Romania 1H Public Debt Rises To 23.27% Of GDP

In the first six months, the country’s public debt amounted to 123.6 billion (EUR1-RON4.2173), compared with RON109.7 billion at the end of 2008.

The government debt stood at 92.96% of Romanian overall debt in the first half, while local authorities’ debt accounted for 7.04%.

The public debt’s weight on the GDP was calculated based on an estimated GDP of RON531 billion this year, as agreed upon with the International Monetary Fund in the spring.

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Early August, the IMF revised its figures, forecasting a GDP of RON497.3 billion.

End June, the public debt in Romanian lei was at 64.1% of the total debt, while euro-denominated debt stood at 25.3%. 

According to EU standards, Romania’s foreign debt amounted to RON42.9 billion in the first half, while the internal debt reached RON38.8 billion.

In the first six months of 2009, Romania’s Finance Ministry sold state treasuries amounting to RON40.64 billion, of which 38.75% were in six-month paper, 29.5% were three-month treasuries, while one-month treasuries counted for 19.19% of the total debt.

One-year bills and three- and five-year bonds amounted to 12.5% of the debt sold in the first six months.