In January-November 2010 the balance-of-payments current account posted a deficit of EUR 5,173 million, 23.5 percent higher than in the same period of 2009, due to the increase year on year in services and income negative balances and the drop in current transfers surplus.
- EUR million -
| |
January-November 2009r |
January-November 2010p |
| CREDIT
| DEBIT
| NET
| CREDIT
| DEBIT
| NET |
| CURRENT ACCOUNT (A+B+C)
| 40,333
| 44,520
| -4,187
| 46,015
| 51,188
| -5,173 |
| A. Goods and services
| 33,212
| 39,616
| -6,404
| 39,729
| 45,756
| -6,027 |
| a. Goods (exports fob – imports fob)s
| 26,735
| 32,945
| -6,210
| 33,999
| 39,356
| -5,357 |
| b. Services
| 6,477
| 6,671
| -194
| 5,730
| 6,400
| -670 |
| - transport
| 1,910
| 1,829
| 81
| 1,789
| 1,916
| -127 |
| - tourism-travel
| 843
| 964
| -121
| 781
| 1,083
| -302 |
| - other
| 3,724
| 3,878
| -154
| 3,160
| 3,401
| -241 |
| B. Incomes
| 1,080
| 2,635
| -1,555
| 942
| 3,201
| -2,259 |
| C. Current transfers
| 6,041
| 2,269
| 3,772
| 5,344
| 2,231
| 3,113 |
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 2,269 million (as compared with EUR 3,049 million over January-November 2009) covered 43.9 percent of the current account deficit in the first eleven months of 2010. Over January-November 2010, out of the total figure, equity stakes1 amounted to EUR 1,419 million and intra-group loans2 to EUR 850 million.
Medium- and long-term external debt at end-November 2010 stood at EUR 72,391 million (79.8 percent of total external debt), 10.0 percent above the level recorded at end-2009.
Short-term external debt at end-November 2010 totalled EUR 18,316 million (20.2 percent of total external debt), up 18.9 percent from end-2009.
Romania's external debt at end-November 2010*
and external debt service in January-November 2010
- EUR million -
| |
External debt |
External debt service
January-November 2010p |
| End-2009r |
End-November 2010p |
| I. Medium- and long-term external debt
| 65,816
| 72,391
| 12,220 |
| I.1. Direct public debta)
| 11,984
| 15,787
| 1,914 |
| I.2. Publicly guaranteed debtb)
| 1,517
| 1,751
| 207 |
| I.3. Non-publicly guaranteed debt
| 39,387
| 37,991
| 8,415 |
| I.4. Medium- and long-term deposits of non-residents
| 7,242
| 7,714
| 1,506e |
| I.5. IMF borrowingsc)
| 5,686
| 9,148
| 178 |
| II. Short-term external debt
| 15,403
| 18,316
| 20,813e |
| Total external debt (I+II)
| 81,219
| 90,707
| 33,033 |
*) 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 r - revised data
Medium- and long-term external debt service ratio3
ran at 30.8 percent in the first eleven months of 2010, as compared with 33.9 percent in 2009. At end-November 2010,
goods and services import cover4 stood at 8.7 months, as compared with 8.5 months at end-2009.
Notes:
- Consolidated with estimated net loss
- 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.