PRESS RELEASE
28 January 2022 14:00
GROSS EXTERNAL DEBT
November 2021
Gross external debt1 amounted to EUR 42,012.1 million (64% of GDP2) at end-November 2021, growing by EUR 2,662.5 million (6.8%) from end-November 2020 (EUR 39,349.5 million, 64.2% of GDP).
Gross External Debt | |||||||||
Gross External Debt | Percentage of GDP | ||||||||
75,000 | 80.4% | 78.3% | 72.0% | 90 % | |||||
60,000 | 66.3% | 64.6% | 64.2% | 64.0% | |||||
61.6% | |||||||||
EUR | 39,627.1 | 39,349.5 | 42,012.1 | 60 % | |||||
45,000 | 36,717.8 | 38,086.2 | 37,696.0 | 37,189.9 | 37,716.1 | ||||
million | |||||||||
30,000 | 30 % | ||||||||
15,000 | |||||||||
0 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | XI.2020 | XI.2021 | 0% |
Sources: BNB and MoF |
Short-termliabilities equalled EUR 6,677.2 million (15.9% of the total debt, 10.2% of GDP), growing by EUR 979.5 million (17.2%) from end-November 2020 (EUR 5,697.8 million, 14.5% of the total debt, 9.3% of GDP). Long-termliabilities totalled EUR 35,334.8 million (84.1% of the total debt, 53.8% of GDP) at end-November 2021, increasing by EUR 1,683.1 million (5%) from end-November 2020 (EUR 33,651.7 million, 85.5% of the total debt, 54.9% of GDP).
Gross External Debt Structure by Institutional Sector
Short-Term External Debt | Long-Term External Debt | |||||
XI.2021 | 15.9 | 84.1 | ||||
XI.2020 | ||||||
14.5 | 85.5 | |||||
2020 | 15.3 | 84.7 | ||||
2019 | 16.9 | 83.1 | ||||
2018 | 16.1 | 83.9 | ||||
2017 | 15.3 | 84.7 | ||||
2016 | 14.3 | 85.7 | ||||
2015 | 13.9 | 86.1 |
% of Gross Ex ternal Debt
Sources: BNB and MoF
-
Preliminary data. The data for October 2021 have been revised. In accordance with the methodological notes, the data for the period October
- November 2021 are to be revised with the December 2021 report. The methodological notes on the external debt are published on the BNB internet site (www.bnb.bg, section Statistics/External Sector/Gross External Debt).
2 GDP amounting to EUR 65,670 million for 2021 (BNB forecast), and EUR 61,330 million for 2020 (NSI data as of 18.10.2021).
At end-November 2021 gross external liabilities with remaining maturity over one year amounted to EUR 26,571.5 million (63.2% of GDP).
82.4% of gross external liabilities were denominated in euros, compared with 84.3% at end-November 2020.
Gross External Debt Structure by Institutional Sector
General Government | Central Bank | |||||||||||
Other MFIs | Other Sectors | |||||||||||
Direct investment: | ||||||||||||
Intercompany Lending | ||||||||||||
100% | ||||||||||||
33.0 | 31.5 | 33.8 | 34.2 | 35.4 | 36.0 | 36.7 | 34.5 | |||||
38.0 | 36.5 | 36.5 | 35.4 | 33.8 | 30.4 | 30.8 | 29.6 | |||||
11.0 | 11.1 | 12.2 | 12.5 | 11.3 | 10.0 | 11.3 | ||||||
11.6 | 4.9 | |||||||||||
2.6 | 2.1 | 2.1 | ||||||||||
2.3 | 2.3 | 2.5 | 2.4 | |||||||||
20.2 | 20.4 | |||||||||||
15.1 | 18.5 | 16.3 | 15.7 | 15.9 | 19.6 | |||||||
2015 | 2016 | 2017 | 2018 | 2019 | 2020 | XI.2020 | XI.2021 | |||||
% of Gross Ex ternal Debt | Sources: BNB and MoF |
General government's gross external debt3 totalled EUR 8,254.7 million (12.6% of GDP), growing by EUR 220 million (2.7%) from end-November 2020 (EUR 8,034.7 million, 13.1% of GDP).
