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

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

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