Bulgaria's Gross External Debt Grows 34.5% in 2007

Bulgaria's Gross External Debt Grows 34.5% in 2007

Bulgaria's 2007 gross external debt amounts to EUR 27,039.7 million (94.6% of GDP), which is 34.5%up compared with 2006 (EUR 20,110.7 million, 80.1% of GDP), the Bulgarian National Bank announced.

Direct Investment liabilities rose by EUR 3,194 million (54.1%). Long-term liabilities amounted to EUR 17,747.8 million (65.6% of total debt) at the end of December, and short-term liabilities came to EUR 9,291.9 million (34.4% of total debt).

General Government’s external debt stood at EUR 3,038.9 million (10.6% of GDP), which is 17.1% down y/y. The decline is mainly due to repayment of global bonds and to the full repayment of the debt to the International Monetary Fund ahead of schedule.

Banks’ external debt rose 68% to EUR 5,634.7 million (19.7% of GDP). Other Sectors’ debt stood at EUR 9,273.1 million, or 28.9% up y/y.

As of end-December 2007 the stock of Direct Investment liabilities amounted to EUR 9,093 million, against EUR 5,899 million at the end of 2006.

85% of the gross external debt was denominated in EUR and 8.2% in USD.

Gross external debt service in 2007 came EUR 5,358.4 million (18.7% of GDP) against EUR 4,280.3 million (17.1% of GDP) for the previous year.

Loans and deposits received from non-residents amounted to EUR 10,764.3 million (37.7% of GDP) compared to EUR 8,392.4 million (33.4% of GDP) in 2006.

Net external debt stood at EUR 10,200.7 million (35.7% of GDP) , or 71% up from 2006 (EUR 5,964 million, 23.8% of GDP).

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