In January-July 2007, the balance-of-payments current account posted a deficit of EUR 8,968 million. This development can be ascribed mainly to the wider trade deficit, which amounted to EUR 9,353 million, up 73.7 percent from the same period of last year.
- EUR million -
| |
January-July 2006* |
January-July 2007** |
| CREDIT
| DEBIT
| NET
| CREDIT
| DEBIT
| NET |
| CURRENT ACCOUNT (A+B+C)
| 21,816
| 26,338
| -4,522
| 26,369
| 35,337
| -8,968
|
| A. Goods and services
| 18,077
| 23,227
| -5,150
| 20,841
| 30,057
| -9,216
|
| a. Goods (exports fob - imports fob)***
| 14,901
| 20,287
| -5,386
| 16,746
| 26,099
| -9,353
|
| b. Services
| 3,176
| 2,940
| 236
| 4,095
| 3,958
| 137
|
| - transport
| 896
| 1,041
| -145
| 1,038
| 1,317
| -279
|
| - tourism - travel
| 490
| 482
| 8
| 472
| 578
| -106
|
| - other
| 1,790
| 1,417
| 373
| 2,585
| 2,063
| 522
|
| B. Incomes
| 947
| 2,716
| -1,769
| 1,303
| 4,047
| -2,744
|
| C. Current transfers
| 2,792
| 395
| 2,397
| 4,225
| 1,233
| 2,992 |
* 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 38.7 percent of the current account deficit were covered by inflows from foreign direct investment worth EUR 3,473 million in January-July 2007. Equity stakes and reinvested earnings accounted for 50.2 percent of the total figure, with intra-group loans1 making up for the remaining 49,8 percent.
Medium- and long-term external debt2 at end-July 2007 added 15.3 percent against end-2006 to EUR 32,743 million.
Public and publicly guaranteed external debt at end-July 2007 totalled EUR 10,276 million, accounting for 31.4 percent of medium- and long-term external debt, compared with 37.8 percent at end-2006.
Non-publicly guaranteed external debt came in at EUR 20,092 million at end-July 2007, rising 20.3 percent from year-end 2006.
Romania's medium- and long-term external debt at end-July 2007 and external debt service in January-July 2007
- EUR million -
| |
Medium- and long-term external debt |
External debt service in January-July 2007p |
| Balance at 31/12/2006r |
Balance at 31/07/2007p |
| 1. DIRECT PUBLIC DEBTa) |
6,983
| 6,861
| 631
|
2. PUBLICLY GUARANTEED DEBTb),
of which: |
3,740
| 3,415
| 507
|
| - public sectorc)
| 3,560
| 3,261
| 480
|
| - private sectord)
| 180
| 154
| 27
|
3. NON-PUBLICLY GUARANTEED DEBT,
of which: |
16,699
| 20,092
| 3,036
|
| - public sectorc)
| 579
| 565
| 65
|
| - private sectord)
| 16,120
| 19,527
| 2,971
|
| 4. External debt (1+2+3) |
27,422
| 30,368
| 4,174
|
| 5. Medium- and long-term deposits of non-residents |
966
| 2,375
| 88e
|
| Total external debt (4+5) |
28,388
| 32,743
| 4,262 |
a) external loans taken directly by the Ministry of Economy and Finance/local general government in compliance with Public Debt Act
b) external loans guaranteed by the Ministry of Economy and Finance/local general government in compliance with Public Debt Act
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 July 2007, import cover4 stood at 5.6 months versus 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 to average monthly imports