Romania’s current-account deficit widens 50 pct in H1 2010

In January-June 2010, Romania’s balance-of-payments current account posted a deficit of EUR 3,647 million, 50.0 percent higher than in the same period of 2009, due largely to the 49.9 percent decrease year on year in current transfers surplus, the National Bank of Romania (BNR) reported on Wednesday.

Non-residents’ direct investment in Romania worth EUR 1,838 million (as compared with EUR 2,588 million in January-June 2009) covered 50.4 percent of the current account deficit in the first semester of 2010. In January-June 2010, out of the total figure, equity stakes (including reinvested earnings) amounted to EUR 1,408 million (as compared with EUR 1,378 million over January-June 2009) and intra-group loans to EUR 430 million (compared with EUR 1,210 million).

Medium- and long-term external debt at end-June 2010 stood at EUR 71,213 million (81.8 percent of total external debt), 8.4 percent above the level recorded at end-2009. Short-term external debt at end-June 2010 totalled EUR 15,814 million (18.2 percent of total external debt), up 8.3 percent from end-2009. Medium- and long-term external debt service ratio ran at 29.3 percent in the first half of 2010, as compared with 33.1 percent in 2009. At end-June 2010, goods and services import cover stood at 8.9 months versus 8.6 months at year-end 2009.

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