Croatia public debt reaches 53.9% of GDP as at end-Sep.

By bne IntelliNews January 26, 2011
Croatia's aggregate public debt, including state guarantees, dropped by 1.2% m/m and increased by 20% y/y to HRK 177.3bn (EUR 24.3bn) as at end-September, corresponding to 53.9% of GDP against 54.1% in the previous month, the finance ministry reported. The general government debt dropped by 1.5% m/m and rose by 21.1% y/y to HRK 133.9bn as at end-September. Thus, its share of GDP went up by 7.3pps y/y to 40.7%. The foreign debt rose by 42.4% y/y to HRK 42.5bn as at end-September, while the domestic debt increased by 13.3% y/y to HRK 91.5bn. The debt of the state development bank HBOR amounted to HRK 13.7bn as at end-September, up by 0.1% y/y. The state guarantees reached HRK 43.4bn, accounting for 13.2% of GDP. Intellinews comment: The public debt will continue to increase in the following months, taking into account the necessity for financing the budget deficit and refinancing the existing debt. The 2011 budget deficit is planned at HRK 14.9bn (EUR 2.02bn) or 4.3% of GDP. The endorsed 2011 budget law also envisages borrowing of HRK 23.2bn, with HRK 9.9bn being planned for servicing old debts.

Croatia public debt reaches 53.9% of GDP as at end-Sep.

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