Bulgaria’s Gross Foreign Debt Dips 1.3% Y/Y in May 2016

Bulgaria’s gross foreign debt totalled EUR 35.25 B at the end of May 2016, increasing by 3.4% from end-2015 according to preliminary estimates, the Bulgarian National Bank (BNB) announced on Thursday.

On a year-on-year basis, gross foreign debt was 1.3% lower in May 2016.

Total gross foreign debt at end-May was equivalent to 76.1% of 2016 GDP forecast by the BNB.

Long-term debt totalled EUR 27.70 B at the end of May 2016, increasing by 5.7% from end-2015.On a year-on-year basis, long-term debt inched down by 0.8%.

Short-term debt decreased by 4.1% from end-2015, reaching EUR 7.56 B. Compared with end-May 2015, short-term debt was 2.8% lower.

General government’s gross foreign debt totalled EUR 6.67 B as at end-May 2016, increasing by 19.6% from end-2015, mostly due to the issue of a EUR 1.994 B dual-tranche bond on international capital markets in March, the BNB said.

Banks’ foreign debt totalled EUR 3.88 B at end-May 2016, decreasing by 6.1% from end-2015 and by 4.7% from May 2015.

Bulgaria’s gross foreign debt service totalled EUR 1.71 B in 2016 through May, compared with EUR 5.20 B in the same period last year.

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