Balance of Payments and External Debt - June 2010
11.08.2010
In January-June 2010 the balance-of-payments current account posted a deficit of EUR 3,647 million, 50.0 percent higher than in the same period of 2009, due largely to the 49.9 percent decrease year on year in current transfers surplus.
- EUR million -
| |
January-June 2009r |
January-June 2010p |
| CREDIT
| DEBIT
| NET
| CREDIT
| DEBIT
| NET |
| CURRENT ACCOUNT (A+B+C) |
21,087 |
23,518 |
-2,431 |
23,067 |
26,714 |
-3,647 |
| A. Goods and services |
17,085 |
20,446 |
-3,361 |
20,170 |
23,608 |
-3,438 |
| a. Goods (exports fob - imports fob)s |
13,642 |
16,913 |
-3,271 |
17,161 |
20,185 |
-3,024 |
| b. Services |
3,443 |
3,533 |
-90 |
3,009 |
3,423 |
-414 |
| - transport |
1,000 |
942 |
58 |
953 |
1,024 |
-71 |
| - tourism - travel |
446 |
464 |
-18 |
354 |
483 |
-129 |
| - other |
1,997 |
2,127 |
-130 |
1,702 |
1,916 |
-214 |
| B. Incomes |
619 |
1,814 |
-1,195 |
467 |
1,741 |
-1,274 |
| C. Current transfers |
3,383 |
1,258 |
2,125 |
2,430 |
1,365 |
1,065 |
r - revised data
p - provisional data
s - 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 1,838 million (as compared with EUR 2,588 million over January-June 2009) covered 50.4 percent of the current account deficit in the first semester of 2010. Over January-June 2010, out of the total figure, equity stakes (including reinvested earnings) amounted to EUR 1,408 million (as compared with EUR 1,378 million over January-June 2009) and intra-group loans1 to EUR 430 million (as compared with EUR 1,210 million).
Medium- and long-term external debt at end-June 2010 stood at EUR 71,213 million (81.8 percent of total external debt), 8.4 percent above the level recorded at end-2009.
Short-term external debt at end-June 2010 totalled EUR 15,814 million (18.2 percent of total external debt), up 8.3 percent from end-2009.
Romania's external debt at end-June 2010*
and external debt service in January-June 2010
- EUR million -
|
| External debt balance
| External debt service
January-June 2010p |
| End-2009p |
End-June 2010p |
| I. Medium- and long-term external debt |
65,707 |
71,213 |
5,918 |
| I.1. Direct public debta) |
11,984 |
15,379 |
716 |
| I.2. Publicly guaranteed debtb) |
1,517 |
1,838 |
124 |
| I.3. Non-publicly guaranteed debt |
39,278 |
39,073 |
4,339 |
| I.4. Medium- and long-term deposits of non-residents |
7,242 |
7,284 |
675e |
| I.5. IMF borrowingsc) |
5,686 |
7,639 |
64 |
| II. Short-term external debt |
14,596 |
15,814 |
10,542e |
| Total external debt (I+II) |
80,303 |
87,027 |
16,460 |
*) The balance of external debt is cash-based (excluding unmatured accrued interest); the IMF’s SDR allocations are not included.
a) external loans taken directly by the Ministry of Public Finance and local general government in compliance with the legislation on public debt, including Government Emergency Ordinance 99/2009 ratifying the Stand-by Arrangement between Romania and the IMF;
b) external loans guaranteed by the Ministry of Public Finance and local general government in compliance with the legislation on public debt;
c) under the Stand-by Arrangement concluded with the IMF, excluding the amount received by the Ministry of Public Finance from the IMF according to Government Emergency Ordinance 99/2009.
e- estimates p - provisional data
Medium- and long-term external debt service ratio2 ran at 29.3 percent in the first half of 2010, as compared with 33.1 percent in 2009. At end-June 2010, goods and services import cover3 stood at 8.9 months versus 8.6 months at year-end 2009.
Notes:
- Loans between parent company and its resident branch
- 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.