As of end-June 2008 gross external debt was EUR 31,898 million (97.2% of GDP) and increased by EUR 3,774.2 million (13.4%) against the end of 2007 (EUR 28,123.7 million, 97.3% of GDP), data of the Bulgarian national Bank (BNB) show.

This may be put down mainly to the increase in Banks’ liabilities (EUR 2,120.4 million, 36.9%). By end-June 2008 long-term liabilities amounted to EUR 19,898.9 million (62.4% of total debt), and short-term liabilities came to EUR 11,999.1 million (37.6% of total debt).

General Government’s external debt amounted to EUR 2,661.9 million (8.1% of GDP) as of end-June 2008, decreasing by EUR 362.3 million (12%) against the end of December 2007. The decrease was mainly due to credit payments made to the World Bank ahead of schedule in March 2008.

Banks’ external debt amounted to EUR 7,868 million (24% of GDP) increasing by EUR 2120.4 million (36.9%) against the end of 2007.

Other Sectors’ debt was EUR 11,190.5 million, increasing by EUR 1,420.6 million (14.5%) relative to the end of 2007. As of end-June 2008 the stock of Direct Investment liabilities3 was EUR 10,177.6 million, increasing by EUR 595.4 million (6.2%) against the end of 2007.

A total of 86.3% of the gross external debt was denominated in EUR and 6.6% in USD as as end June 2008. Compared to December 2007 the share of the EUR denominated debt increased by 0.7 percentage points and that of the USD denominated debt decreased by 1.4 percentage points.

In January – June 2008, gross external debt service was EUR 2,910.7 million (8.9% of GDP) against EUR 2,954.5 million (10.2% of GDP) for the same period in 2007.

In January – June 2008, loans and deposits received from non-residents came to EUR 5,792.8 million (17.6% of GDP) compared to EUR 4,243.4 million (14.7% of GDP) for the same period in 2007. As of end-June 2008, net external debt was EUR 13,871.3 million (42.3% of GDP) and increased by EUR 2,774.4 million (25%) against the end of 2007 (EUR 11,096.9 million, 38.4% of GDP).