Gross External Debt, 28.01.2022

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.