January through September 2007, the balance-of-payments current account posted a deficit of EUR 11,801 million. This development can be ascribed especially to the wider trade deficit, which amounted to EUR 12,265 million, up 67 percent from the same year-ago period.
- EUR million -
| |
January-September 2006* |
January-September 2007** |
| CREDIT
| DEBIT
| NET
| CREDIT
| DEBIT
| NET |
| CURRENT ACCOUNT (A+B+C)
| 28,146
| 34,831
| -6,685
| 34,111
| 45,912
| -11,801
|
| A. Goods and services
| 23,255
| 30,461
| -7,206
| 26,744
| 38,820
| -12,076
|
| a. Goods (exports fob - imports fob)***
| 19,171
| 26,514
| -7,343
| 21,410
| 33,675
| -12,265
|
| b. Services
| 4,084
| 3,947
| 137
| 5,334
| 5,145
| 189
|
| - transport
| 1,114
| 1,365
| -251
| 1,308
| 1,703
| -395
|
| - tourism - travel
| 707
| 704
| 3
| 647
| 799
| -152
|
| - other
| 2,263
| 1,878
| 385
| 3,379
| 2,643
| 736
|
| B. Incomes
| 1,210
| 3,872
| -2,662
| 1,824
| 5,485
| -3,661
|
| C. Current transfers
| 3,681
| 498
| 3,183
| 5,543
| 1,607
| 3,936 |
* 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 42.5 percent of the current account deficit were covered from inflows from foreign direct investment worth EUR 5,013 million in January-September 2007. Equity stakes and reinvested earnings accounted for 50 percent of total, with intra-group loans1 accounting for the remaining 50 percent.
Medium- and long-term external debt2 at end-September 2007 added 18.9 percent against end-2006 to EUR 33,851million.
Public and publicly guaranteed external debt at end-September 2007 totalled EUR 10,249 million, accounting for 30.3 percent of medium- and long-term external debt, compared with 37.7 percent at year-end 2006.
Non-publicly guaranteed external debt came in at EUR 20,938 million at end-September 2007, 24.8 percent higher than at end-2006.
Romania's medium- and long-term external debt at end-September 2007 and external debt service in January through September 2007
- EUR million -
| |
Medium- and long-term external debt |
External debt service January-September 2007p |
| Balance at 31/12/2006r |
Balance at 30/09/2007p |
| 1. DIRECT PUBLIC DEBTa) |
6,985
| 6,958
| 725
|
2. PUBLICLY GUARANTEED DEBTb),
of which: |
3,737
| 3,291
| 668
|
| - public sectorc)
| 3,555
| 3,142
| 634
|
| - private sectord)
| 182
| 149
| 34
|
3. NON-PUBLICLY GUARANTEED DEBT,
of which: |
16,781
| 20,938
| 3,990
|
| - public sectorc)
| 635
| 630
| 71
|
| - private sectord)
| 16,146
| 20,308
| 3,919
|
| 4. External debt (1+2+3) |
27,503
| 31,187
| 5,383
|
| 5. Medium- and long-term deposits of non-residents |
966
| 2,664
| 104e
|
| Total external debt (4+5) |
28,469
| 33,851
| 5,487 |
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 September 2007, import cover4 stood at 6.2 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 monthl