In January - August 2024, the balance-of-payments current account posted a deficit of EUR 17,858 million, compared with EUR 13,830 million in January - August 2023, the National Bank of Romania (BNR) informs in a press release on Monday.The breakdown shows that the deficit on trade in goods widened by EUR 2,634 million, the surplus on services fell by EUR 863 million, the primary income deficit increased by EUR 979 million, while the secondary income surplus grew by EUR 448 million.Non-residents' direct investments in Romania totalled EUR 4,139 million (compared with EUR 4,382 million in January - August 2023), of which equity (including the estimated reinvestment of earnings) and intercompany lending recorded net values of EUR 3,563 million and EUR 576 million, respectively.In January - August 2024, total external debt increased by EUR 14,189 million to EUR 182,524 million, of which: long-term external debt at end-August 2024 ran at EUR 133,389 million (73.1 percent of total external debt), up 9.2 percent against end-2023; short-term external debt at end-August 2024 amounted to EUR 49,135 million (26.9 percent of total external debt), up 6.3 percent from end-2023.Long-term external debt service ratio stood at 13.8 percent in August 2024 against 18 percent in 2023. At end-August 2024, goods and services import cover ran at 5.9 months, as compared to 5.6 months at end-2023.At end-August 2024, the ratio of the National Bank of Romania's foreign exchange reserves to short-term external debt by remaining maturity came in at 101.1 percent, as against 99.7 percent at end-2023, the central bank points out.
The president of the junior ruling Liberal Party, Nicolae Ciucă, urged prime minister Marcel Ciolacu "to urgently explain what he will do so that Romania does not lose the approximately EUR 1.1bn from the Resilience Facility" suspended by the European Commission for six milestones not met by the country. Ciucă thus validates the EUR 1.1bn […]
Ford Otosan announced on October 15 that it will open in November waiting lists for Romania customers interested in buying the new fully electric model E-Tourneo Courier, produced in the factory in Craiova. The first vehicle deliveries are expected in the first quarter of 2025. The E-Tourneo Courier Trend (passenger version), with a 100 kW […]
Two new private equity funds - Evolving Europe Principal Investments Fund II and Finance in Motion Renewables Growth Fund - will receive up to EUR 27.5 million under the national implementation of the Resilience Facility (PNRR) to invest in Romanian companies, the Romanian Ministry of Investments and European Projects (MIPE) announced. The Investment Committee appointed […]
UniCredit downgraded its 2024 growth forecast for Romania to 1.7% (from 2.4% in July) due to the poor performance in H1 and a slower-than-anticipated recovery in the EU, but it upgraded its 2025 outlook to 1.9% (from 1.3% in July) owing to base effects, according to the latest research report of the financial group. The fiscal...
The medium-term fiscal plan that Romania is supposed to send to the European Commission (EC) this month under the Excessive Deficit Procedure has among its objectives cutting the budget deficit to 2.4% in 2031 and bringing the public debt to GDP ratio under 60% by the end of the seven-year period (after possible deviations above […]
The European Commission announced on October 15 that it had endorsed a positive preliminary assessment of the six targets and 62 out of 68 milestones linked to Romania's third payment request for EUR 2 billion (net of pre-financing) under the Recovery and Resilience Facility. The Commission found that six milestones have not been...
