Current account deficit down 73.8pc

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January-July 2009, the current account posted a deficit of 27.17 billion euros, 73.8 percent lower than in the same period of 2008, due largely to a narrower trade deficit (32.36 billion euros, down 69.4 percent).

Non-residents’ direct investment in Romania worth EUR 30.97 billion (as compared with EUR 59.48 billion over January-July 2008) entirely covered the current account deficit in the first seven months of 2009. During January-July 2009, out of the total of 3,097 million, intra-group loans accounted for 48.6 percent of the total figure, equity stakes for 41.2 percent and reinvested earnings for 10.2 percent.

Medium- and long-term external debt at end-July 2009 added 16.7 percent against end-2008 to 59,757 million euros (77.8 percent of total external debt).
Short-term external debt at end-July 2009 totalled 17,018 million euros (22.2 percent of total external debt), down 23.3 percent from year-end 2008.

Medium- and long-term external debt service ratio ran at 28.1 percent in the first seven months of 2009, compared with 29.3 percent in 2008. At end-July 2009, goods and services import cover stood at 8.7 months versus 5.7 months at year-end 2008.

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