Albania’s gross external debt widened by 0.5% q/q to EUR 5.692bn as of end-2013, central bank data showed. In our calculations, the debt accounted for 58.3% of the full-year GDP projection, down from 58.7% a year earlier.
The quarterly increase in the foreign debt was largely due to a 3.8% q/q rise to EUR 1.08bn of the liabilities of the corporate sector. However, its share in the overall foreign debt dropped by 0.8pps q/q to 19%% at end-2013. In addition, direct investment advanced by 1.8% y/y to EUR 1.12bn.
The foreign debt of the banking sectors increased only marginally, by 0.2% q/q to EUR 1.11bn. Within this sector, the liabilities in deposits picked up by 3.6% q/q to EUR 1.01bn, which was partly offset by a 26.7% q/q decline in loans to EUR 74mn as end-2013.
The foreign debt of the general government sector decreased by 1.2% q/q to EUR 2.3bn as the outstanding amount of long-term loans decreased by 1.3% q/q to EUR 2.07bn.
In annual comparison, Albania’s gross external debt grew 3.2% at end-2013, reflecting a strong 10.1% y/y expansion in direct investment and a 3.5% y/y increase in the debt of the general government sector.
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