Serbia's public debt up 3.2% m/m and 8.7% ytd to EUR 13.44bn end-Sept.

By bne IntelliNews October 22, 2012
Serbia's public debt, excluding state guarantees, climbed 3.2% on the month to EUR 13.44bn at end-September, equalling 47% of the projected full-year GDP, the finance ministry said on its website last week. The end-Sept public debt was 8.7% above the end-2011 one. Its share in total public debt, which also comprises state-guaranteed liabilities, stood at 84.8% at end-Sept, decreasing slightly compared to end-2011's 85.4% share in total. The government's direct internal liabilities jumped 9% m/m to EUR 6.1bn, while its direct external debt declined 1.8% m/m to EUR 7.3bn. State guarantees remained unchanged in monthly terms but rose 14.6% compared to end-2011 to EUR 2.4bn (8.5% of the projected GDP). External guarantees stood at EUR 1.82bn (75% share in total), up 15.6% compared to the end-2011. Internal liabilities went up 11.3% over the period to EUR 596.5mn (24.7% share in total). Total public debt reached 55.4% of the full-year projected GDP (EUR 15.85bn) at end-September, up from 54.1% of GDP (15.47bn) at end-August. Earlier last week, Serbia's public debt department indicated that September's increase in the debt volume was due to a change in the calculation methodology, under which the discount debt securities were again included in the public debt stock at their nominal value. This change resulted in an increase of EUR 382.76mn. Serbia's public debt broke its legal limit of 45% of GDP already at end-2011 and is expected to climb as high as 60% of GDP by end-2012 as the government strives to finance its rising fiscal deficit.

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