Balance of Payments in 2006
15.02.2007
In 2006 the balance-of-payments current account posted a deficit of EUR 9,973 million, up 44,8 percent versus the previous year. This development can be ascribed mainly to the wider trade deficit, which amounted to EUR 11,759 million, up 50.6 percent versus 2005, with imports rising faster than exports (25.1 percent and 16.2 percent respectively).
- EUR million -
| |
2005* |
2006** |
| CREDIT
| DEBIT
| NET
| CREDIT
| DEBIT
| NET |
| CURRENT ACCOUNT (A+B+C)
| 31,680
| 38,568
| -6,888
| 38,621
| 48,594
| -9,973
|
| A. Goods and services
| 26,357
| 34,512
| -8,155
| 31,363
| 43,116
| -11,753
|
| a. Goods (exports fob - imports fob)
| 22,255
| 30,061
| -7,806
| 25,850
| 37,609
| -11,759
|
| b. Services
| 4,102
| 4,451
| -349
| 5,513
| 5,507
| 6
|
| - transport
| 1,188
| 1,583
| -395
| 1,489
| 1,913
| -424
|
| - tourism - travel
| 852
| 750
| 102
| 1,034
| 1,035
| -1
|
| - other
| 2,062
| 2,118
| -56
| 2,990
| 2,559
| 431
|
| B. Incomes
| 1,241
| 3,567
| -2,326
| 1,776
| 4,790
| -3,014
|
| C. Current transfers
| 4,082
| 489
| 3,593
| 5,482
| 688
| 4,794 |
* revised data
** provisional data
Current account deficit was covered up to 91 percent by inflows from foreign direct investment worth intra-group loans2 accounting for the remaining one third.
Medium- and long-term external debt3 at end-December 2006 amounted to EUR 27,718 million, up 12.5 percent compared with end-2005.
Public and publicly guaranteed external debt totalled EUR 10,694 million at end-December 2006, accounting for 38.6 percent of medium- and long-term debt (compared with 45.8 percent at end-2005).
Non-publicly guaranteed external debt equalled EUR 16,058 million at end-2006, up 29.5 percent versus end-2005.
Romania's medium- and long-term external debt at end-December 2006 and external debt service in 2006
- EUR million -
| |
Medium-and long-term external debt |
External debt service in 2006p |
| Balance at 31/12/2005r |
Balance at 31/12/2006p |
| 1. PUBLIC DEBTa) |
6,929
| 6,972
| 764
|
2. PUBLICLY GUARANTEED DEBTa),
of which: |
4,362
| 3,722
| 957
|
| - public sector
| 4,118
| 3,540
| 893
|
| - private sectorb)
| 244
| 182
| 64
|
3. NON-PUBLICLY GUARANTEED DEBT,
of which: |
12,398
| 16,058
| 4,049
|
| - public sector
| 601
| 583
| 112
|
| - private sectorb)
| 11,797
| 15,475
| 3,937
|
| 4. External debt (1+2+3) (loans, borrowings and the like) |
23,689
| 26,752
| 5,770
|
| 5. Medium- and long-term deposits of non-residents |
949
| 966
| 338e
|
| Total external debt (4+5) |
24,638
| 27,718
| 6,108 |
r - rectified data
p - provisional data
e - estimates
a) loans taken or guaranteed by the Ministry of Public Finance in compliance with Public Debt Act
b) financial and non-financial entities with majority private capital
Medium- and long-term external debt service ratio4 in 2006 was 19.5 percent versus 20.1 percent in 2005.
At end-December 2006, import cover5 rose to 6.4 months of imports from 6.3 months of imports at end-2005.
Notes:
- Includes the amount of EUR 2,235 million from the acquisition of 36.8 percent in BCR capital by Erste Bank in October 2006.
- 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