Montenegro's public debt climbed 14.4% y/y to EUR 1.76bn at end-March, accelerating from the 12.5% increase the month before, due to higher foreign indebtedness, data from the finance ministry showed.
According to Intellinews calculations, the reading accounted for 50.3% of the GDP forecast (at EUR 3.5bn in 2013), up from 46.2% a year earlier. In monthly terms, end-March’s public debt rose EUR 23mn.
The domestic debt remained in the red, shrinking 1.5% y/y to EUR 420mn at end-March, following a 8% drop the month before. It accounted for 12% of the full-year GDP forecast and for around 24% of the total public debt.
End-March external public debt climbed 20.5% y/y to EUR 1.33bn equalling to 38% of GDP.
The country's public debt has increased sharply since 2008 when it stood at just 29% of GDP. In September 2010 and January 2011, Montenegro placed two Eurobond issues worth a combined EUR 380mn to help cope with rising fiscal imbalances.
Public debt is projected to increase to 54.5% of GDP this year from 52.0% at end-2012. It will decline to around 50% of GDP in 2016, due to narrowing budget deficits, according to the latest government forecast.
|Montenegro's public debt, EUR mn||Dec'11||Dec-12||Jan-13||Feb-13||Mar-13||y/y,%|
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