Romania's external debt up EUR 16.5 bln, mainly on Govt. borrowing, in year to April

Romania's gross external debt (not including the loans contracted by FDI companies from parent groups) increased by 12% y/y or EUR 16.5 billion in 12 months to April 2025, according to data published by the National Bank of Romania. The gross external debt (GED) reached EUR 158.2 billion, equivalent to 44.7% of the country's GDP.

The rise in Romania's GED over the past 12 months to April 2025 accounts for 4.7% of the country's GDP, and it has financed just above half of Romania's EUR 33.4 billion current account (CA) deficit over the period.

Out of the total rise in the country's external debt, EUR 14.4 billion (87%) was generated by the government sector, while the private companies contributed only EUR 2.3 billion.

Romania's GED increased significantly in 2023 when the country had to handle the shock of the costly import of energy resources. In that year, the GED rose by +EUR 26 billion, out of which +EUR 24 billion on the side of the government. Since then, the annual increase in GED gas eased towards EUR 12 billion in January-March 2025, to increase to EUR 16.5 billion in April.

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