Balance of Payments in February 2007
18.04.2007
January through February 2007, the balance-of-payments current account posted a deficit of EUR 2,049 million. This development can be ascribed mainly to the wider trade deficit, which amounted to EUR 2,033 million, double the figure recorded in the same year-ago period.
- EUR million -
| |
1/01-28/02/2006* |
1/01-28/02/2007** |
| CREDIT
| DEBIT
| NET
| CREDIT
| DEBIT
| NET |
| CURRENT ACCOUNT (A+B+C)
| 5,612
| 6,382
| -770
| 6,855
| 8,904
| -2,049
|
| A. Goods and services
| 4,679
| 5,583
| -904
| 5,458
| 7,399
| -1,941
|
| a. Goods (exports fob - imports fob)
| 3,879
| 4,874
| -995
| 4,365
| 6,398
| -2,033
|
| b. Services
| 800
| 709
| 91
| 1,093
| 1,001
| 92
|
| - transport
| 237
| 260
| -23
| 265
| 321
| -56
|
| - tourism - travel
| 98
| 103
| -5
| 107
| 136
| -29
|
| - other
| 465
| 346
| 119
| 721
| 544
| 177
|
| B. Incomes
| 232
| 680
| -448
| 395
| 1,078
| -683
|
| C. Current transfers
| 701
| 119
| 582
| 1,002
| 427
| 575 |
* 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 42.5 percent of the current account deficit were covered by inflows from foreign direct investment worth EUR 870 million in the first two months of 2007. Equity stakes and reinvested earnings accounted for 54 percent of the total figure, with intra-group loans1 accounting for the remaining 46 percent.
Medium- and long-term external debt2 at end-February 2007 added 3.9 percent against end-2006 to EUR 28,923 million.
Public and publicly guaranteed external debt at end-February 2007 totalled EUR 10,640 million, accounting for 36.8 percent of medium- and long-term debt, compared with 38.5 percent at year-end 2006.
Non-publicly guaranteed external debt came in at EUR 16,861 million, 4.3 percent higher than at end-2006.
Romania's medium- and long-term external debt at end-February 2007 and external debt service January through February 2007
- EUR million -
| |
Medium- and long-term external debt |
External debt service
1/01-28/02/2007p |
| Balance at 31/12/2006r |
Balance at 28/02//2007p |
| 1. DIRECT PUBLIC DEBTa) |
6,975
| 6,976
| 100
|
2. PUBLICLY GUARANTEED DEBTb),
of which: |
3,737
| 3,664
| 109
|
| - public sector
| 3,557
| 3,487
| 105
|
| - private sectorc)
| 180
| 177
| 4
|
3. NON-PUBLICLY GUARANTEED DEBT,
of which: |
16,158
| 16,861
| 397
|
| - public sector
| 579
| 575
| 12
|
| - private sectorc)
| 15,579
| 16,286
| 385
|
| 4. External debt (1+2+3) |
26,870
| 27,501
| 606
|
| 5. Medium- and long-term deposits of non-residents |
966
| 1,422
| 13e
|
| Total external debt (4+5) |
27,836
| 28,923
| 619 |
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 private capital
r - rectified data
p - provisional data
e - estimates
January through February 2007, import cover4 stood at 6.3 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