Balance of Payments in January-April 2008
16.06.2008
In January-April 2008, the balance-of-payments current account posted a deficit of EUR 4,842 million. Behind this development stood chiefly the wider trade deficit, which ran at EUR 5,544 million.
- EUR million -
| |
January - April 2007* |
January - April 2008** |
| CREDIT
| DEBIT
| NET
| CREDIT
| DEBIT
| NET |
| CURRENT ACCOUNT (A+B+C)
| 14,583
| 19,087
| -4,504
| 17,659
| 22,501
| -4,842
|
| A. Goods and services
| 11,646
| 16,230
| -4,584
| 14,078
| 19,314
| -5,236
|
| a. Goods (exports fob - imports fob)***
| 9,208
| 14,069
| -4,861
| 10,747
| 16,291
| -5,544
|
| b. Services
| 2,438
| 2,161
| 277
| 3,331
| 3,023
| 308
|
| - transport
| 628
| 712
| -84
| 928
| 845
| 83
|
| - tourism - travel
| 286
| 300
| -14
| 358
| 378
| -20
|
| - other
| 1,524
| 1,149
| 375
| 2,045
| 1,800
| 245
|
| B. Incomes
| 818
| 2,189
| -1,371
| 705
| 2,174
| -1,469
|
| C. Current transfers
| 2,119
| 668
| 1,451
| 2,876
| 1,013
| 1,863 |
* revised data
** provisional data
*** Source: National Institute of Statistics; imports fob are calculated based on CIF/FOB conversion coefficient of 1.0834 set by NIS.
Roughly 66.5 percent of the current account deficit were covered by inflows from foreign direct investment worth EUR 3,218 million in January-April 2008. Equity stakes and reinvested earnings accounted for 70 percent of the total figure, with intra-group loans1 covering the remaining 30 percent.
Medium- and long-term external debt2 at end-April 2008 added 8.4 percent against end-2007 to EUR 41,754 million.
Public and publicly guaranteed external debt at the end of April 2008 came in at EUR 10,421 million, accounting for 25 percent of medium- and long-term debt, compared with 27 percent at end-2007.
Non-publicly guaranteed external debt amounted to EUR 26,741 million at end-April 2008, standing 7.5 percent higher than at end-December 2007.
Romania's medium- and long-term external debt at end-April 2008* and external debt service in January-April 2008
- EUR million -
| |
Medium- and long-term external debt |
External debt service in January-April 2008p |
| Balance at end-April 2007r |
Balance at end-April 2008p |
| 1. DIRECT PUBLIC DEBTa) |
7,299
| 7,495
| 166
|
2. PUBLICLY GUARANTEED DEBTb),
of which: |
3,097
| 2,926
| 140
|
| - public sectorc)
| 2,961
| 2,794
| 138
|
| - private sectord)
| 136
| 132
| 2
|
| 3. Non-publicly guaranteed debt |
24,885
| 26,741
| 1,781
|
| 4. External debt (1+2+3) |
35,281
| 37,162
| 2,087
|
| 5. Medium- and long-term deposits of non-residents |
3,219
| 4,592
| 156e
|
| Total external debt (4+5) |
38,500
| 41,754
| 2,243 |
*) The balance of medium- and long-term external debt is cash-based (not including unmatured accrued interest).
a) external loans taken directly by the Ministry of Economy and Finance/local general government in compliance with the legislation on public debt
b) external loans guaranteed by the Ministry of Economy and Finance/local general government in compliance with the legislation on public debt
c) financial and non-financial corporations with majority state-owned capital
d) financial and non-financial corporations with majority private capital
r - revised data
p - provisional data
e - estimates
In January-April 2008, import cover4 stood at 5.6 months as against 6 months of prospective imports of goods and services at year-end 2007.
Notes:
- Loans between the foreign investor and the resident firm.
- External debt balance is subject to monthly revision.
- 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