The liabilities of the central bank stood at EUR 2,072.7 million (3.2% of GDP), growing by EUR 1,244.7 million (150.3%) from end-November 2020 (EUR 828.1 million, 1.4% of GDP).
The external liabilities of other MFIs4 totalled EUR 4,758 million (7.2% of GDP), increasing by EUR 840.3 million (21.4%) from end-November 2020 (EUR 3,917.7 million, 6.4% of GDP).
Other sectors' external debt5 equalled EUR 12,445.3 million (19% of GDP), growing by EUR 328 million (2.7%) from end- November 2020 (EUR 12,117.3 million, 19.8% of GDP).
The stock of intercompany lending4 amounted to EUR 14,481.2 million (22.1% of GDP) at end-November 2021, increasing by EUR 29.6 million (0.2%) from end-November 2020 (EUR 14,451.6 million, 23.6% of GDP). It held the largest share in external debt, equating to 34.5% at end-November 2021, compared with 36.7% at end-November 2020.
The net flow6 recorded a positive value of EUR 2,158.6 million (3.3% of GDP) for January - September 2021, compared with a positive value of EUR 2,824.3 million (4.6% of GDP) for the period January - September 2020.
The net external debt7 recorded a negative value of EUR 20,057.5 million (30.5% of GDP) at end-September 2021, dropping by EUR 4,029.1 million (25.1%) from a negative value of EUR 16,028.4 million (26.4% of GDP) at end-September 2020. Its decline was due to the larger increase in gross external assets (by EUR 5,565 million, 10%) in comparison with the increase in gross external debt (by EUR 1,535.9 million, 3.9%).
-
Following the residence concept.
4 Banks and money market funds.
5 Due to quarterly reporting of firms, the data are subject to revisions.
6 The net flow is calculated quarterly based on the Balance of payments data in liabilities for Currency and deposits, Debt securities, Loans, Trade credits and advances and Other accounts payable. Data for the period January - December 2021 are to be published on 30.03.2022.
7 The net external debt position is calculated as the difference between the stocks of gross external debt and gross external assets based on the quarterly International investment position. Gross external assets are calculated quarterly based on the IIP data in assets for Currency and deposits, Debt securities, Loans, Trade credits and advances, BNB reserve assets (excluding Gold bullion) and Other accounts receivable. Data as of end-December 2021 are to be published on 30.03.2022.
GROSS EXTERNAL DEBT1 | |||||||||||||||
(by Institurional Sectors) | |||||||||||||||
XI.2020 | XII.2020 | X.2021 | XI.2021 | XI. 21/ X. 21 | XI. 21/ XII. 20 | XI. 21/ XI. 20 | |||||||||
EUR million | % of GDP | EUR million | % of GDP | EUR million | % of GDP | EUR million | % of GDP | EUR million | % | EUR million | % | EUR million | % | ||
