January through May 2007, the balance-of-payments current account posted a deficit of EUR 5,941 million. This development can be ascribed mainly to the wider trade deficit, which amounted to EUR 6,136 million, up 75.9 percent from the same year-ago period.
- EUR million -
| |
January-May 2006* |
January-May 2007** |
| CREDIT
| DEBIT
| NET
| CREDIT
| DEBIT
| NET |
| CURRENT ACCOUNT (A+B+C)
| 15,133
| 18,045
| -2,912
| 18,426
| 24,367
| -5,941
|
| A. Goods and services
| 12,588
| 15,905
| -3,317
| 14,764
| 20,583
| -5,819
|
| a. Goods (exports fob - imports fob)***
| 10,398
| 13,887
| -3,489
| 11,716
| 17,852
| -6,136
|
| b. Services
| 2,190
| 2,018
| 172
| 3,048
| 2,731
| 317
|
| - transport
| 614
| 721
| -107
| 755
| 900
| -145
|
| - tourism - travel
| 309
| 306
| 3
| 308
| 384
| -76
|
| - other
| 1,276
| 991
| 276
| 1,985
| 1,447
| 538
|
| B. Incomes
| 615
| 1,842
| -1,227
| 921
| 2,837
| -1,916
|
| C. Current transfers
| 1,930
| 298
| 1,632
| 2,741
| 947
| 1,794 |
* 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 36 percent of the current account deficit were covered by inflows from foreign direct investment worth EUR 2,138 million January through May 2007. Equity stakes and reinvested earnings accounted for 61.8 percent of total, with intra-group loans1 accounting for the remaining 38.2 percent.
Medium- and long-term external debt2 at end-May 2007 added 5.5 percent against end-2006 to EUR 29,939 million.
Public and publicly guaranteed external debt at end-May 2007 totalled EUR 10,382 million, accounting for 34.7 percent of medium- and long-term debt, compared with 37.8 percent at year-end 2006.
Non-publicly guaranteed external debt came in at EUR 18,146 million at end-May 2007, 8.8 percent higher than at end 2006.
Romania's medium- and long-term external debt at end-May 2007 and external debt service January through May 2007
- EUR million -
| |
Medium- and long-term external debt |
External debt service 01/01-31/05/2007p |
| Balance at 31/12/2006r |
Balance at 31/05/2007p |
| 1. DIRECT PUBLIC DEBTa) |
6,975
| 6,861
| 410
|
2. PUBLICLY GUARANTEED DEBTb),
of which: |
3,742
| 3,521
| 348
|
| - public sectorc)
| 3,562
| 3,366
| 321
|
| - private sectord)
| 180
| 155
| 27
|
3. NON-PUBLICLY GUARANTEED DEBT,
of which: |
16,683
| 18,146
| 2,372
|
| - public sectorc)
| 579
| 561
| 34
|
| - private sectord)
| 16,104
| 17,585
| 2,338
|
| 4. External debt (1+2+3) |
27,400
| 28,528
| 3,130
|
| 5. Medium- and long-term deposits of non-residents |
966
| 1,411
| 41e
|
| Total external debt (4+5) |
28,366
| 29,939
| 3,171 |
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 May 2007, import cover4 stood at 5.7 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 imports of goods and services for the