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 |
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