Romania ended 2025 with a total external debt of 227.3 billion euros, up by almost 24 billion euros compared to the previous year, according to data published by the National Bank of Romania (BNR).
Reported per resident population, the debt burden amounts to nearly 12,000 euros per capita.
An Increase of Almost 24 Billion in a Single Year
According to BNR, from January to December 2025, the total external debt increased by 23.837 billion euros, reaching 227.347 billion euros.
The breakdown is as follows:
- Long-term external debt: 179.431 billion euros (78.9% of the total), up by 14.8% compared to the end of 2024;
- Short-term external debt: 47.916 billion euros (21.1% of the total), up by 1.6%.
In other words, the majority of the debt is long-term, which reduces immediate pressure but increases long-term obligations.
Nearly 12,000 Euros for Every Romanian
With a resident population of 19.036 million people, the external debt amounts to approximately 11,943 euros per capita (around 60,900 lei).
For comparison, the total external debt is:
- about 1.75 times annual budget revenues;
- about 1.43 times the budget expenditures in 2025.
This picture illustrates the extent of Romania's external exposure.
Current Account Deficit Remains High
Meanwhile, the current account of the balance of payments recorded a deficit of 30.127 billion euros in 2025, up from 28.853 billion euros in 2024.
In detail:
- the goods balance deficit decreased by 637 million euros;
- the services surplus increased by 369 million euros;
- the primary income deficit deepened by 1.861 billion euros;
- the secondary income surplus decreased by 419 million euros.
Thus, the external imbalance remains a significant vulnerability.
Foreign Investments Have Increased Significantly
On the other hand, there is also a positive signal: non-resident direct investments in Romania totaled 8.153 billion euros in 2025, compared to 5.602 billion euros in 2024.
Of this amount:
- 6.185 billion euros represented equity participations (including reinvested profits);
- 1.968 billion euros were intragroup loans.
The increase in direct investments shows sustained interest from foreign investors in the Romanian economy.
Vulnerability Indicators: Slight Improvement
BNR also indicates an improvement in some risk indicators:
- the long-term external debt service ratio decreased to 17.2% in 2025, from 21.5% in 2024;
- the import cover ratio with foreign exchange reserves increased to 6 months (from 5.7 months in 2024);
- the short-term external debt cover with foreign exchange reserves reached 104.8%, above the level of 103.6% from the previous year.
These figures suggest that, although the debt level is rising, the foreign exchange reserve continues to provide a safety buffer.