GROSS EXTERNAL DEBT | 39349.5 | 64.2 | 39627.1 | 64.6 | 41507.2 | 63.2 | 42012.1 | 64.0 | 504.8 | 1.2 | 2384.9 | 6.0 | 2662.5 | 6.8 | |
(I+II+III+IV+V) | |||||||||||||||
I. General Government2 | 8034.7 | 13.1 | 8022.4 | 13.1 | 8206.5 | 12.5 | 8254.7 | 12.6 | 48.3 | 0.6 | 232.4 | 2.9 | 220.0 | 2.7 | |
Short-term | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | - | 0.0 | - | 0.0 | - | |
Trade credit and advances | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | - | 0.0 | - | 0.0 | - | |
Long-term | 8034.7 | 13.1 | 8022.4 | 13.1 | 8206.5 | 12.5 | 8254.7 | 12.6 | 48.3 | 0.6 | 232.4 | 2.9 | 220.0 | 2.7 | |
Debt securities3 | 5139.7 | 8.4 | 5143.8 | 8.4 | 4898.2 | 7.5 | 4983.1 | 7.6 | 84.9 | 1.7 | -160.7 | -3.1 | -156.6 | -3.0 | |
Loans | 2895.0 | 4.7 | 2878.5 | 4.7 | 3308.3 | 5.0 | 3271.6 | 5.0 | -36.7 | -1.1 | 393.1 | 13.7 | 376.6 | 13.0 | |
II. Central Bank | 828.1 | 1.4 | 825.1 | 1.3 | 1882.4 | 2.9 | 2072.7 | 3.2 | 190.3 | 10.1 | 1247.6 | 151.2 | 1244.7 | 150.3 | |
Short-term | 98.8 | 0.2 | 108.0 | 0.2 | 95.6 | 0.1 | 260.6 | 0.4 | 165.0 | 172.5 | 152.6 | 141.3 | 161.8 | 163.8 | |
Currency and deposits | 95.0 | 0.2 | 102.8 | 0.2 | 92.4 | 0.1 | 257.5 | 0.4 | 165.1 | 178.6 | 154.7 | 150.6 | 162.5 | 171.0 | |
Trade credit and advances | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | - | 0.0 | - | 0.0 | - | |
Other debt liabilities | 3.8 | 0.0 | 5.2 | 0.0 | 3.2 | 0.0 | 3.1 | 0.0 | -0.1 | -3.7 | -2.1 | -41.1 | -0.7 | -18.3 | |
Long-term | 729.3 | 1.2 | 717.1 | 1.2 | 1786.8 | 2.7 | 1812.2 | 2.8 | 25.4 | 1.4 | 1095.1 | 152.7 | 1082.9 | 148.5 | |
Special drawing rights (allocations)4 | 729.3 | 1.2 | 717.1 | 1.2 | 1786.8 | 2.7 | 1812.2 | 2.8 | 25.4 | 1.4 | 1095.1 | 152.7 | 1082.9 | 148.5 | |
III. Other MFIs5 | 3917.7 | 6.4 | 4460.2 | 7.3 | 4586.8 | 7.0 | 4758.0 | 7.2 | 171.3 | 3.7 | 297.8 | 6.7 | 840.3 | 21.4 | |
Short-term | 2368.4 | 3.9 | 2928.6 | 4.8 | 3061.1 | 4.7 | 3205.6 | 4.9 | 144.5 | 4.7 | 277.1 | 9.5 | 837.2 | 35.4 | |
Currency and deposits6 | 1991.5 | 3.2 | 2623.7 | 4.3 | 2793.1 | 4.3 | 2937.0 | 4.5 | 144.0 | 5.2 | 313.3 | 11.9 | 945.5 | 47.5 | |
Trade credit and advances | 7.8 | 0.0 | 7.5 | 0.0 | 7.7 | 0.0 | 7.3 | 0.0 | -0.4 | -4.9 | -0.1 | -1.8 | -0.4 | -5.7 | |
Other debt liabilities | 369.1 | 0.6 | 297.4 | 0.5 | 260.4 | 0.4 | 261.3 | 0.4 | 1.0 | 0.4 | -36.1 | -12.1 | -107.8 | -29.2 | |
Long-term | 1549.3 | 2.5 | 1531.6 | 2.5 | 1525.7 | 2.3 | 1552.4 | 2.4 | 26.7 | 1.8 | 20.8 | 1.4 | 3.1 | 0.2 | |
Currency and deposits | 1438.8 | 2.3 | 1420.5 | 2.3 | 1279.1 | 1.9 | 1304.7 | 2.0 | 25.6 | 2.0 | -115.8 | -8.2 | -134.1 | -9.3 | |
