Review by Christos T. Panagopoulos
In January – July 2013, Romania’s balance-of-payments current account posted a surplus of 489 million euros, as compared with a deficit of 3,041 million euros in the first seven months of 2012, due to a decrease by 2,221 million euros in trade deficit and an increase by 1,460 million euros in services surplus, the National Bank of Romania (BNR) reported in a press release.
Non-residents’ direct investment in Romania (estimates) totaled 946 million euros, down 28.9% from January-July 2012, of which intragroup loans amounted to 646 million euros and equity stakes consolidated with the estimated net loss to 300 million euros.
Medium- and long-term external debt at end-July 2013 stood at 78,336 million euros, 79.7% of the total external debt, 0.5% below the end-2012 level.
Short-term external debt at end-July 2013 totaled 19,990 million euros, 20.3% of the total external debt, down 1.3% from end-2012.
Medium and long-term external debt service ratio ran at 35.4% in the first seven months of 2013, as against 33.5% in 2012. At end-July 2013, goods and services import cover stood at 7.5 months, as compared with 7.1 months at end-2012.