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FDI STATISTICS IN ROMANIA

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FDI STATISTICS IN ROMANIA

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    1. FDI STATISTICS IN ROMANIA

    2. Compilation practices and data sources FDI statistics (flows and stocks) are compiled by the National Bank of Romania (NBR) in the BOP and IIP framework; BOP data collection system developed as follows: 1993-2004: ITRS - BOP data collection (including FDI) was based on reporting by banks of aggregate transactions: Limitations in the field of FDI compilation: Difficult to estimate non-cash acquisition of equity capital; Reinvested earnings, in kind dividends not compiled; Geographical and industrial breakdown not available, Stocks calculated as accumulation of flows.

    3. Compilation practices and data sources 1 January 2005: a new BOP system has been implemented - an improved ITRS, based on: Reporting by banks of individual transactions performed on behalf of their customers, (transaction-by-transaction system); Supplemented by direct reports and Surveys. The FDI data quality substantially increased in the new ITRS: Individual transactions reported are easy to be checked via additional sources: External debt database; Balance sheets of the banks; Trade register in some cases; Media etc. Geographical and economic sector breakdown available;

    4. Compilation practices and data sources Constraints: Monthly data on inward and outward FDI flows are compiled based on ITRS cash transactions only: In kind equity capital, reinvested earnings, dividends cannot be derived. For final BOP and IIP, annual data on inward direct investment transactions are adjusted with the results of a survey, conducted annually, on a regular basis. Quarterly data are revised accordingly.

    5. Compilation of inward FDI � Introducing of a survey Starting with 2004 NBR and the National Institute of Statistics (NIS) are conducting an annual survey on inward FDI flows and stocks. NBR�s responsibilities: Methodological issues; Designing the reporting forms and instructions; Being in a permanent contact with reporting population during the survey period; Collecting the answers; Developing a dedicated software for automated processing of the data reported (team of IT experts within NBR). INS specialists are in charge with: Drawing the sample; On-site survey implementation and Grossing up of the results provided by the sampled population to the total FDI enterprises registered in the country.

    6. Compilation of inward FDI � Introducing of a survey The survey technical characteristics (in 2005 for 2004 data): Sample of 6712 respondents out of a total population of about 35,000 foreign direct investment enterprises registered in Romania, of which: 3,170. of companies have been exhaustively surveyed: All inward investing companies with more than 50 staff; all investing banks; insurance companies and other financial intermediaries (this ensures that any financial services companies with low employment, but high earnings are included) A sample of 3,542 enterprises was drawn at random, according to : The number of employees (less than 50); Geographical region; Economic activity.

    7. Compilation of inward FDI � Introducing of a survey Business Register developing and managing: First entries provided by the INS based on: Statistical Business Register (REGIS); Administrative sources (Trade register) Ministry of Public Finance (Balance Sheets data on foreign participation) Maintained by the NBR taking into account: All the FDI companies surveyed in the last years; ITRS; Administrative Sources (Trade register in some instances); New information from media.

    8. Compilation of inward FDI - Introducing of a survey Methodology: The FDI definition recommended by BPM5 of the IMF is applied (in compliance with the OECD definition, too); The 10% ownership rule in both incorporated and unincorporated enterprises is also applied. Treatment of reverse investment: Data on inwards direct investment transactions and positions: First observed for loans (intra-group loans); Starting with FDI survey regarding 2005 data, the treatment of reverse investment is according to the international standards in all instances; Data on outwards direct investment transactions and positions: They will be observed for intra-group loans within a survey to be conducted as regards 2005 data.

    9. Compilation of inward FDI - Introducing of a survey Both inward and outward FDI data are allocated to the country of direct ownership (immediate country basis principle). Income on equity : Dividends: FDI companies are required to report distributed dividends (distributed when they are become payable); In kind dividends are included. Reinvested earnings: Derived as the difference between total profits and reported dividends. Profits are reported on all -inclusive basis (companies are not able for the time being to report profits on a Current Operating Profits Concept (COPC), due to the gradual implementation of IAS. Equity capital: Information on stocks and flows of non-cash acquisition of equity capital are collected via survey.

    10. Compilation of outward FDI Statistics on outwards direct investment transactions are produced based on ITRS which covers: Cash transactions made through the domestic banking system; Transactions made by resident companies having accounts opened with banks abroad and, allows compilation of: Equity capital data; Other capital data. Geographical and industrial breakdown of flows. Equity stocks and other capital stocks - calculated as accumulation of flows to be shown under IIP.

    11. Compilation of outward FDI Future plans: While outward FDI was not significant, NBR had plans to conduct un annual FDI survey on outward direct investments for 2005 data. This will allow: estimation of: Receivable dividends; Reinvested earnings; Non-cash acquisition of equity capital; Pure stocks on: Equity capital and reinvested earnings; Other capital for the first time.

    12. Compilation of outward FDI Business Register developing and managing: A business register is going to be developed by the NBR based on: A compulsory requirement of the BOP regulation in force, according to which, all residents must notify the central bank their participation to the non-resident company at the time it becomes legal; Information provided by the ITRS regarding companies involved in cross-border payments in relation to FDI; Media, other.

    13. Data dissemination Data on inward and outward FDI are published by the National Bank of Romania in the Monthly Bulletin with a timeliness of 8 weeks; Annual flows and stocks data are published in the Annual Report on BOP and IIP released by the National Bank with a timeliness of 11 month. Data are also available in the NBR�s website: www.bnro.ro .

    14. GROSS DOMESTIC PRODUCT AND FOREIGN DIRECT INVESTMENT IN ROMANIA

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