In January-June 2007, the balance-of-payments current account posted a deficit of EUR 7,812 million. This development can be ascribed mainly to the wider trade deficit, which amounted to EUR 7,832 million, up 77.1 percent from the same year-ago period.
- EUR million -
| |
January-June 2006* |
January-June 2007** |
| CREDIT
| DEBIT
| NET
| CREDIT
| DEBIT
| NET |
| CURRENT ACCOUNT (A+B+C)
| 18,487
| 22,231
| -3,744
| 21,973
| 29,785
| -7,812
|
| A. Goods and services
| 15,355
| 19,558
| -4,203
| 17,602
| 25,241
| -7,639
|
| a. Goods (exports fob - imports fob)***
| 12,678
| 17,101
| -4,423
| 14,105
| 21,937
| -7,832
|
| b. Services
| 2,677
| 2,457
| 220
| 3,497
| 3,304
| 193
|
| - transport
| 750
| 883
| -133
| 867
| 1,105
| -238
|
| - tourism - travel
| 393
| 384
| 9
| 381
| 469
| -88
|
| - other
| 1,534
| 1,190
| 344
| 2,249
| 1,730
| 519
|
| B. Incomes
| 762
| 2,323
| -1,561
| 1,066
| 3,479
| -2,413
|
| C. Current transfers
| 2,370
| 350
| 2,020
| 3,305
| 1,065
| 2,240 |
* 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 percent of the current account deficit were covered by inflows from foreign direct investment in amount of EUR 2,965 million in 2007 H1. Equity stakes and reinvested earnings accounted for 52 percent of the aforementioned figure and intra-group1 loans for the remaining 48 percent.
Medium- and long-term external debt2 at end-June 2007 amounted to EUR 31,568 million, up 11.2 percent from end-2006.
Public and publicly guaranteed external debt at end-June 2007 totalled EUR 10,303 million, accounting for 32.6 percent of medium- and long-term debt, compared with 37.7 percent at end-2006).
Non-publicly guaranteed external debt equalled EUR 19,339 million at end-June 2007, 15.7 percent higher than at end-2006.
Romania's medium- and long-term external debt at end-June 2007 and external debt service in 2007 H1
- EUR million -
| |
Medium- and long-term external debt |
External debt service 2007 H1p |
| Balance at 31/12/2006r |
Balance at 31/06/2007p |
| 1. DIRECT PUBLIC DEBTa) |
6,976
| 6,828
| 598
|
2. PUBLICLY GUARANTEED DEBTb),
of which: |
3,739
| 3,475
| 439
|
| - public sectorc)
| 3,559
| 3,320
| 412
|
| - private sectord)
| 180
| 155
| 27
|
3. NON-PUBLICLY GUARANTEED DEBT,
of which: |
16,712
| 19,339
| 2,643
|
| - public sectorc)
| 579
| 565
| 43
|
| - private sectord)
| 16,133
| 18,774
| 2,600
|
| 4. External debt (1+2+3) |
27,427
| 29,642
| 3,680
|
| 5. Medium- and long-term deposits of non-residents |
966
| 1,926
| 80e
|
| Total external debt (4+5) |
28,393
| 31,568
| 3,760 |
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
In 2007 H1, import cover4 stood at 5.6 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 to average monthly