01.11.2023

The central government debt^[1] as of end-September 2023 amounts to BGN 37,169.9 million, which is a decrease by BGN 80.0 million as compared to end-August 2023. Domestic debt amounts to BGN 10 766.8 million and external debt to BGN 26,403.2 million.

The trend of a reduction in the central government debt-to-gross domestic product (GDP) ratio^[2] is preserved, i.e. 20.1% at the end of the reporting period, with the share of domestic debt being 5.8% and of external debt – 14.3%. As regards the subsector’s debt structure, the share of domestic and external debt for September 2023 is 29.0% and 71.0%, respectively.

Figure: Dynamics of Central Government Domestic and External Debt

Source: MoF

As regards the debt structure by instruments, as of 30 September 2023, the main share continues to belong to bonds issued on international capital markets – 54.7%, followed by government securities issued on the domestic market – 28.0%, and by loans – 17.3%. As regards the interest structure of debt, the trend for predominance of fixed interest rate debt (98.4%) is preserved; as regards the currency structure of debt, EUR- and BGN-denominated debt instruments continue to have a large relative share (99.9%). As regards the maturity structure of debt by original maturity, the debt instruments with maturity of over 10 years have the largest share – 59.1%, followed by those with maturity from 5 to 10 years – 30.0%, from 1 year to 5 years – 10.7% and up to 1 year – 0.3%. As regards the structure by residual maturity, the share of debt up to 1 year accounts for 9.7%, that from 1 year to 5 years accounts for 29.9%, the debt from 5 to 10 years accounts for 33.9% and that over 10 years accounts for 26.6%.

As of 30 September 2023, central government guaranteed debt amounts to BGN 672.8 million. Domestic guarantees amount to BGN 58.6 million and external guarantees – to BGN 614.2 million. The central government guaranteed debt/GDP ratio is 0.4%. 

According to the official register of government and government guaranteed debt kept by the Ministry of Finance on the grounds of Article 38(1) of the Government Debt Law, government debt at end-September 2023 reaches BGN 36,320.8 million, or 19.7% of GDP. Domestic debt amounts to BGN 10,615.4 million and external debt – to BGN 25,705.4 million.  

Government guaranteed debt amounts to BGN 1,577.7 million in September 2023, domestic guarantees amount to BGN 58.6 million, with the government guaranteed debt-to-GDP ratio being 0.9%. 

The Bulletin is published in the Statistics Category/Central Government Debt and Guarantees Monthly Bulletin.

Note: In accordance with Article 36(3) of the Public Finance Law /in force as from 01.01.2014, SG, issue No 15 of 15.02.2013, amended SG, No 95 of 8.12.2015, amended and supplemented, SG, No 43 of 7.06.2016, SG, issue No 91 of 14.11.2017/, starting from June 2016, the Ministry of Finance publishes a Central Government Debt and Guarantees monthly bulletin. Information about the amount, structure and dynamics of government and government guaranteed debt/assumed under the procedure of the Government Debt Law/, as published in the Government Debt bulletin until May 2016, is included Annex 4 on page 11 of the new edition. 

^[1] Central government debt is the debt of the central government pursuant to Council Regulation (EC) No 479/2009 of 25.05.2009 on the application of the Protocol on the excessive deficit procedure annexed to the Treaty establishing the European Community. The list of the units included in the central government sub-sector in addition to government bodies and institutions as per the European System of National and Regional Accounts in the Community (ESA 2010) and the Eurostat Manual on Government Debt and Deficit (EC) can be found _^HERE.

^[2] Forecast data of the Ministry of Finance.