In January - February 2012p, the balance-of-payments current account posted a deficit of EUR 663 million, 164.1 percent higher from the same year-ago period, due mainly to the trade deficit doubling and the current transfer surplus decreasing by one third.
- EUR million -
| |
January - February 2011r |
January - February 2012p |
| CREDIT
| DEBIT
| NET
| CREDIT
| DEBIT
| NET |
| CURRENT ACCOUNT (A+B+C)
| 9,130
| 9,381
| -251
| 9,178
| 9,841
| -663 |
| A. Goods and services
| 7,863
| 8,194
| -331
| 8,058
| 8,707
| -649 |
| a. Goods (exports fob – imports fob)s
| 6,939
| 7,250
| -311
| 6,980
| 7,623
| -643 |
| b. Services
| 924
| 944
| -20
| 1,078
| 1,084
| -6 |
| - transport
| 291
| 179
| 112
| 304
| 199
| 105 |
| - tourism-travel
| 131
| 173
| -42
| 148
| 186
| -38 |
| - other
| 502
| 592
| -90
| 626
| 699
| -73 |
| B. Incomes
| 175
| 638
| -463
| 185
| 564
| -379 |
| C. Current transfers
| 1,092
| 549
| 543
| 935
| 570
| 365 |
r - revised data
p - provisional data
s - Source: National Institute of Statistics (NIS) - International Trade of Goods. Imports FOB are calculated by the NBR based on the CIF/FOB conversion coefficient set by the NIS. Starting January 2012, the former CIF/FOB conversion coefficient of 1.0834 will be replaced by the new coefficient of 1.0430. In order to ensure imports FOB data comparability, the monthly data series for 2010 and 2011 have been recalculated accordingly.
Non-residents’ direct investment in Romania worth EUR 253 million1 (as compared with EUR 325 million in January - February 2011) covered 38.2 percent of the curent account deficit in January - February 2012. Out of the total figure, equity stakes consolidated with the estimated net loss amounted to EUR 410 million and intra-group loans2 posted net payments of EUR 157 million.
Medium- and long-term external debt at end-February 2012 stood at EUR 75,499 million (77.1 percent of total external debt), 0.1 percent below the level recorded at end-2011.
Short-term external debt at end-February 2012 totalled EUR 22,488 million (22.9 percent of total external debt), down 1.5 percent from end-2011.
Romania's external debt at end-February 2012*
and external debt service in January - February 2012
- EUR million -
| |
External debt |
External debt service
January - February 2012p |
| End-2011r |
End-February 2012p |
| I. Medium- and long-term external debt
| 75,597
| 75,499
| 2,017 |
| I.1. Direct public debta) o/w:
| 19,571
| 20,290
| 316 |
| I.1.1. IMF borrowings
| 2,310
| 2,253
| 15 |
| I.2. Publicly guaranteed debtb)
| 1,509
| 1,470
| 34 |
| I.3. Non-publicly guaranteed debt
| 35,796
| 35,784
| 827 |
| I.4. Medium- and long-term deposits of non-residents
| 8,490
| 7,974
| 774e |
| I.5. IMF borrowingsc)
| 10,231
| 9,981
| 66 |
| II. Short-term external debt
| 22,828
| 22,488
| 6,013e |
| Total external debt (I+II)
| 98,425
| 97,987
| 8,030 |
*) 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 (item I.1.1. in the above table).
r - revised data e - estimates p - provisional data
Medium- and long-term external debt service ratio3 ran at 25 percent in January - February 2012, against 28.3 percent in 2011. At end-February 2012, goods and services import cover4 stood at 8.7 months, as compared to 7.5 months at end-2011.
Notes:
- Estimated data
- 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.