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Balance of payments and external debt, April 2014

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According to data published by the Romanian Central bank, in January - April 2014p, the balance-of-payments current account posted a deficit of EUR 298 million as compared with EUR 241 million in the same year-ago period, mainly amid the increase in income deficit (by EUR 878 million).

- EUR million -

 

January - April 2013p

January - April 2014p

 

CREDIT

DEBIT

NET

CREDIT

DEBIT

NET

CURRENT ACCOUNT (A+B+C)

21,188

21,429

-241

23,565

23,863

-298

A. Goods and services

18,854

18,982

-128

20,573

20,378

195

a. Goods (exports fob – imports fob)*

15,670

16,633

-963

16,933

17,913

-980

b. Services

3,184

2,349

835

3,640

2,465

1,175

- transport

1,144

391

753

1,254

433

821

- tourism-travel

291

421

-130

360

451

-91

- other

1,749

1,537

212

2,026

1,581

445

B. Income

314

1,415

-1,101

300

2,279

-1,979

C. Current transfers

2,020

1,032

988

2,692

1,206

1,486

p provisional data
* Source: National Institute of Statistics (NIS) – International Trade of Goods. Imports FOB are calculated by the NBR based on the CIF/FOB conversion factor of 1.0430 set by the NIS.

Non-residents’ direct investment in Romania1 totalled EUR 785 million (up 8.7 percent as compared with January – April 2013), of which equity stakes (including reinvested earnings) amounted to EUR 705 million and intragroup loans to EUR 80 million.

Medium- and long-term external debt at end-April 2014 stood at EUR 76,182 million (80.6 percent of total external debt), down 0.9 percent from end-2013.

Short-term external debt at end-April 2014 totalled EUR 18,313 million (19.4 percent of total external debt), down 4.5 percent from end-2013.

1 Estimates.

Romania's external debt at end-April 2014*
and external debt service in January - April 2014

- EUR million -

 

External debt

External debt service
January - April 2014p

 

End-2013p

End-April 2014p

 

I. Medium- and long-term external debt

76,894

76,182

6,337

I.1. Direct public debta) o/w:

28,347

29,371

1,849

I.1.1. IMF borrowings

1,121

850

281

I.2. Publicly guaranteed debtb)

1,229

1,184

43

I.3. Non-publicly guaranteed debt

36,157

35,703

2,522

I.4. Medium- and long-term deposits of non-residents

6,453

6,523

570e

I.5. IMF borrowingsc)

4,708

3,401

1,353

II. Short-term external debt

19,166

18,313

11,464e

Total external debt (I+II)

96,060

94,495

17,801

*) The balance of external debt is cash-based (excluding unmatured accrued interest); the IMF’s SDR allocations are not included.
a) external loans taken directly by the Ministry of Public Finance and local governments in compliance with the legislation on public debt, including Government Emergency Ordinance No. 99/2009 ratifying the Stand-By Arrangement between Romania and the IMF;
b) external loans guaranteed by the Ministry of Public Finance and local governments in compliance with the legislation on public debt;
c) loans under the Stand-By Arrangement concluded with the IMF, excluding the amount received by the Ministry of Public Finance from the IMF according to Government Emergency Ordinance No. 99/2009 (item I.1.1. in the table above).
e - estimates     p - provisional data

Medium- and long-term external debt service ratio ran at 30.8 percent in the first four months of 2014 against 41.9 percent in 2013. At end-April 2014, goods and services import cover stood at 7 months, the same level as at end-2013.

 

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