Balance of Payments in January - November 2006
18.01.2007
January through November 2006,
the balance-of-payments current account posted a deficit of EUR 8,856 million, up 44.8 percent against the same year-ago period. This development can be ascribed mainly to the wider trade deficit, which amounted to EUR 10,009 million, up 48.1 percent from the corresponding period of 2005, with imports rising faster than exports (24.5 percent and 16.7 percent respectively).
- EUR million -
| |
1/01-30/11/2005* |
1/01-30/11/2006** |
| CREDIT
| DEBIT
| NET
| CREDIT
| DEBIT
| NET |
| CURRENT ACCOUNT (A+B+C)
| 28,742
| 34,856
| -6,114
| 34,825
| 43,681
| -8,856
|
| A. Goods and services
| 24,147
| 31,124
| -6,977
| 29,159
| 38,771
| -9,612
|
| a. Goods (exports fob - imports fob)
| 20,436
| 27,193
| -6,757
| 23,844
| 33,853
| -10,009
|
| b. Services
| 3,711
| 3,931
| -220
| 5,315
| 4,918
| 397
|
| - transport
| 1,080
| 1,437
| -357
| 1,454
| 1,723
| -269
|
| - tourism - travel
| 772
| 654
| 118
| 921
| 920
| 1
|
| - other
| 1,859
| 1,840
| 19
| 2,940
| 2,275
| 665
|
| B. Incomes
| 1,067
| 3,296
| -2,229
| 1,539
| 4,304
| -2,765
|
| C. Current transfers
| 3,528
| 436
| 3,092
| 4,127
| 606
| 3,521 |
* revised data
** provisional data
Some 93 percent of the current account deficit were covered by inflows from foreign direct investment worth intra-group loans2 accounting for the remaining 34 percent.
Medium- and long-term external debt3 at end-November 2006 added 10.3 percent against end-2005 to EUR 27,164 million.
Public and publicly guaranteed external debt at end-November 2006 totalled EUR 10,718 million, accounting for 39.5 percent of medium- and long-term debt, compared with 45.8 percent at end-2005.
Non-publicly guaranteed external debt came in at EUR 15,485 million, rising 25 percent from end-2005.
Romania's medium- and long-term external debt at end-November 2006 and external debt service January through November 2006
- EUR million -
| |
Medium-and long-term external debt |
External debt service |
| Balance at 31/12/2005r |
Balance at 30/11/2006p |
1/01-30/11/2006p |
| 1. PUBLIC DEBTa) |
6,935
| 6,880
| 677
|
2. PUBLICLY GUARANTEED DEBTa),
of which: |
4,346
| 3,838
| 773
|
| - public sector
| 4,134
| 3,668
| 733
|
| - private sectorb)
| 212
| 170
| 40
|
3. NON-PUBLICLY GUARANTEED DEBT,
of which: |
12,392
| 15,485
| 3,376
|
| - public sector
| 601
| 584
| 95
|
| - private sectorb)
| 11,791
| 14,901
| 3,281
|
| 4. External debt (1+2+3) (loans, borrowings and the like) |
23,673
| 26,203
| 4,826
|
| 5. Medium- and long-term deposits of non-residents |
949
| 961
| 321e
|
| Total external debt (4+5) |
24,622
| 27,164
| 5,147 |
r - rectified data
p - provisional data
e - estimates
a) loans taken or guaranteed by the Ministry of Public Finance in compliance with Public Debt Act
b) financial and non-financial entities with majority private capital
January through November 2006, medium- and long-term external debt service ratio4 ran at 17.7 percent, compared to 20.1 percent in 2005.
At end-November 2006, import cover5 advanced to 6.5 months from 6.3 months at year-end 2005.
Notes:
- Includes also the amount of EUR 2.2 billion from the acquisition of 36.8 percent in BCR capital by Erste Bank in October 2006.
- 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 go