In January-November 2007, the balance-of-payments current account posted a deficit of EUR 15,290 million. This development can be ascribed mainly to the wider trade deficit, which amounted to EUR 15,872 million, up 59.2 percent from the same period of the previous year.
- EUR million -
| |
January-November 2006* |
January-November 2007** |
| CREDIT
| DEBIT
| NET
| CREDIT
| DEBIT
| NET |
| CURRENT ACCOUNT (A+B+C)
| 33,156
| 44,014
| -8,858
| 42,550
| 57,840
| -15,290
|
| A. Goods and services
| 28,969
| 38,828
| -9,859
| 33,577
| 49,383
| -15,806
|
| a. Goods (exports fob - imports fob)***
| 23,893
| 33,860
| -9,967
| 26,997
| 42,869
| -15,872
|
| b. Services
| 5,076
| 4,968
| 108
| 6,580
| 6,514
| 66
|
| - transport
| 1,370
| 1,725
| -355
| 1,593
| 2,169
| -576
|
| - tourism - travel
| 919
| 921
| -2
| 803
| 1,005
| -202
|
| - other
| 2,787
| 2,322
| 465
| 4,184
| 3,340
| 844
|
| B. Incomes
| 1,502
| 4,576
| -3,074
| 2,184
| 6,344
| -4,160
|
| C. Current transfers
| 4,685
| 610
| 4,075
| 6,789
| 2,113
| 4,676 |
* 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.
Some 43 percent of the current account deficit were covered by inflows from foreign direct investment worth EUR 6.555 million in January-November 2007. Equity stakes and reinvested earnings accounted for 45.7 percent of total figure, with intra-group loans1 making up 54.3 percent.
Medium- and long-term external debt2 at end-November 2007 added 24.3 percent against end-2006 to EUR 35.520 million.
Public and publicly guaranteed external debt at end-November 2007 totalled EUR 10,246 million, accounting for 28.8 percent of medium- and long-term external debt, compared with 37.8 percent at year-end 2006.
Non-publicly guaranteed external debt came in at EUR 21,901 million, at end-November 2007, rising 30.4 percent from year-end 2006.
Romania's medium- and long-term external debt at end-November 2007 and external debt service in January through November 2007
- EUR million -
| |
Medium- and long-term external debt |
External debt service January-November 2007p |
| Balance at end-December 2006r |
Balance at end-November 2007p |
| 1. DIRECT PUBLIC DEBTa) |
7,066
| 7,028
| 830
|
2. PUBLICLY GUARANTEED DEBTb),
of which: |
3,739
| 3,218
| 743
|
| - public sectorc)
| 3,557
| 3,076
| 703
|
| - private sectord)
| 182
| 142
| 40
|
3. NON-PUBLICLY GUARANTEED DEBT,
of which: |
16,796
| 21,901
| 4,471
|
| - public sectorc)
| 635
| 611
| 109
|
| - private sectord)
| 16,161
| 21,290
| 4,362
|
| 4. External debt (1+2+3) |
27,601
| 32,147
| 6,044
|
| 5. Medium- and long-term deposits of non-residents |
966
| 3,373
| 171e
|
| Total external debt (4+5) |
28,567
| 35,520
| 6,215 |
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
January through November 2007, import cover4 stood at 6.1 months from 6.4 months at year-end 2006.
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 official reserves of the NBR (foreign exchange + gold) at end of period