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

Bulgarian PM expects country to join Eurozone waiting room within a year

Bulgarian Prime Minister Boyko Borissov said on April 26 he expects his country to join the Eurozone waiting room — the European Exchange Rate Mechanism (ERM2) — within a year.  Bulgaria, ... more

Romania, Bulgaria seek China’s support for third Danube bridge

The third bridge over Danube between Romania and Bulgaria will be part of a package that four Balkan countries — Romania, Bulgaria, Serbia and Greece — will offer China for funding, the prime ... more

Bulgarian government gives up plan to join CEZ asset sale deal

Bulgaria’s government does not intend to participate in the deal to sell assets of Czech energy company CEZ, Finance Minister ... more