Croatia's foreign debt down by 0.6% m/m as at end-Apr.

By bne IntelliNews July 26, 2011
Croatia's gross foreign debt dropped by 0.6% m/m to EUR 46.9bn as at end-April, the central bank (HNB) reported. The decrease was fuelled by the 1.4% m/m drop of the corporate debt, which reached EUR 21.7bn. The foreign debt, stemming from direct investments, went down by 1.1% m/m to EUR 7.1bn. The government sector liabilities inched down by 0.5% m/m to EUR 6.9bn. The banks debt rose by 1.9% m/m to EUR 11.2bn as at end-April. In annual terms, the gross foreign debt rose by 5.1% y/y on higher government debt (by 27.3% y/y) and banking sectors debt (by 7.6% y/y). In USD terms, the debt widened by 4.9% m/m to USD 69.7bn as at end-April. IntelliNews comment: The external debt will continue to increase in the following months in annual terms, mainly due to the public external debt, which will keep rising on the necessity for financing of 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's foreign debt down by 0.6% m/m as at end-Apr.

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