In January - August 2012p, the balance-of-payments current account posted a deficit of EUR 3,123 million, 23.0 percent lower from the same year-ago period, due to the increase in the current transfers surplus (EUR 462 million) and in the services surplus (EUR 418 million), as well as to the decrease in the income deficit (EUR 274 million).
- EUR million -| | January - August 2011r | January - August 2012p |
|---|
| CREDIT | DEBIT | NET | CREDIT | DEBIT | NET |
|---|
| CURRENT ACCOUNT (A+B+C) | 38,346 | 42,400 | -4,054 | 39,589 | 42,712 | -3,123 |
|---|
| A. Goods and services | 34,012 | 38,580 | -4,568 | 34,668 | 39,041 | -4,373 |
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| a. Goods (exports fob – imports fob)s | 29,460 | 34,062 | -4,602 | 29,653 | 34,478 | -4,825 |
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| b. Services | 4,552 | 4,518 | 34 | 5,015 | 4,563 | 452 |
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| - transport | 1,365 | 876 | 489 | 1,478 | 870 | 608 |
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| - tourism-travel | 669 | 931 | -262 | 750 | 939 | -189 |
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| - other | 2,518 | 2,711 | -193 | 2,787 | 2,754 | 33 |
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| B. Incomes | 770 | 2,285 | -1,515 | 888 | 2,129 | -1,241 |
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| C. Current transfers | 3,564 | 1,535 | 2,029 | 4,033 | 1,542 | 2,491 |
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p - provisional data
r - revised 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 factor set by the NIS. Starting January 2012, the CIF/FOB conversion factor of 1.0834 has been replaced by the new factor of 1.0430. In order to ensure imports FOB data comparability, the monthly data series for 2011 have been recalculated accordingly.
Non-residents’ direct investment in Romania worth EUR 941 million1 (as compared with EUR 607 million in the January - August 2011) covered 30.1 percent of the curent account deficit in the first eight months of 2012. Out of the total figure, equity stakes consolidated with the estimated net loss amounted to EUR 140 million and intra-group loans2 to EUR 801 million.
Medium- and long-term external debt at end-August 2012 stood at EUR 77,220 million (78.8 percent of total external debt), 1.7 percent above the level recorded at end-2011.
Short-term external debt at end-August 2012 totalled EUR 20,772 million (21.2 percent of total external debt), down 8.9 percent from end-2011.
Romania's external debt at end-August 2012*
and external debt service in January - August 2012
- EUR million -| | External debt | External debt service
January - August 2012p |
|---|
| End-2011r | End-August 2012p |
|---|
| I. Medium- and long-term external debt | 75,929 | 77,220 | 10,313 |
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| I.1. Direct public debta) o/w: | 19,615 | 20,937 | 2,235 |
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| I.1.1. IMF borrowings | 2,310 | 2,310 | 45 |
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| I.2. Publicly guaranteed debtb) | 1,466 | 1,374 | 128 |
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| I.3. Non-publicly guaranteed debt | 36,127 | 37,471 | 4,577 |
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| I.4. Medium- and long-term deposits of non-residents | 8,490 | 7,662 | 2,508e |
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| I.5. IMF borrowingsc) | 10,231 | 9,776 | 865 |
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| II. Short-term external debt | 22,795 | 20,772 | 22,965e |
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| Total external debt (I+II) | 98,724 | 97,992 | 33,278 |
|---|
*) 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 government in compliance with the legislation on public debt, including Government Emergency Ordinance No. 99/2009 ratifying the Stand-by Arrangement between Romania and the IMF;
b) external loans guaranteed by the Ministry of Public Finance and local 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 No. 99/2009 (item I.1.1. in the above table).
e - estimates p - provisional data r - revised data
Medium- and long-term external debt service ratio3 ran at 29.7 percent in January - August 2012, against 28.9 percent in 2011. At end-August 2012, goods and services import cover4 stood at 7.2 months, as compared to 7.5 months end-2011.
Notes:
- Estimates.
- 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.
Balance of payments data are updated on a monthly basis; updates are available in the Interactive database.