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Balance of payments and external debt – July 2019

According to Central Bank data, in January - July 2019p, the balance-of-payments current account posted a deficit of EUR 6,025 million, compared with EUR 4,859 million in the same year-ago period. The deficit on trade in goods widened by EUR 2,069 million, the surplus on services income increased by EUR 436 million, the deficit of the primary income balance narrowed by EUR 720 million, and the surplus of the secondary income balance decreased by EUR 253 million.

Non-residents' direct investment in Romaniae totalled EUR 2,916 million (compared with EUR 2,384 million in January - July 2018), of which equity (including estimated net reinvestment of earnings) amounted to EUR 2,102 million and intercompany lending recorded a net value of EUR 814 million.

In January - July 2019, total external debt increased by EUR 8,194 million, of which:

  • long-term external debt at end-July 2019 stood at EUR 73,331 million (68.1 percent of total external debt), up 7.9 percent against end-2018;

  • short-term external debt short-term external debt at end-July 2019 amounted to EUR 34,280 million (31.9 percent of total external debt), up 9 percent from end-2018.

Long-term external debt service ratio ran at 17.6 percent in January - July 2019 against 21.2 percent in 2018. At end-July 2019, goods and services import cover stood at 5.0 months, as compared to 4.9 months at end-2018.

At end-July 2019, the ratio of the National Bank of Romania’s foreign exchange reserves to short-term external debt by remaining maturity came in at 77.7 percent, against 74.3 percent at end-2018.