In January – December 2023p, the balance-of-payments current account posted a deficit of EUR 22,694 million, compared with EUR 26,040 million January through December 2022. The breakdown shows that the deficit on trade in goods declined by EUR 2,990 million, the surplus on services expanded by EUR 204 million, the primary income deficit decreased by EUR 9 million, while the secondary income surplus increased by EUR 143 million.
|
Balance-of-payments current account (EUR million) |
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|
January – December 2022 |
January – December 2023p |
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|
CREDIT |
DEBIT |
BALANCE |
CREDIT |
DEBIT |
BALANCE |
|
|
CURRENT ACCOUNT (A+B+C) |
137,097 |
163,137 |
-26,040 |
141,918 |
164,612 |
-22,694 |
|
A. Goods and services |
112,954 |
141,928 |
-18,974 |
126,120 |
141,900 |
-15,780 |
|
a. Goods |
86,017 |
118,064 |
-32,047 |
86,526 |
115,583 |
-29,057 |
|
b. Services |
36,937 |
23,864 |
13,073 |
39,594 |
26,317 |
13,277 |
on physical inputs owned by others |
3,031 |
160 |
2,871 |
3,280 |
144 |
3,136 |
|
– transport |
10,195 |
4,606 |
5,589 |
10,579 |
4,599 |
5,980 |
|
– tourism – travel |
4,474 |
7,382 |
-2,908 |
4,594 |
8,459 |
-3,865 |
|
– telecommunications, computer and information services |
9,334 |
3,698 |
5,636 |
10,042 |
4,139 |
5,903 |
|
– other |
9,903 |
8,018 |
1,885 |
11,099 |
8,976 |
2,123 |
|
B. Primary income |
7,213 |
15,726 |
-8,513 |
8,247 |
16,751 |
-8,504 |
|
C. Secondary income |
6,930 |
5,483 |
1,447 |
7,551 |
5,961 |
1,590 |
|
p) provisional data |
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Non-residents’ direct investment in Romania totalled EUR 6,587 million (compared with EUR 10,039 million in January – December 2022), of which equity (including the estimated net reinvestment of earnings) and intercompany lending recorded net values of EUR 6,548 million and EUR 39 million, respectively.
In January – December 2023, total external debt increased by EUR 24,926 million to EUR 168,812 million, of which:
● long-term external debt at end-December 2023 ran at EUR 121,162 million (71.8 percent of total external debt), up 22.8 percent against end-2022;
● short-term external debt at end-December 2023 amounted to EUR 47,650 million (28.2 percent of total external debt), up 5.3 percent from end-2022.
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Romania’s external debt and external debt service (EUR million) |
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|
External debt |
External debt service, January – December 2023p |
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|
End-2022 |
End-December 2023p |
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|
1. General government |
57,845 |
76,739 |
8,574 |
|
Currency and deposits |
470 |
391 |
2,875 |
|
Debt securities* |
42,941 |
61,188 |
3,773 |
|
Loans |
14,163 |
14,957 |
1,574 |
|
Trade credits and advances |
267 |
199 |
352 |
|
Other accounts payable |
4 |
4 |
0 |
|
2. Central bank |
3,404 |
3,307 |
133 |
|
Currency and deposits |
1 |
1 |
13 |
|
Debt securities |
0 |
0 |
0 |
|
Loans |
0 |
0 |
0 |
|
Allocation of SDRs |
3,403 |
3,306 |
120 |
|
Other accounts payable |
0 |
0 |
0 |
|
3. Deposit-taking corporations except the central bank |
10,973 |
12,973 |
13,421 |
|
Currency and deposits |
8,880 |
8,550 |
10,138 |
|
Debt securities |
1,961 |
4,330 |
2,965 |
|
Loans |
0 |
0 |
0 |
|
Other accounts payable |
132 |
93 |
318 |
|
4. Other sectors |
27,898 |
30,878 |
26,535 |
|
Currency and deposits |
0 |
0 |
0 |
|
Debt securities |
800 |
863 |
649 |
|
Loans |
12,813 |
13,395 |
12,154 |
|
Trade credits and advances |
14,022 |
16,306 |
13,397 |
|
Other accounts payable |
263 |
314 |
335 |
|
I. External debt (1+2+3+4)** |
100,120 |
123,897 |
48,663 |
|
II. Direct investment: intercompany lending |
43,766 |
44,915 |
34,026 |
|
Total external debt (I+II), of which: |
143,886 |
168,812 |
82,689 |
|
Short-term external debt |
45,248 |
47,650 |
60,807 |
|
Long-term external debt |
98,638 |
121,162 |
21,882 |
|
p) provisional data * The developments in the stock of debt securities issued by the general government include the influence of higher prices of these instruments worth EUR 5.4 billion. ** except debt instruments related to direct investment |
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Long-term external debt service ratio stood at 17.4 percent in January – December 2023 against 17.9 percent in 2022. At end-December 2023, goods and services import cover ran at 5.6 months, as compared to 4.4 months at end-2022.
At end-December 2023, the ratio of the National Bank of Romania’s foreign exchange reserves to short-term external debt by remaining maturity came in at 97.4 percent, as against 82.4 percent at end-2022.
