Romania’s balance of payments, 2.375 billion euros in deficit in H1, 2009

Over January-June 2009, the balance-of-payments current account posted a deficit of 2.3 75 billion euros, 73.3 percent lower than in the same period of 2008, the National Bank of Romania (BNR) reports.

The decrease was mainly due to a narrower trade deficit, of 2.962 billion euros, down 67.2
The current account deficit in the first half of 2009 was entirely covered by non-residents’ direct investment in Romania worth 2.894 billion, compared with 5.076 billion over January-June 2008.

During January-June 2009, out of the total of 2.894 billion, intra-group loans accounted for 49.7 percent of the total figure, equity stakes for 40.9 percent and reinvested earnings for 9.4 percent.

Romania’s medium- and long-term external debt as of end-June 2009 added 11.7 percent against end-2008 to 57.237 billion euros (75.8 percent of total external debt).

Romania’s short-term external debt at end-June 2009 totalled 18.239 billion euros (24.2 percent of total external debt), down 17.8 percent from year-end 2008.

Medium- and long-term external debt service ratio ran at 31.2 percent in the first half of 2009, compared with 29.3 percent in 2008. At end-June 2009, goods and services import cover stood at 8.6 months versus 5.7 months at year-end 2008.

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