Bulgaria's gross foreign debt up 3.1% y/y to €38.3bn at end-September

By bne IntelliNews November 25, 2014

Bulgaria's gross external debt rose 3.1% y/y to €38.3bn as of end-September, quickening from a 2.2% y/y growth in the previous month, central bank data showed. The debt equalled 95.2% of the expected economic output for 2014. 

Foreign debt increased by €996.5mn since the start of the year, €16.2mn of which were accumulated in September alone.

Long-term external debt climbed 8.5% y/y to €29.1bn on account of public sector borrowing. It constituted 76% of the total foreign debt and 72.4% of the GDP forecast. Short-term debt fell 11% y/y to €9.2bn, equal to 22.2% of GDP, reflecting the process of deleveraging in the real economy. The ratio of Bulgaria's short-term external debt to its foreign reserves declined to 59.2% at end-September from 69.3% a year earlier.

The external liabilities of the general government increased 29.6% y/y to €5.4bn and accounted for 14% of the total foreign debt. On the other hand, the private sector's external borrowing fell 0.3% y/y to €33bn.

The foreign debt of commercial banks shrank 4.4% y/y to €5.8bn, with the sector's short-term debt going down 2.2% y/y to €4.3bn and its long-term liabilities decreasing 10.2% y/y to €1.5bn.

The foreign debt of the real economy declined 0.9% y/y to €11.9bn and intercompany lending related to direct investment edged down 0.4% y/y to €15.8bn.

Gross external debt, eop Jul-14 Aug-14 Sep-14
€ mn      
TOTAL 38,117.9 38,315.4 38,331.6
Long-term 29,100.9 29,275.4 29,122.3
Short-term 9,016.9 9,039.9 9,209.3
Public 5,293.4 5,342.1 5,368.7
Private 32,824.5 32,973.3 32,962.9
       
Change, yoy      
TOTAL 1.5% 2.5% 3.1%
Long-term 7.3% 8.4% 8.5%
Short-term -13.7% -12.9% -11.0%
Public 25.8% 27.1% 29.6%
Private -1.6% -0.6% -0.3%
Source: BNB      

Related Articles

Former Bulgarian energy minister charged in abuse of office case

The anti-corruption unit of Bulgaria’s prosecution service has formally indicted former energy minister Rumen Ovcharov in an abuse of office case ... more

South Africa’s NEPI acquires shopping malls in Hungary, Bulgaria for €528mn

South African fund NEPI Rockastle said it has acquired two new shopping centres – in Hungary and Bulgaria – for a combined €528mn. The fund, which purchased another shopping centre in ... more

CEZ’s attempts to sell Bulgarian assets reportedly suspended

The sale procedure initiated by CEZ for its assets in Bulgaria has been suspended, Bulgaria’s Energy Minister Temenujka Petkova said ... more

Dismiss