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STATISTICAL SURVEY: RESULTS OF THE 2012 FOREIGN DIRECT INVESTMENT
The paper, completed on 1 October 2013, was prepared by the Statistics Department within the
National Bank of Romania and the departments of Structural Business Statistics and Business
Statistic Register within the National Institute of Statistics.
1. Net FDI flow in 2012
Net FDI flow in 2012 stood at EUR 2,138 million, out of which:
–– Foreign direct investors’ net equity stakes in FDI enterprises in Romania worth EUR 795 million
(37.2 percent of net FDI flow). Net equity was computed by subtracting the net loss in amount
of EUR 1,881 million from equity stakes worth EUR 2,676 million. Net loss resulted from
the 2012 net earnings of FDI enterprises amounting to EUR 4,691 million less the dividends
distributed in 2012 worth EUR 2,212 million and less the 2012 loss of FDI enterprises equalling
EUR 4,360 million. Calculations are made in compliance with the international methodology for
determining earnings reinvested by FDI enterprises as well as their net loss.
–– Net credit of direct investment enterprises from foreign direct investors, intra-group included,
running at EUR 1,343 million, which accounted for 62.8 percent of net FDI flow.
Annex shows net FDI flow and its components (equity stakes, reinvested earnings/net loss and net
credit from investors) by FDI enterprises’ activity. The analysis of these data reveals:
–– Across most economic fields in which FDI hold a significant share, equity stakes in FDI enterprises
went up, indicating that investment carried on in 2012. The sectors having reported the most
significant capital increases were: industry (EUR 1,072 million), with manufacturing accounting
for EUR 529 million, and energy (EUR 497 million); other fields with significant capital investment
were financial intermediation and insurance (EUR 646 million) and construction and real estate
transactions (EUR 295 million).
–– The main economic fields having reported losses larger than earnings were: financial intermediation
and insurance (earnings: EUR 376 million, losses: EUR 1,015 million) and construction and real
estate transactions (earnings: EUR 255 million, losses: EUR 747 million).
- Following the distribution of important amounts in the form of dividends in 2012, the previously
mentioned fields saw a wider net loss (earnings, less distributed dividends, less losses). Thus,
dividends distributed amounted to EUR 134 million in financial intermediation and insurance and
to EUR 158 million across construction and real estate transactions.
–– The following sectors benefited by important financing via net credit from parent banks to
their subsidiaries: manufacturing (EUR 606 million) and energy (EUR 173 million), trade
(EUR 423 million), construction and real estate transactions (EUR 213 million).
–– In spite of significant losses (EUR 1,491 million) and given dividends distributed in amount
of EUR 960 million, overall industry benefited by a EUR 1,828 million-worth of net FDI
flow (accounting for 85.5 percent of the 2012 net FDI flow), on the back of equity stakes
(EUR 1,072 million), net credit received (EUR 862 million) and earnings (EUR 2,345 million).
2. FDI stock as of year?end 2012
As at-end 2012, final FDI stock came in at EUR 59,126 million, i.e. 7.2 percent larger than at end-2011.
This result was calculated by adding to the initial net FDI stock the positive/negative adjustments
arising from both revaluations – following the change in the exchange rate and some asset prices –
and the changed accounting treatment of the initial stocks of some reporting enterprises.
Equity stakes (including reinvested earnings) of FDI enterprises amounted to EUR 39,266 million
(66.4 percent of the final FDI stock) at end-2012 and total net credit received by direct investment
enterprises from foreign direct investors, intra-group included, reached EUR 19,860 million,
i.e. 33.6 percent of the final FDI stock. Net credit includes both the medium- and long-term loans and
the short-term loans granted by foreign investors to their investment enterprises in Romania, either
directly or through other non-resident members of the group.
2.1. FDI stock distribution by main economic activity
By economic activity (according to NACE Rev. 2), FDI were channelled primarily to manufacturing
(31.3 percent of total), out of which the largest recipients were: oil processing, chemicals, rubber and
plastic products (6.7 percent of total FDI), transport means (5.4 percent), metallurgy (4.9 percent),
food, beverages and tobacco (3.7 percent) and cement, glassware, ceramics (2.8 percent).
Further activities that have also attracted significant FDI are financial intermediation and insurance
(18.5 percent of total FDI), trade (11.4 percent), construction and real estate transactions (9.2 percent),
information technology and communications (4.8 percent).