Public debt reaches 17.7% of GDP

At the end of November 2012, the Government debt reached 17.7% of the projected gross domestic product (GDP) for the year, according to the Ministry of Finance. In absolute terms, the public debt, according to recent reports, amounted to €7.035 bn, including almost €4.49 bn (64%) of external debt and nearly €2.55 bn (36%) of internal debt. The size of the public debt, compared to the country’s GDP, is far below the maximum permissible amount of this indicator for the EU - 60% of GDP. Nevertheless, the debt registered a slow increase. At the end of September, the national debt totaled €6.98 bn and accounted for 17.5% of the projected GDP for the year. A few years ago, it accounted for around 14-15% of the GDP.

Within a month, the Government debt registered an increase of €41 mln, mainly due to the rise in the internal debt as a result of the new domestic financing with government securities during the month. Payments on the public debt effected in November amounted to BGN 24 mln.

At the end of November, the currency structure of the Government debt was dominated by liabilities in Euros (60.1%). Liabilities in Bulgarian leva accounted for 25.1% and these in US dollars – for 12.9%. In the first 11 months of 2012, the largest share of public debt payments was in Bulgarian currency - 46.3%, followed by these in Euros (43.8%) and in US dollars (9%).

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