Bulgaria’s gross foreign debt decreased by 1.59 B, or 4% at the end of May compared to the end of 2014, reaching EUR 38.18 B, or 88.9% of the projected 2015 Gross Domestic Product, official data showed on Tuesday.

On a year-on-year basis gross foreign debt increased by EUR 975 M, or 2.6% compared with May 2014, according to preliminary data released by the Bulgarian National Bank (BNB).

Long-term liabilities totalled EUR 30.54 B, or 80% of the total foreign debt at the end of May, increasing by EUR 840 M, or 2.8% from the end of last year. Compared with May 2014, Bulgaria’s long-term foreign debt increased by EUR 2.55 B, or 9.1%.

Short-term liabilities were EUR 7.64 B, declining by EUR 2.43 B, or 24.1% from end-2014. On a year-on-year basis, short-term external debt decreased by EUR 1.57 B.

The general government’s gross foreign debt totalled EUR 6.32 B, or 14.7% of GDP at the end of May, increasing by EUR 291 M, or 4.8% from end-2014 and growing by EUR 2.92 B, or 86% compared with May 2014.

Bulgaria’s net external debt totalled EUR 11.89 B at the end of May, down by EUR 2.28 B, or 16.1% compared to end-2014 due to both the decline in gross external debt and an increase in gross external assets by EUR 690 M.

The net external debt was equivalent to 27.7% of the estimated 2015 GDP, decreasing by 6.1 percentage points from the end of last year. Compared with May 2104, the net external debt declined by EUR 2.82 B, or 19.2%.

The net debt is equal to gross external debt less gross external assets in debt instruments. Gross external assets include the BNB reserve assets, banks’ assets abroad and non-financial sector deposits abroad.