Montenegro's public debt totalled EUR 1.76bn at end-June, accounting for 50.1% of the full-year GDP projection, the finance ministry said in its April-June bulletin. The report did not provide year-on year comparison figures. According to IntelliNews calculations based on finance ministry data released earlier, the public debt rose 8% y/y at end-June, slowing slightly from an 8.1% annual growth the month before.
The end-June domestic debt totalled EUR 442mn equalling to 12.6% of the full-year GDP forecast and for around 25% of the total public debt. The external liabilities amounted to EUR 1.32bn (37.5% of GDP).
Montenegro’s public debt has increased sharply since 2008 when it stood at just 29% of GDP. It rose 14% to EUR 1.7bn (51% of GDP) in 2012 lifted by the country’s development policy loan agreement with the World Bank (EUR 59mn) and two credit arrangements with Credit Suisse (EUR 250mn) aimed at supporting the budget.
The public debt is projected to reach EUR 1.9bn (53.8% of the GDP) by end-2013 and will start declining in 2014, according to the latest government forecast.
|Montenegro's public debt, EUR mn||Dec'11||Dec-12||Jan-13||Feb-13||Mar-13||Apr-13||May-13||Jun-13||y/y,%|
|Source: MinFin, IntelliNews calculations|
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