Bulgaria's Gross External Debt Down by EUR 1.2 B in March Y/Y

Business » FINANCE | May 26, 2011, Thursday // 19:09| Views: | Comments: 0
Bulgaria: Bulgaria's Gross External Debt Down by EUR 1.2 B in March Y/Y Bulgaria's government debt is declining further, according to BNB data. Photo from Manager magazine

Bulgaria's gross external debt was EUR 36 B in March 2011, a decrease of EUR 1.169 B year-on-year, according to latest data of the Bulgarian National Bank (BNB).

As of end-March 2011 gross external debt was EUR 36.099 B (94.5% of GDP), which is EUR 580.4 M less compared with the end of 2010 (EUR 36.7 B, 101.8% of GDP).

As of end-March 2011 Bulgaria's long-term liabilities amounted to EUR 25.342 M (70.2% of total debt), and short-term liabilities came to EUR 10.76 B (29.8% of total debt).

Bulgaria's government debt, which is among the lowest in the EU as a percentage of the GDP, has continued to declined.

General government's external debt was EUR 2.740 B (7.2% of GDP) as of end-March 2011. It decreased by EUR 132.6 M against the end of 2010 (EUR 2.873 B, 8% of GDP). Compared to end-March 2010 (EUR 2.861 B) the sector's debt decreased by EUR 121 M.

The external debt of Bulgarian banks external debt was EUR 6.450 B (16.9% of GDP). It decreased by EUR 411.9 M (6%) against the end of 2010. Compared to end-March 2010, (EUR 7.874 B) the sector's debt decreased by EUR 1.424 B.

Other Sectors' debt was EUR 12.169 B. It decreased by EUR 27.8 M relative to the end of 2010. Compared to end-March 2010 (EUR 11.875 B) the sector's debt increased by EUR 293.2 M.

As of end-March 2011 the stock of intercompany lending in Bulgaria was EUR 14.74 B, which was EUR 8.1 M (0.1%) less compared with the end of 2010. Compared to end-March 2010 (EUR 14.66 B) the sector's debt increased by EUR 82 M.

As of March 31, 2010, 88.1% of Bulgaria's gross external debt was denominated in EUR and 6.4% in USD.

Compared to March 2010 the share of the EUR denominated debt increased by 0.5 p.p. and that of the USD denominated debt decreased by 0.1 p.p. At end-March 2011 year-on-year, the share of EUR denominated debt decreased by 0.3 p.p. and that of USD denominated debt decreased by 0.2 p.p. In January – March 2011, gross external debt service was EUR 1.619 B (4.2% of GDP) against EUR 1.917 B (5.3% of GDP) for the same period in 2010.4

In January-March 2011, loans and deposits received from non-residents were EUR 999.4 M (2.6% of GDP) against EUR 1.143 B (3.2% of GDP) for the same period in 2010. In the reporting period general government received EUR 56.3 M (5.6%), banks received EUR 180.9 M (18.1%), other sectors - EUR 123.4 M (12.3%) and EUR 638.7 M (63.9%) were the newly disbursed Intercompany Lending4.

As of end-March 2011, Bulgaria's net external debt was EUR 17.687 B. It decreased by EUR 122.2 M (0.7%) against the end of 2010 (EUR 17.809 B). As of end-March 2011 as a percent of GDP it amounted to 46.3%, decreasing by 3.1 p.p. compared to end-2010 (49.4%). The decrease was due to the relatively higher decrease (by EUR 580.4 M) of gross external debt in comparison with that of gross external assets (by EUR 458.2 M), the BNB says.

As of end-March 2010 net external debt was EUR 19.577 B, or 54.3% of GDP.

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Tags: gross external debt, BNB, Bulgarian National Bank, intercompany lending, government debt, public debt
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