Bulgaria's public debt down 5.5% m/m to EUR 6.52bn at end-August 2013

By bne IntelliNews October 2, 2013

Bulgaria's public debt, excluding state guarantees, fell 5.5% m/m to EUR 6.52bn at end-August 2013 and was equal to 15.9% of the full-year GDP forecast (down from 17.5% a year earlier), according to finance ministry data. The decline was due to the repayment of the short-term BGN 800mn (EUR 409mn) bond the government issued on the local debt market in February. However, data for September will show a new increase in public debt following the auction of 1-year T-bills in the beginning of the month when the government borrowed BGN 300mn from the domestic market. 

Compared to a year earlier, the public debt declined 6.1% y/y in August, following a 2.1% drop posted in July. This was mainly due to the high base in July 2012 when Bulgaria placed a EUR 950mn Eurobond in order to repay maturing debt.

Domestic debt decreased 12% m/m to EUR 2.8bn at end-August 2013 but rose 17.6% y/y. External debt remained flat on a monthly basis but fell 18.8% in annual terms.

The publicly-guaranteed debt fell 1.1% m/m to EUR 442.4mn at end-August, accounting for 1.08% of 2013's projected GDP.

General government debt, EUR mn Dec-10 Dec-11 Dec-12 Apr-13 May-13 Jun-13 Jul-13 Aug-13
total 5,385 5,946 6,991 6,890 6,937 6,926 6,907.3 6,524.9
domestic 2,012 2,458 2,547 3,144 3,189 3,209 3,200.2 2,817.2
external 3,374 3,488 4,445 3,746 3,748 3,717 3,707.1 3,707.7
                 
m/m, %                
total 2 5.91 -0.62 0.08 0.68 -0.16 -0.26 -5.54
domestic 2.4 8.3 0 1.5 1.4 0.63 -0.27 -11.97
external 1.78 4.28 -0.96 -1.05 0.05 -0.84 -0.26 0.02
                 
y/y, %                
total 11.5 10.4 17.6 12.3 14.4 14.72 -2.11 -6.08
domestic 30.7 22.2 3.6 20.2 28.9 29.24 26.87 17.62
external 2.5 3.4 27.4 6.4 4.3 4.58 -18.23 -18.55
Source: Central bank                

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