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|
|Source: Central bank|
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