
| 167
| 527
| -360
|
| C. Current transfers
| 512
| 154
| 358
| 536
| 240
| 296 |
* 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 61.2 percent of the current account deficit were covered by inflows from foreign direct investment worth EUR 695 million in January 2008. Equity stakes and reinvested earnings accounted for 45.2 percent of total figure, with intra-group loans1 making up 54.8 percent.
Medium- and long-term external debt2 at end-January 2008 added 2.5 percent against end-2007 to EUR 37,991 million.
Public and publicly guaranteed external debt at end-January 2008 totalled EUR 10,700 million, accounting for 28.2 percent of medium- and long-term external debt, compared with 28 percent at end-2007.
Non-publicly guaranteed external debt came in at EUR 24,040 million, at end-January 2008, rising 2.4 percent from year-end 2007.
Romania's medium- and long-term external debt at end-January 2008* and external debt service in January 2008
- EUR million -
| |
Medium- and long-term external debt |
External debt service in January 2008p |
| Balance at 31/12/2007r |
Balance at 31/01/2008p |
| 1. DIRECT PUBLIC DEBTa) |
7,266
| 7,601
| 27
|
2. PUBLICLY GUARANTEED DEBTb),
of which: |
3,108
| 3,099
| 29
|
| - public sectorc)
| 2,972
| 2,963
| 29
|
| - private sectord)
| 136
| 136
| 0
|
| 3. Non-publicly guaranteed debt |
23,482
| 24,040
| 447
|
| 4. External debt (1+2+3) |
33,856
| 34,740
| 503
|
| 5. Medium- and long-term deposits of non-residents |
3,219
| 3,251
| 335e
|
| Total external debt (4+5) |
37,075
| 37,991
| 838 |
*) 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 6.4 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 average monthly