Bulgaria’s Gross External Debt at EUR 39 B in end-January

Bulgaria’s gross external debt amounted to EUR 39,040.6 million (91.5% of GDP) in end-January 2015, decreasing by EUR 724.5 million (1.8%) from end-2014 (EUR 39,765.1 million, 94.7% of GDP).

Long-term liabilities totaled EUR 29,112.7 million (74.6% of the total debt, 68.2% of GDP) at end-January 2015, down by EUR 587.8 million (2%) from end-2014 (EUR 29,700.5 million, 74.7% of the total debt, 70.7% of GDP), according to the Bulgarian National Bank.

Short-term liabilities stood at EUR 9927.9 million (25.4% of the total debt, 23.3% of GDP), decreasing by EUR 136.7 million (1.4%) from end-2014 (EUR 10,064.6 million; 25.3% of the total debt, 24% of GDP).

General Government’s gross external debt totaled EUR 5634.3 million (13.2% of GDP) in end-January 2015, down by EUR 392.2 million (6.5%) from end-2014 (EUR 6,026.5 million, 14.3% of GDP).

Banks’ external debt totaled EUR 5,368.2 million (12.6% of GDP), down by EUR 154.1 million (2.8%) from end-2014(EUR 5,522.2 million, 13.1% of GDP).

Other Sectors’ external debt stood at EUR 12,075.3 million (28.3% of GDP), up by EUR 26.3 million (0.2%) from end-2014 (EUR 12,049 million, 28.7% of GDP).

The stock of intercompany lending amounted to EUR 15,962.9 million (37.4% of GDP) at end-January 2015, decreasing by EUR 204.4 million (1.3%) from end-2014 (EUR 16,167.3 million, 38.5% of GDP).

The loans and deposits received from non-residents stood at EUR 262.7 million (0.6% of GDP) in January 2015, compared with EUR 398.9 million (0.9% of GDP) in January 2014.

They were distributed as follows: general government received EUR 150 million (57.1% of the total amount of disbursements), banks received EUR 29.1 million (11.1%), other sectors received EUR 65.3 million (24.9%) and intercompany lending totaled EUR 18.2 million (6.9%).

Gross external debt service totaled EUR 888.6 million (2.1% of GDP) in January 2015, compared with EUR 550.9 million (1.3% of GDP) in the same period of 2014 mainly due to the maturity of General government bonds issued abroad.

Net external debt totaled EUR 13,534.2 million at end-January 2015, down by EUR 669 million (4.7%) from end-2014 (EUR 14,203.2 million). Its decline was due to the larger decrease in gross external debt (by EUR 724.5 million, 1.8%) compared with the decrease of the gross external assets (by EUR 55.5 million, 0.2%).

As a percentage of GDP, net external debt equated to 31.8%, down by 2 p.p. from end-2014 (33.8%).

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