January through October 2007, the balance-of-payments current account posted a deficit of EUR 13,346 million. This development can be ascribed especially to the wider trade deficit, which amounted to EUR 14,032 million, up 61.8 percent from the same year-ago period.
- EUR million -
| |
January-October 2006* |
January-October 2007** |
| CREDIT
| DEBIT
| NET
| CREDIT
| DEBIT
| NET |
| CURRENT ACCOUNT (A+B+C)
| 31,526
| 39,295
| -7,769
| 38,423
| 51,769
| -13,346
|
| A. Goods and services
| 26,006
| 34,540
| -8,534
| 30,248
| 44,089
| -13,841
|
| a. Goods (exports fob - imports fob)***
| 21,429
| 30,100
| -8,671
| 24,253
| 38,285
| -14,032
|
| b. Services
| 4,577
| 4,440
| 137
| 5,995
| 5,804
| 191
|
| - transport
| 1,243
| 1,541
| -298
| 1,454
| 1,941
| -487
|
| - tourism - travel
| 812
| 810
| 2
| 735
| 905
| -170
|
| - other
| 2,522
| 2,089
| 433
| 3,806
| 2,958
| 848
|
| B. Incomes
| 1,337
| 4,203
| -2,866
| 2,002
| 5,765
| -3,763
|
| C. Current transfers
| 4,183
| 552
| 3,631
| 6,173
| 1,915
| 4,258 |
* 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.
Some 44.5 percent of the current account deficit were covered from inflows from foreign direct investment worth EUR 5,936 million in the first ten months of 2007. Equity stakes and reinvested earnings accounted for 45.5 percent of total figure, with intra-group loans1 accounting for the remaining 54.5 percent.
Medium- and long-term external debt2 at end-October 2007 added 22.9 percent against end-2006 to EUR 34,972 million.
Public and publicly guaranteed external debt at end-October 2007 came in at EUR 10,187 million, accounting for 29.1 percent of medium- and long-term external debt, compared with 37.5 percent at year-end 2006.
Non-publicly guaranteed external debt ran at EUR 21,641 million, 28.7 percent higher than in December 2006.
Romania's medium- and long-term external debt at end-October 2007 and external debt service in January through October 2007
- EUR million -
| |
Medium- and long-term external debt |
External debt service January-October 2007p |
| Balance at end-December 2006r |
Balance at end-Octoberp |
| 1. DIRECT PUBLIC DEBTa) |
6,927
| 6,896
| 729
|
2. PUBLICLY GUARANTEED DEBTb),
of which: |
3,737
| 3,291
| 668
|
| - public sectorc)
| 3,554
| 3,142
| 634
|
| - private sectord)
| 183
| 149
| 34
|
3. NON-PUBLICLY GUARANTEED DEBT,
of which: |
16,820
| 21,641
| 4,369
|
| - public sectorc)
| 635
| 638
| 81
|
| - private sectord)
| 16,185
| 21,003
| 4,288
|
| 4. External debt (1+2+3) |
27,484
| 31,828
| 5,766
|
| 5. Medium- and long-term deposits of non-residents |
966
| 3,144
| 133e
|
| Total external debt (4+5) |
28,450
| 34,972
| 5,899 |
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
January through October 2007, import cover4 stood at 6.1 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 imports of goods and services