Debt securities | 110.5 | 0.2 | 111.1 | 0.2 | 246.5 | 0.4 | 247.7 | 0.4 | 1.1 | 0.5 | 136.6 | 122.9 | 137.2 | 124.1 | |
IV. Other sectors7 | 12117.3 | 19.8 | 12057.9 | 19.7 | 12438.2 | 18.9 | 12445.3 | 19.0 | 7.1 | 0.1 | 387.4 | 3.2 | 328.0 | 2.7 | |
Short-term | 3230.6 | 5.3 | 3038.2 | 5.0 | 3201.0 | 4.9 | 3211.0 | 4.9 | 10.1 | 0.3 | 172.9 | 5.7 | -19.6 | -0.6 | |
Debt securities | 20.2 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | - | 0.0 | - | -20.2 | -100.0 | |
Loans8 | 607.6 | 1.0 | 421.7 | 0.7 | 373.7 | 0.6 | 374.6 | 0.6 | 0.9 | 0.2 | -47.1 | -11.2 | -233.0 | -38.3 | |
Trade credit and advances9 | 1578.8 | 2.6 | 1554.2 | 2.5 | 1603.0 | 2.4 | 1612.2 | 2.5 | 9.2 | 0.6 | 58.0 | 3.7 | 33.4 | 2.1 | |
Other debt liabilities9 | 1024.1 | 1.7 | 1062.3 | 1.7 | 1224.3 | 1.9 | 1224.3 | 1.9 | 0.0 | 0.0 | 161.9 | 15.2 | 200.2 | 19.6 | |
Long-term | 8886.7 | 14.5 | 9019.8 | 14.7 | 9237.2 | 14.1 | 9234.3 | 14.1 | -3.0 | 0.0 | 214.5 | 2.4 | 347.5 | 3.9 | |
Debt securities | 1190.7 | 1.9 | 1178.8 | 1.9 | 1214.4 | 1.8 | 1214.8 | 1.8 | 0.4 | 0.0 | 36.1 | 3.1 | 24.1 | 2.0 | |
Loans8 | 7518.5 | 12.3 | 7665.1 | 12.5 | 7541.9 | 11.5 | 7537.7 | 11.5 | -4.1 | -0.1 | -127.4 | -1.7 | 19.2 | 0.3 | |
Trade credit and advances9 | 115.5 | 0.2 | 113.5 | 0.2 | 427.0 | 0.7 | 427.7 | 0.7 | 0.7 | 0.2 | 314.2 | 276.8 | 312.3 | 270.5 | |
Other debt liabilities9 | 62.0 | 0.1 | 62.4 | 0.1 | 54.0 | 0.1 | 54.0 | 0.1 | 0.0 | 0.0 | -8.4 | -13.5 | -8.1 | -13.0 | |
Other financial corporations | 2037.3 | 3.3 | 2026.8 | 3.3 | 2298.6 | 3.5 | 2310.7 | 3.5 | 12.2 | 0.5 | 283.9 | 14.0 | 273.4 | 13.4 | |
Short-term | 1072.1 | 1.7 | 1095.3 | 1.8 | 1226.7 | 1.9 | 1226.7 | 1.9 | 0.1 | 0.0 | 131.4 | 12.0 | 154.7 | 14.4 | |
Long-term | 965.3 | 1.6 | 931.5 | 1.5 | 1071.9 | 1.6 | 1084.0 | 1.7 | 12.1 | 1.1 | 152.5 | 16.4 | 118.7 | 12.3 | |
Nonfinancial corporations | 9971.1 | 16.3 | 9916.7 | 16.2 | 10034.6 | 15.3 | 10029.1 | 15.3 | -5.5 | -0.1 | 112.4 | 1.1 | 57.9 | 0.6 | |
Short-term | 2119.7 | 3.5 | 1896.9 | 3.1 | 1938.9 | 3.0 | 1948.9 | 3.0 | 10.0 | 0.5 | 52.0 | 2.7 | -170.8 | -8.1 | |
Long-term | 7851.4 | 12.8 | 8019.8 | 13.1 | 8095.6 | 12.3 | 8080.2 | 12.3 | -15.5 | -0.2 | 60.4 | 0.8 | 228.7 | 2.9 | |
Households and NPISHs | 108.9 | 0.2 | 114.5 | 0.2 | 105.1 | 0.2 | 105.5 | 0.2 | 0.4 | 0.4 | -9.0 | -7.8 | -3.4 | -3.1 | |
Short-term | 38.9 | 0.1 | 46.0 | 0.1 | 35.4 | 0.1 | 35.4 | 0.1 | 0.0 | 0.1 | -10.5 | -22.9 | -3.4 | -8.9 | |
Long-term | 70.0 | 0.1 | 68.5 | 0.1 | 69.7 | 0.1 | 70.1 | 0.1 | 0.4 | 0.5 | 1.6 | 2.3 | 0.1 | 0.1 | |
V. Direct investment: Intercompany | 14451.6 | 23.6 | 14261.5 | 23.3 | 14393.4 | 21.9 | 14481.2 | 22.1 | 87.9 | 0.6 | 219.7 | 1.5 | 29.6 | 0.2 | |
