Romania\u2019s gross external debt increased by EUR 22 billion in the first ten months of 2025 to reach EUR 225.5 billion at the end of October, equivalent to 61% of gross domestic product (GDP), according to data published by the National Bank (BNR). Long-term liabilities accounted for 78.7% of the total stock.<\/p>\n
BNR data showed that long-term external debt amounted to EUR 177.6 billion at the end of October, up 13.6% compared with December 2024. Short-term external debt stood at almost EUR 48 billion, marking a more modest increase of 1.7% year to date.<\/p>\n
The expansion of external liabilities was driven largely by the public sector.\u00a0<\/p>\n
External debt of the public administration reached EUR 125.8 billion, an increase of EUR 18.8 billion, or nearly 18%, compared with the end of 2024. This reflects continued reliance on external financing to cover fiscal and refinancing needs amid elevated budget deficits.<\/p>\n
Despite the higher debt stock, debt service indicators improved over the period. The long-term external debt service ratio declined to 17.1% in January\u2013October 2025, from 21.5% in 2024, indicating a lower burden of repayments relative to export earnings, BNR data showed.<\/p>\n
External liquidity buffers also strengthened.\u00a0<\/strong>The coverage of imports of goods and services stood at 6 months as of October 31, compared with 5.7 months at the end of 2024, supported by higher foreign exchange reserves.<\/p>\n The coverage ratio of short-term external debt calculated at residual maturity with foreign exchange reserves reached 105.2% at the end of October, up from 103.6% at the end of last year. This indicates that Romania\u2019s reserves were sufficient to fully cover short-term external obligations falling due within one year.<\/p>\n