In 2008, the balance-of-payments current account posted a deficit of EUR 16,877 million, 1.2 percent higher than in 2007, due largely to the wider trade deficit (EUR 18,199 million), up 2.1 percent from the previous year. Export growth outpaced import growth by 4.4 percentage points.
- EUR million -
| |
2007* |
2008** |
| CREDIT
| DEBIT
| NET
| CREDIT
| DEBIT
| NET |
| CURRENT ACCOUNT (A+B+C)
| 46,075
| 62,752
| -16,677
| 53,355
| 70,232
| -16,877
|
| A. Goods and services
| 36,480
| 53,825
| -17,345
| 42,365
| 59,728
| -17,363
|
| a. Goods (exports fob - imports fob)***
| 29,549
| 47,371
| -17,822
| 33,614
| 51,813
| -18,199
|
| b. Services
| 6,931
| 6,454
| 477
| 8,751
| 7,915
| 836
|
| - transport
| 1,892
| 2,397
| -505
| 2,694
| 2,637
| 57
|
| - tourism - travel
| 1,171
| 1,119
| 52
| 1,358
| 1,473
| -115
|
| - other
| 3,868
| 2,938
| 930
| 4,699
| 3,805
| 894
|
| B. Incomes
| 2,405
| 6,557
| -4,152
| 2,257
| 7,787
| -5,530
|
| C. Current transfers
| 7,190
| 2,370
| 4,820
| 8,733
| 2,717
| 6,016 |
* 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.
Non-residents' foreign direct investment in Romania worth EUR 9,024 million (as compared with EUR 7,251 in 2007) covered 53.5 percent of the current account deficit in 2008 (compared with 43.5 percent in 2007). Equity stakes and reinvested earnings accounted for 50.1 percent of the total figure, with intra-group loans 1 making up 49.9 percent.
Medium- and long-term external debt2 at end-2008 added 29.7 percent against end-2007 to EUR 49,955 million.
Public and publicly guaranteed external debt at end-2008 totalled EUR 10,737 million, accounting for 21.5 percent of medium- and long-term external debt, compared with 26.5 percent at end-2007.
Non-publicly guaranteed external debt came in at EUR 33,651 million at end-2008, rising 34.0 percent from year-end 2007.
Romania's medium- and long-term external debt at end-2008* and external debt service
in 2008
- EUR million -
| |
Medium- and long-term external debt |
External debt service 2008p |
| Balance at end-2007r |
Balance at end-2008p |
| 1. DIRECT PUBLIC DEBTa) |
8,180
| 9,010
| 2,093
|
2. PUBLICLY GUARANTEED DEBTb),
of which: |
2,017
| 1,727
| 435
|
| - public sectorc)
| 1,966
| 1,694
| 419
|
| - private sectord)
| 51
| 33
| 16
|
| 3. Non-publicly guaranteed debt |
25,110
| 33,651
| 8,171
|
| 4. External debt (1+2+3) |
35,307
| 44,388
| 10,699 |
| 5. Medium- and long-term deposits of non-residents |
3,219
| 5,567
| 1,406e |
| Total external debt (4+5) |
38,526
| 49,955
| 12,105 |
*) 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 Public Finance and local general government in compliance with the legislation on public debt
b) external loans guaranteed by the Ministry of Public Finance and 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
goods and services import cover4 stood at 5.7 months versus 6.1 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 imports of goods and services for the period under review.