Romania\u2019s total external debt increased by EUR 23.84 billion in 2025 (+11.7% y\/y), reaching EUR 227.35 billion (61% of GDP) at year-end, according to data published by the National Bank of Romania (BNR). The public external debt was mainly behind this rise, contributing EUR 18. 6 billion to the gross external debt\u2019s advance up to EUR 125.5 billion (roughly one-third of GDP).<\/p>\n
Long-term external debt stood at EUR 179.43 billion as of December 31, 2025, accounting for 78.9% of the total and marking a 14.8% increase compared to end-2024. Short-term external debt amounted to EUR 47.92 billion, representing 21.1% of the total, up by 1.6% year-on-year.<\/p>\n
Despite the higher debt stock, several sustainability indicators improved.<\/p>\n
The long-term external debt service ratio declined to 17.2% in January\u2013December 2025, from 21.5% in 2024, reflecting lower repayment pressures relative to export earnings.<\/p>\n
Foreign exchange reserves provided stronger coverage buffers. As of end-2025, reserves covered 6 months of imports of goods and services, up from 5.7 months a year earlier.<\/p>\n
The coverage ratio of short-term external debt at residual maturity with BNR foreign exchange reserves rose to 104.8%, compared with 103.6% at end-2024, indicating that reserves fully cover short-term external obligations.<\/p>\n
The rise in external debt comes amid elevated fiscal deficits and sustained borrowing needs, although improved reserve adequacy metrics suggest Romania\u2019s external liquidity position remains broadly stable.<\/p>\n