Bulgaria's gross external debt falls 0.9% y/y to EUR 37.2bn at end-September 2013

By bne IntelliNews November 25, 2013

Bulgaria's gross external debt decreased 0.9% y/y to EUR 37.2bn as of end-September, accounting for 91.5% of the GDP projection for 2013, down from 94.5% of GDP a year earlier, central bank data showed. Total foreign debt shrank 1.2% compared to its level from end-2012, with retired debt since the beginning of this year amounting to EUR 4.1bn. 

In September alone, the gross foreign debt declined by EUR 113.6mn from the previous month, equal to a drop of 0.4% m/m in relative terms.

The long-term external debt shrank 3.5% y/y to EUR 26.8bn and constituted 72% of the country's total external debt. On the other hand, the short-term debt grew 6.7% y/y to EUR 10.4bn (28% share of the total).

The public sector's external borrowing fell 11.7% y/y to EUR 4.2bn at end-September due to the high base effect of last year when the government issued a five-year EUR 950mn Eurobond. The private sector debt owed to foreigners inched up 0.7% y/y to EUR 33bn.

The banks’ external indebtedness increased 7.9% y/y to EUR 5.9bn in September. The sector's short-term debt climbed 15% y/y to EUR 4.4bn, while its long-term liabilities decreased 8.4% y/y to EUR 1.5bn. The external debt of non-financial corporations fell 1.6% y/y to EUR 16.1bn.

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