In 2009 Q1, the balance-of-payments current account posted a deficit of EUR 709 million, 82.1 percent lower than in the same period of 2008, due largely to the narrower trade deficit (EUR 1,337 million), down 67.2 percent.
- EUR million -
| |
2008 Q1* |
2009 Q1** |
| CREDIT |
DEBIT |
NET |
CREDIT |
DEBIT |
NET |
| CURRENT ACCOUNT (A+B+C)
| 12,627
| 16,582
| -3,955
| 10,576
| 11,285
| -709
|
| A. Goods and services
| 10,020
| 13,953
| -3,933
| 8,350
| 9,630
| -1,280
|
| a. Goods (exports fob - imports fob)***
| 8,143
| 12,221
| -4,078
| 6,561
| 7,898
| -1,337
|
| b. Services
| 1,877
| 1,732
| 145
| 1,789
| 1,732
| 57
|
| - transport
| 553
| 625
| -72
| 558
| 432
| 126
|
| - tourism - travel
| 286
| 243
| 43
| 200
| 268
| -68
|
| - other
| 1,038
| 864
| 174
| 1,031
| 1,032
| -1
|
| B. Incomes
| 532
| 1,790
| -1,258
| 305
| 924
| -619
|
| C. Current transfers
| 2,075
| 839
| 1,236
| 1,921
| 731
| 1,190 |
* revised data
** provisional data
*** Source: National Institute of Statistics (NIS); 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 1,456 million (as compared with EUR 1,691 million over January-March 2008) entirely covered the current account deficit over Q1 2009 (compared with 42.8 percent over the same period of 2008). Over the first three months of 2009, out of the total of EUR 1,456 million, equity stakes accounted for 50.8 percent of the total figure, intra-group loans1 for 39.9 percent and reinvested earnings for 9.3 percent.
Medium- and long-term external debt at end-March 2009 added 0.6 percent against end-2008 to EUR 51,115 million (71.4 percent of total external debt).
Short term external debt at end-March 2009 totalled EUR 20,517 million (28.6 percent of total external debt), down 7.6 percent from year-end 2008.
Public and publicly guaranteed external debt at end-March 2009 totalled EUR 10,698 million (14.9 percent of total external debt), down 0.2 percent from end-2008.
Non-publicly guaranteed external debt came in at EUR 35,213 million at end-March 2009 (49.2 percent of total external debt), rising 2.0 percent from year-end 2008.
Romania's external debt at end-March 2009*
and external debt service over 2009 Q1
- EUR million -
| |
Total external debt balance |
External debt service 2009 Q1p |
| End-2008r |
End-March 2009p |
|
I. Medium- and long term external debt |
50,804
| 51,115
| 2,221
|
|
I.1. Direct public debt a) |
9,000
| 9,011
| 228
|
|
I.2. Publicly guaranteed debt b) |
1,720
| 1,687
| 100
|
|
I.3. Non-publicly guaranteed debt |
34,517
| 35,213
| 1,505
|
|
I.4. Medium- and long- term deposits of non-residents |
5,567
| 5,204
| 388e
|
|
II. Short term external debt |
22,200
| 20,517
| 8,961e |
|
Total external debt (I+II) |
73,004
| 71,632
| 11,182 |
*) 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
r - revised data
p - provisional data
e - estimates
Medium- and long-term external debt service ratio
2 ran at 26.6 percent in the first quarter of 2009, compared to 29.3 percent in 2008. At end-March 2009, goods and services
import cover3 stood at 8.5 months versus 5.7 months at year-end 2008.
Notes:
- Loans between the foreign investor and the resident company.
- 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.