Serbia's public debt up 30% y/y to EUR 19bn at end-Feb 2013.

By bne IntelliNews March 19, 2013
Serbia's public debt rose 30% y/y to EUR 19bn in February, data from the finance ministry showed. In February 2013 alone, the public debt increased by EUR 1.5bn mainly lifted by Serbia's USD 1.5bn Eurobond issue placed on February 14. According to IntelliNews calculations, the end-Feb public debt accounted for 61.5% of GDP, up from 51.2% of GDP in the like period of 2012. These calculations are based on the government's latest forecast that GDP will expand 2% (to EUR 31bn) in 2013. The volume of end-2012 public debt excluding state guarantees - EUR 16.3bn, was up 7.9% compared to the end-2012 and 9% higher m/m, accounting for 85% of total public debt. The state guarantees also increased - by 6.8% m/m and 7.7% compared to end-2012. The country's public debt rose to 61.6% of GDP at end-2012 from 47.5% of GDP at end-2011, reflecting the two Eurobond issues worth a combined USD 1.75bn in September and November 2012. According to the government's fiscal strategy for the 2013-2015 period, the debt is expected to rise to over 65.2% of GDP at end-2013 and start decreasing as of 2014 thanks to a strong decline in the budget deficit.
Serbia's public debt, EUR mn Dec'10 Dec'11 Dec'12 Jan'13 Feb'13
Public debt excluding guarantees 10,444,5 12,674.7 15,070.7 14,924.0 16,263.8
-- Internal 4,571.8 5,436.1 6,452.6 6,449.2 6,500.8
-- External 5,872.7 7,238.6 8,618.1 8,474.9 9,763
State guarantees 1,712.5 2,190.6 2,600.4 2,621.7 2,799.4
-- Internal 340.0 535.8 722.6 750.4 767.1
-- External 1,372.5 1,573.8 1,877.8 1,871.3 2,012.2
Total public debt 12,156.9 14,784.3 17,671.1 17,545.7 19,043.2
Source: Ministry of finance

Serbia's public debt up 30% y/y to EUR 19bn at end-Feb 2013.

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