Lending | |||||||||||||||
Debt liabilities of direct investment | |||||||||||||||
enterprises to direct investors | 9076.1 | 14.8 | 9072.5 | 14.8 | 9159.0 | 13.9 | 9226.3 | 14.0 | 67.3 | 0.7 | 153.8 | 1.7 | 150.2 | 1.7 | |
Debt liabilities of direct investors | to | ||||||||||||||
direct investment enterprises | 116.4 | 0.2 | 117.1 | 0.2 | 155.4 | 0.2 | 174.5 | 0.3 | 19.0 | 12.2 | 57.4 | 49.0 | 58.0 | 49.8 | |
Debt liabilities between fellow | |||||||||||||||
enterprises | 5259.1 | 8.6 | 5071.9 | 8.3 | 5078.9 | 7.7 | 5080.4 | 7.7 | 1.5 | 0.0 | 8.5 | 0.2 | -178.7 | -3.4 | |
Public sector external debt | 10752.6 | 17.5 | 10823.7 | 17.6 | 12370.0 | 18.8 | 12606.7 | 19.2 | 236.7 | 1.9 | 1783.0 | 16.5 | 1854.1 | 17.2 | |
Private sector external debt | 28596.9 | 46.6 | 28803.4 | 47.0 | 29137.3 | 44.4 | 29405.4 | 44.8 | 268.1 | 0.9 | 601.9 | 2.1 | 808.4 | 2.8 | |
Debt Securities by Institutional | |||||||||||||||
Sector (at nominal value)3 | 5983.7 | 9.8 | 5954.8 | 9.7 | 6070.7 | 9.2 | 6167.9 | 9.4 | 97.2 | 1.6 | 213.1 | 3.6 | 184.3 | 3.1 | |
General Government | 4658.3 | 7.6 | 4654.4 | 7.6 | 4602.0 | 7.0 | 4695.4 | 7.2 | 93.4 | 2.0 | 41.0 | 0.9 | 37.1 | 0.8 | |
Short-term | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | - | 0.0 | - | 0.0 | - | |
Long-term | 4658.3 | 7.6 | 4654.4 | 7.6 | 4602.0 | 7.0 | 4695.4 | 7.2 | 93.4 | 2.0 | 41.0 | 0.9 | 37.1 | 0.8 | |
Central Bank | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | - | 0.0 | - | 0.0 | - | |
Short-term | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | - | 0.0 | - | 0.0 | - | |
Long-term | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | - | 0.0 | - | 0.0 | - | |
Deposit-Taking Corporations, except | |||||||||||||||
the Central Bank | 110.5 | 0.2 | 111.1 | 0.2 | 246.5 | 0.4 | 247.6 | 0.4 | 1.1 | 0.5 | 136.6 | 123.0 | 137.2 | 124.2 | |
Short-term | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | - | 0.0 | - | 0.0 | - | |
Long-term | 110.5 | 0.2 | 111.1 | 0.2 | 246.5 | 0.4 | 247.6 | 0.4 | 1.1 | 0.5 | 136.6 | 123.0 | 137.2 | 124.2 | |
Other Sectors | 1214.9 | 2.0 | 1189.3 | 1.9 | 1222.3 | 1.9 | 1224.9 | 1.9 | 2.6 | 0.2 | 35.6 | 3.0 | 10.0 | 0.8 | |
Short-term | 20.2 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | - | 0.0 | - | -20.2 | -100.0 | |
Long-term | 1194.7 | 1.9 | 1189.3 | 1.9 | 1222.3 | 1.9 | 1224.9 | 1.9 | 2.6 | 0.2 | 35.6 | 3.0 | 30.2 | 2.5 | |
Other financial corporations | 119.0 | 0.2 | 69.9 | 0.1 | 90.7 | 0.1 | 90.6 | 0.1 | -0.1 | -0.1 | 20.7 | 29.6 | -28.4 | -23.9 | |
Short-term | 20.2 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | - | 0.0 | - | -20.2 | -100.0 | |
