annals of the university of petroÅani â¼ economics â¼ vol. xi - part i ...
annals of the university of petroÅani â¼ economics â¼ vol. xi - part i ...
annals of the university of petroÅani â¼ economics â¼ vol. xi - part i ...
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Aspects Regarding <strong>the</strong> E<strong>vol</strong>ution <strong>of</strong> Romania’s Public Debt in <strong>the</strong> … 131<br />
excessive deficits” (annex <strong>of</strong> <strong>the</strong> Maastricht Treaty) shows that <strong>the</strong> debt degree was<br />
and still is much below <strong>the</strong> 60% margin.<br />
Years<br />
Government<br />
al<br />
public debt<br />
Table 1. E<strong>vol</strong>ution <strong>of</strong> Romania’s public debt<br />
Local<br />
public<br />
debt*<br />
Total public<br />
debt<br />
Gross internal<br />
product (GIP)<br />
- Million lei -<br />
Share <strong>of</strong> public<br />
debt within<br />
GIP %<br />
2000 25 231.9 3.3 25 235.2 80 377.3 31.4<br />
2001 33 465.6 41.4 33 507.0 116 768.7 28.7<br />
2002 43 632.7 73.6 43 706.3 151 475.1 28.9<br />
2003 51 137.0 226.7 51 363.7 197 600.0 26.0<br />
2004 55 147.3 404.9 55 552.1 246 400.0 22.5<br />
2005 56 381.9 2 628.8 59 010.8 288 995.0 20.4<br />
2006 59 868.4 3 472.3 63 340.7 344 651.0 18.4<br />
2007 76 149.7 6 174.5 82 324.2 412 762.0 19.9<br />
2008 100 514.3 9 237.7 109 752.0 503 958.7 21.8<br />
*The data regarding local public debt are available only beginning with 2000.<br />
Source: The Ministry <strong>of</strong> Public Finances<br />
The composition <strong>of</strong> Romania’s public debt is displayed by Table no. 2.<br />
Table 2. Composition <strong>of</strong> Romania’s public debt<br />
No.<br />
Public debt<br />
Million lei Million euro<br />
equivalent equivalent*<br />
1. Total governmental public debt, out <strong>of</strong> 100 514.3 25 216.83<br />
which:<br />
1.1 - Directly contracted by <strong>the</strong> State 91 904.9 23.056,92<br />
1.2 - Guaranteed by <strong>the</strong> State 8 609.4 2 159.90<br />
2. Total local public debt, out <strong>of</strong> which: 9 237.7 2 317.54<br />
2.1 - Directly contracted by <strong>the</strong><br />
8 529.8 2 139.94<br />
authorities <strong>of</strong> local public<br />
administration<br />
2.2 - Guaranteed by <strong>the</strong> authorities <strong>of</strong> <strong>the</strong><br />
707.9 177.60<br />
local public administration<br />
3. Total public debt (1+2) 109 752.0 27 534.37<br />
4. Gross internal product (GIP) 503 958.7 -<br />
5. Share <strong>of</strong> public debt within GIP 21.8% -<br />
*According to <strong>the</strong> BNR course on 31.12.2008: 3.9860 lei/euro.<br />
Source: The Ministry <strong>of</strong> Public Finances<br />
According to <strong>the</strong> data displayed by Table no. 2, Romania’s public debt<br />
registered on December 31 st , 2008 represented 109 752 million lei (namely, 27 534.37<br />
million euro), out <strong>of</strong> which governmental public debt registering 100 514.3 million lei<br />
(namely, 25 216.8 million euro) represents 91.6% <strong>of</strong> <strong>the</strong> total public debt, and local<br />
public debt registering 9 237.7 million lei (namely, 2 317.5 million euro) represents<br />
only 8.4% <strong>of</strong> <strong>the</strong> total public debt. At <strong>the</strong> same time, <strong>the</strong> analysis <strong>of</strong> <strong>the</strong> data displayed