Balance of Payments and External Debt - June 2009
12.08.2009
Over January-June 2009, the balance-of-payments current account posted a deficit of EUR 2,375 million, 73.3 percent lower than in the same period of 2008, due largely to the narrower trade deficit (EUR 2,962 million, down 67.2 percent).
- EUR million -
| |
January-June 2008* |
January-June 2009** |
| CREDIT
| DEBIT
| NET
| CREDIT
| DEBIT
| NET |
| CURRENT ACCOUNT (A+B+C)
| 26,166 |
35,050 |
-8,884 |
21,043 |
23,418 |
-2,375 |
| A. Goods and services
| 21,087 |
29,736 |
-8,649 |
17,090 |
20,081 |
-2,991 |
| a. Goods (exports fob - imports fob)***
| 17,027 |
26,053 |
-9,026 |
13,563 |
16,525 |
-2,962 |
| b. Services
| 4,060 |
3,683 |
377 |
3,527 |
3,556 |
-29 |
| - transport
| 1,218 |
1,333 |
-115 |
1,028 |
934 |
94 |
| - tourism - travel
| 618 |
559 |
59 |
446 |
502 |
-56 |
| - other
| 2,224 |
1,791 |
433 |
2,053 |
2,120 |
-67 |
| B. Incomes
| 1,075 |
3,889 |
-2,814 |
583 |
2,090 |
-1,507 |
| C. Current transfers
| 4,004 |
1,425 |
2,579 |
3,370 |
1,247 |
2,123 |
* 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’ direct investment in Romania worth EUR 2,894 million (as compared with EUR 5,076 million over January-June 2008) entirely covered the current account deficit in the first half of 2009. During January-June 2009, out of the total of EUR 2,894 million, intra-group loans1 accounted for 49.7 percent of the total figure, equity stakes for 40.9 percent and reinvested earnings for 9.4 percent.
Medium- and long-term external debt at at end-June 2009 added 11.7 percent against end-2008 to EUR 57,237 million (75.8 percent of total external debt).
Short-term external debt at end-June 2009 totalled EUR 18,239 million (24.2 percent of total external debt), down 17.8 percent from year-end 2008.
Romania's external debt at end-June 2009* and external debt service over January-June 2009
- EUR million -
|
| Total external debt balance
| External debt service
January-June 2009p |
| End-2008r |
End-June 2009p |
| I. Medium- and long-term external debt
| 51,221
| 57,237
| 5,328 |
| I.1. Direct public debta)
| 9,012
| 8,754
| 687 |
| I.2. Publicly guaranteed debtb)
| 1,721
| 1,614
| 184 |
| I.3. Non-publicly guaranteed debt
| 35,021
| 36,162
| 3,053 |
| I.4. Medium- and long-term deposits of non-residents
| 5,467
| 5,899
| 1,355e |
| I.5. IMF borrowingsc)
| -
| 4,808
| 49 |
| II. Short-term external debt
| 22,200
| 18,239
| 18,880e |
| Total external debt (I+II)
| 73,421
| 75,476
| 24,208 |
*) The balance of medium- and long-term external debt is cash-based (excluding 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) the first tranche worth SDR 4.37 billion of the Stand-By Arrangement concluded with the IMF on 4 May 2009
r - revised data
p - provisional data
e - estimates
Medium- and long-term external debt service ratio2 ran at 31.2 percent in the first half of 2009, compared to 29.3 percent in 2008. At end-June 2009, goods and services import cover3 stood at 8.6 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.