Bulgaria's gross external debt falls 1.3% y/y to EUR 37.4bn at end-November 2013

By bne IntelliNews January 24, 2014

Bulgaria's gross external debt shrank 1.3% y/y to EUR 37.4bn as of end-November 2013, accounting for 92.1% of the full-year GDP projection, down from 95.6% a year earlier, central bank data showed. Total foreign debt decreased 0.6% ytd to EUR 215mn. In November alone, the gross foreign debt increased 2% from the month before.

The long-term external debt edged down 0.6% y/y to EUR 27.3bn, constituting 73% of the country's total external debt. The short-term debt narrowed 3.2% y/y to EUR 10.1bn (27% share of the total).

The public sector's external borrowing fell 15.4% y/y to EUR 3.9bn at end-November due to the high base effect of last year when the government issued a five-year EUR 950mn Eurobond. The private-sector debt owed to foreigners inched up 0.6% y/y to EUR 33.5bn.

The banks’ external indebtedness declined 11.2% y/y to EUR 5.7bn as of end-November. The sector's short-term debt was down by 9.3% y/y to EUR 4.3bn, while its long-term liabilities decreased 16.6% y/y to EUR 1.4bn. The external debt of non-financial corporations slid 0.3% y/y to EUR 16bn.

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