Bulgaria’s Gross External Debt Exceeded EUR 39.5 B in end-December 2014

Bulgaria’s gross external debt amounted to EUR 39,558.2 million (94.3% of GDP) in end-December 2014, up by EUR 2,634 million (7.1%) from end-2013 (EUR 36,924.2 million, 90% of GDP), according to data of the Bulgarian National Bank (BNB).

Long-term liabilities totaled EUR 29,424.6 million (74.4% of the total debt, 70.1% of GDP) in end-December 2014, up by EUR 2,049 million (7.5%) from end-2013 (EUR 27,375.7 million, 74.1% of the total debt, 66.7% of GDP).

Short-term liabilities stood at EUR 10,133.6 million (25.6% of the total debt, 24.1% of GDP), up by EUR 585 million (6.1%) from end-2013 (EUR 9,548.6 million; 25.9% of the total debt, 23.3% of GDP).

General Government’s gross external debt totaled EUR 6,033.8 million (14.4% of GDP) in end-December 2014, up by EUR 2,621.8 million (76.8%) from end-2013 (EUR 3,412 million, 8.3% of GDP).

The increase was mostly due to item bonds and notes reflecting the government’s global bonds held by non-residents and short-term loans.

Banks’ external debt totaled EUR 5,522.2 million (13.2% of GDP), down by EUR 329 million (5.6%) from end-2013 (EUR 5,851.3 million, 14.3% of GDP).

Other Sectors’ external debt amounted to EUR 12,090.1 million (28.8% of GDP), down by EUR 139.4 million (1.1%) from end-2013 (EUR 12,229.5 million, 29.8% of GDP).

The stock of intercompany lending amounted to EUR 15,912 million (37.9% of GDP) in end-December 2014, up by EUR 480.5 million (3.1%) from end-2013 (EUR 15,431.5 million, 37.6% of GDP).

The loans and deposits received from non-residents stood at EUR 7,971.4 million (19 % of GDP) in January – December 2014, compared with EUR 6,334.3 million (15.4% of GDP) in January – December 2013.

They were distributed as follows: general government received EUR 3,191.6 million (40% of the total amount of disbursements), banks received EUR 1,507.7 million (18.9%), other sectors received EUR 1,029.6 million (12.9%) and intercompany lending totaled EUR 2,242.5 million (28.1%).

Gross external debt service totaled EUR 5,128.9 million (12.2% of GDP) in January - December 2014, compared with EUR 7,044.1 million (17.2% of GDP) in the same period of 2013.

Net external debt totaled EUR 13,996.3 million in end-December 2014, down by EUR 360.5 million (2.5%) from end-2013 (EUR 14,356.9 million).

The decline was due to the larger increase in gross external assets (by EUR 2,994.5 million, 13.3%) compared with the increase in gross external debt (by EUR 2,634 million, 7.1%).

As a percentage of GDP, net external debt amounted to 33.4%, down by 1.6 p.p. from end-2013 (35%).

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