Bulgaria's Gross External Debt Up by 3.9% in Three Months

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Bulgaria's Gross External Debt Up by 3.9% in Three Months

Bulgaria's gross external debt amounted to EUR 29,212 million (89.2% of GDP) as at the end of March 2008, an increase of EUR 1,088.3 million (3.9%) compared to the end of 2007 (EUR 28,123.7 million, 97.3% of GDP), data of the Bulgarian national Bank (BNB) show.

This was mainly due to the increase in the value of the credits received by Other Sectors (EUR 867.1 million, 8.9%). The long-term liabilities amounted to EUR 19,297.9 million (66.1% of total debt) by end-March 2008, while short-term liabilities came to EUR 9,914.1 million (33.9% of total debt).

General Government’s external debt amounted to EUR 2,731.6 million (8.3% of GDP) at the end of March, decreasing by EUR 292.6 million (9.7%) against the end of December 2007. The decline may be attributed mainly to the credit payments to the World Bank ahead of schedule.
Banks’ external debt amounted to EUR 5,761.2 million (17.6% of GDP) increasing by EUR 13.7 million (0.2%) against the end of 2007.

Other Sectors’ debt was EUR 10,637 million, increasing by EUR 867.1 million (8.9%) compared to the end of 2007. As of end-March 2008 the stock of Direct Investment liabilities was EUR 10,082.2 million, increasing by EUR 500 million (5.2%) against the end of 2007.

A total of 84.8% of the gross external debt was denominated in EUR and 7.5% in USD as at the end March 2008. Compared to December 2007 the share of the EUR denominated debt decreased by 0.7 percentage points and that of the USD denominated debt – by 0.5 percentage points.

Gross external debt servicing amounted to EUR 1,799.3 million (5.5% of GDP) in the period January to March 2008, against EUR 1,657.8 million (5.7% of GDP) for the same period in 2007.

The value of loans and deposits received from non-residents in the first quarter of the year came to EUR 2,284.2 million (7% of GDP), compared to EUR 2,006.7 million (6.9% of GDP) for the same period in 2007.

The net external debt amounted to EUR 12,782.6 million (39% of GDP) as at the end of March 2008, up by EUR 1,770.1 million (16.1%) against the end of 2007 (EUR 11,012.6 million, 38.1% of GDP).

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