Croatia’s gross foreign debt falls 0.7% m/m in June

By bne IntelliNews October 1, 2015

Croatia's gross external debt fell 0.7% m/m to €48.9bn at end-June, following a 0.9% monthly increase in May, preliminary central bank data showed. The decrease in June was driven by a decline in the central bank debt, the debt of commercial banks and the debt stemming from direct investments.

Despite the decrease, gross foreign debt will remain high this year as the country is just recovering from a long and severe recession. Croatia is expected to post economic growth for the first time after six years of decline. The approaching elections will weigh on the fiscal prospects and no meaningful consolidation of the finances is expected in the short term. Moreover, the investments which have shown signs of recovery this year are likely to increase domestic and external indebtedness.

The central bank debt dropped to €1.27bn from €1.37bn in May, while the debt of the commercial banks declined 2.9% to €8.15bn. The foreign debt stemming from direct investments fell 1.2% to €6.7bn.

In contrast, government liabilities inched up 0.2% on the month to €16.3bn, while the debt of other domestic sectors increased 0.3% to €16.4bn.

On an annual basis, the country's gross foreign debt rose 5.4% as of end-June.

GROSS FOREIGN DEBT      
EUR mn end--June 15 end--May-15 end-June-14
GROSS FOREIGN DEBT - TOTAL 48,913.10 49,257.50 46,390.20
General government 16,329.80 16,295.80 14,308.70
--short term debt 24.1 35.9 162.3
--long term debt 16,305.80 16,259.80 14,146.40
Central bank 1,276.30 1,376.10 368.9
--short term debt 892.20 991.40 24.6
--long term debt 384.1 384.7 343.3
Banks 8,151.10 8,392.20 8,910.80
--short term debt 1,995.80 2,198.90 2,200.20
--long term debt 6,155.30 6,193.30 6,710.60
Other sectors 16,437.80 16,396.20 16,787.50
--short term debt 584.2 576.5 805.90
--long term debt 15,853.60 15,816.00 15,981.50
Direct investments 6,718.10 6,800.40 6,014.30
Source: National Bank of Croatia      

 

Read in IntelliNews Pro
Get IntelliNews Pro

Related Articles

EBRD extends €75mn risk-sharing facility to Croatian bank PBZ

The European Bank for Reconstruction and Development (EBRD) has allocated a €75mn for risk-sharing facility to Privredna banka Zagreb (PBZ), a part of the Intesa Sanpaolo Group, as part of a new ... more

Erste's Croatian subsidiary boosts net profit by 55% in 2023

Croatia's Erste Bank, a subsidiary of Austria's Erste Group, announced a consolidated net profit of €241mn for 2023, marking a 55% increase from 2022's figure of €156mn.  ... ... more

Zagrebacka Bank hits €509mn record profit in 2023

The Zagrebacka Bank Group announced a record profit of €509mn in 2023, marking an increase of €261mn (105.2%) year on year, the Bank said in its press release on ... more

Follow Us On

Most Read

  1. Ukraine's birth rate plummets to 300-year low as country’s population collapses
    8 days ago
  2. EU finally boosts defence investment into arms production as Ukraine runs out of ammo
    1 month ago
  3. Don't mention the "D" word - Ukraine
    5 days ago
  4. The 'wet-bulb' set to kill hundreds of thousands of people if temperatures and humidity levels continue to rise
    3 days ago
  5. Europe unlikely to tackle Russian LNG imports anytime soon
    2 days ago
  1. Russia could pay off its entire external debt tomorrow, in cash
    26 days ago
  2. Speculation swirls of “Men in Blue” in Crocus City Hall terrorist attack linked to FSB
    30 days ago
  3. Albanians campaign on social media to keep bus bridge created in freak accident
    1 year ago
  4. BRICS announce a blockchain-based payment system to create a common currency
    28 days ago
  5. Saudi Arabia to scale back plans for Neom city
    15 days ago

Reports

Dismiss