Long-term | 98.8 | 0.2 | 69.9 | 0.1 | 90.7 | 0.1 | 90.6 | 0.1 | -0.1 | -0.1 | 20.7 | 29.6 | -8.2 | -8.3 | |
Nonfinancial corporations | 1095.9 | 1.8 | 1119.4 | 1.8 | 1131.6 | 1.7 | 1134.3 | 1.7 | 2.7 | 0.2 | 14.9 | 1.3 | 38.4 | 3.5 | |
Short-term | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | - | 0.0 | - | 0.0 | - | |
Long-term | 1095.9 | 1.8 | 1119.4 | 1.8 | 1131.6 | 1.7 | 1134.3 | 1.7 | 2.7 | 0.2 | 14.9 | 1.3 | 38.4 | 3.5 | |
Households and NPISHs | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | - | 0.0 | - | 0.0 | - | |
Short-term | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | - | 0.0 | - | 0.0 | - | |
Long-term | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | - | 0.0 | - | 0.0 | - |
- The data are compiled in accordance with the External Debt Statistics Guide for Compilers and Users, IMF 2014.
Preliminary data as of 28 January 2022. The data for October 2021 have been revised.
The data for December 2021 and revised data for the October - November 2021 are to be published on 28 February 2022.
The Euro equivalent is calculated using the monthly e.o.p. exchange rates of the respective foreign currencies.
- Data source: Register of Government and Government-GuaranteedDebt of the Ministry of Finance. Preliminary data for Novenber 2021 as of 13 December 2021.
Debt liabilities of the public companies and the government guaranteed debt are excluded.
-
Debt securities are presented by market values in the main table and by nominal values in memorandum tables.
4 Special drawing rights allocations, representing liabilities to the IMF.
5 Data source: banks.
6 According with External Debt Statistics Guide for Compilers and Users, IMF 2014 para . 3.32, all interbank positions, other than securities and accounts receilable/payable are classified under deposits. 7 Data comprise credits that are declared and periodically reported to the BNB as well as government guaranteed loans
(source for government guaranteed loans: Register of Government and Government-GuaranteedDebt of the Ministry of Finance. Preliminary data for November 2021 as of 13 December 2021).
- Based on reports submitted to the BNB by resident enterprises on financial loans received from nonresidents. Due to quarterly reporting data are subject to revisions.
- Based on reports submitted to the BNB on trade credits and advances-liabilities (received advances and payables to suppliers). Due to quarterly reporting data are subject to revisions.
Attachments
- Original Link
- Original Document
- Permalink
Disclaimer
Bulgarian National Bank published this content on 28 January 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 28 January 2022 12:22:12 UTC.