Macedonia’s gross external debt increased by 2.4% y/y to EUR 5.74bn at end-June 2014, decelerating from a 2.5% y/y rise at end-March on the back of lower annual growth of its private component, preliminary central bank data showed. In q/q terms, the total debt stock grew 2% at end-June. The total debt stock is equal to 71.7% of GDP, up from 70.3% of GDP at end-March.
As of June 2014, Macedonia’s central bank began to disseminate external statistics data produced according to the new international standards defined in the Balance of Payments and International Investment Position Manual (BPM6).
Public debt increased by 2.9% y/y to EUR 2.59bn at end-June, speeding up from a 1.6% y/y growth a quarter earlier. In a related note, we remind that Macedonia sold a EUR 500mn 7-year Eurobond on July 17.
On the other hand, private debt went up by 2.1% y/y to EUR 3.16bn at end-June, decelerating from a 3.1% y/y rise at end-March.
At end-June, long-term debt increased by 4.2% y/y to EUR 4.04bn, while short-term debt narrowed by 1.6% y/y to EUR 1.70bn.
The net external debt grew 17.1% y/y to EUR 1.81bn at end-June.
| Gross External Debt, EUR mn | |||||
| Q2 2013 | Q1 2014 | Q2 2014 | % y/y | % q/q | |
| GROSS EXTERNAL DEBT | 5,605 | 5,629 | 5,742 | 2.4% | 2.0% |
| - Public debt | 2,513 | 2,507 | 2,586 | 2.9% | 3.1% |
| - Private debt | 3,092 | 3,122 | 3,156 | 2.1% | 1.1% |
| - Long-term debt | 3,877 | 3,950 | 4,041 | 4.2% | 2.3% |
| - Short-term debt | 1,728 | 1,679 | 1,701 | -1.6% | 1.3% |
| Source: Central bank |
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