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      

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