Albania’s gross external debt expanded by 3.1% y/y to €7.96bn at the end of the first quarter of 2017, following a 3% annual increase in the previous quarter, data from the central bank indicated on June 12.
The external debt has constantly been increasing q/q since 2008, except in Q4 2009 and Q2 2015. In February, Standard & Poor’s (S&P) Global Ratings agency affirmed its 'B+/B' long- and short-term foreign and local currency sovereign credit ratings on Albania.
Quarter-on-quarter, Albania’s end-March gross external debt rose by 1.2%, the data indicated. General government debt accounted for the bulk of the total debt, €3.479bn, and was up by 5.9% y/y. The government debt went up by 2.3% q/q.
The banking sector’s debt rose by 5.7% y/y to €1.363bn at end of Q1, of which €1.238bn was short-term debt. The central bank's debt dropped to €62mn from €72mn a year ago.