Balance of Payments in 2007
14.02.2008
In 2007, the balance-of-payments current account posted a deficit of EUR 16,872 million. This development can be ascribed primarily to the wider trade deficit, which ran at EUR 17,586 million, up 49.6 percent from the previous year.
- EUR million -
| |
2006* |
2007** |
| CREDIT
| DEBIT
| NET
| CREDIT
| DEBIT
| NET |
| CURRENT ACCOUNT (A+B+C)
| 38,700
| 48,856
| -10,156
| 46,456
| 63,328
| -16,872
|
| A. Goods and services
| 31,437
| 43,192
| -11,755
| 36,913
| 54,234
| -17,321
|
| a. Goods (exports fob - imports fob)***
| 25,850
| 37,609
| -11,759
| 29,380
| 46,966
| -17,586
|
| b. Services
| 5,587
| 5,583
| 4
| 7,533
| 7,268
| 265
|
| - transport
| 1,498
| 1,916
| -418
| 1,822
| 2,369
| -547
|
| - tourism - travel
| 1,034
| 1,035
| -1
| 1,068
| 1,101
| -33
|
| - other
| 3,055
| 2,632
| 423
| 4,643
| 3,798
| 845
|
| B. Incomes
| 1,726
| 4,972
| -3,246
| 2,383
| 6,787
| -4,404
|
| C. Current transfers
| 5,537
| 692
| 4,845
| 7,160
| 2,307
| 4,853 |
* 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 41.9 percent of the current account deficit were covered by inflows from foreign direct investment worth EUR 7,069 million in 2007. Equity stakes and reinvested earnings accounted for 45.9 percent of total figure, with intra-group loans1 covering the remaining 54.1 percent.
Medium- and long-term external debt2 at end-2007 added 28.3 percent against end-2006 to EUR 36,728 million.
Public and publicly guaranteed external debt at end-2007 came in at EUR 10,370 million, accounting for 28.2 percent of medium- and long-term external debt, compared with 38.8 percent at end-2006.
Non-publicly guaranteed external debt stood at EUR 23,139 million, at end-December 2007, 39.8 percent higher than at end-December 2006.
Romania's medium- and long-term external debt at end-2007* and external debt service in 2007
- EUR million -
| |
Medium- and long-term external debt |
External debt service in 2007p |
| Balance at end-December 2006r |
Balance at end-December 2007p |
| 1. DIRECT PUBLIC DEBTa) |
7,371
| 7,256
| 1,103
|
2. PUBLICLY GUARANTEED DEBTb),
of which: |
3,739
| 3,114
| 905
|
| - public sectorc)
| 3,558
| 2,981
| 859
|
| - private sectord)
| 181
| 133
| 46
|
3. NON-PUBLICLY GUARANTEED DEBT,
of which: |
16,552
| 23,139
| 5,258
|
| - public sectorc)
| 325
| 463
| 54
|
| - private sectord)
| 16,227
| 22,676
| 5,204
|
| 4. External debt (1+2+3) |
27,662
| 33,509
| 7,266
|
| 5. Medium- and long-term deposits of non-residents |
966
| 3,219
| 250e
|
| Total external debt (4+5) |
28,628
| 36,728
| 7,516 |
*) 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 2007, import cover4 stood at 6 months from 6.4 months at year-end 2006.
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 official reserves of the NBR (foreign exchange + gold) at end of period to average monthly