03.01.2024

The central government debt[1] as at end-November 2023 amounted to BGN 41,588.5 million, increasing by BGN 4,424.4 million as compared to end-October 2023, which is mainly due to the new debt in the form of Euro bonds issued on the international capital markets that month. Domestic debt amounted to BGN 10,779.9 million and external debt – to BGN 30,808.6 million.

The central government debt/gross domestic product (GDP)[2] ratio was 21.8 %, which represents an increase of approximately 2.4 p.p. as compared to the previous month. The central government debt, being a key component of the general government debt, contributes to Bulgaria’s ranking among the EU Member States with the lowest levels of indebtedness. The domestic debt/GDP ratio is 5.6 % and the external debt/GDP ratio is 16.1 %. In the central government debt structure for November 2023, the share of domestic debt and of external debt was 25.9 % and 74.1 %, respectively.

As regards the debt structure by instruments, as of 30 November 2023 the main share continued to belong to bonds issued on international capital markets – 59.7 %, followed by government securities issued on the domestic market – 25.0 %, and loans – 15.3 %. As regards the interest structure of debt, the trend for predominance of debt with fixed interest rate (98.7 %) was preserved; as regards the currency structure of debt, the debt instruments denominated in EUR and BGN continued 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 – 57.3 %, followed by those with maturity from 5 to 10 years – 32.9 %, those with maturity from 1 year to 5 years – 9.5 %, and those with maturity below 1 year – 0.3 %. As regards the structure by residual maturity, the share of debt up to 1 year accounts for 8,6 %, that from 1 year to 5 years accounts for 26.8%, the debt from 5 to 10 years accounts for 36.2% and that over 10 years accounts for 28.4%.

As of 30 November 2023, the central government guaranteed debt was BGN 687.5 million. Domestic guarantees amounted to BGN 57.8 million and external guarantees – to BGN 629.6 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, paragraph 1 of the Government Debt Law, at end-November 2023 the government debt reached BGN 40,736.0 million, being 21.3 % of GDP. Domestic debt amounted to BGN 10,615.4 million and external debt – to BGN 30,120.6 million.  

Government guaranteed debt in November 2023 amounted to EUR 1,591.1 million; domestic guarantees amounted to BGN 57.8 million, with the government guaranteed debt/ GDP ratio being 0.8 %. 

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

Note: In accordance with Article 36, para.3 of the Public Finance Law /in force from 01.01.2014
prom. SG, issue No 15 of 15.02.2013, amended SG No 95 of 8.12.2015; amended and supplemented, SG No SG No 43 of 7.06.2016, SG 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 the government and government guaranteed debt (undertaken under the procedure of the Government Debt Law), as published in the Government Debt bulletin until May 2016, is included in Annex 4, page 11, to the new bulletin. 

[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. List of the entities which, in addition to public authorities and institutions, are included in the central government as per the European system of national and regional accounts in the Community (ЕСС 2010) as well as the Manual on government deficit and debt of Eurostat (the Commission) can be found ^HERE.

[2] Forecast data of the Ministry of Finance.