External Debt Falls by More Than 10 Percent in a Year

Total Croatia News

New positive data about Croatia’ foreign debt.

According to the latest data from the Croatian National Bank (HNB), the total gross external debt stood at 44.4 billion euros as of late April. This is 75 million euros or 0.2 percent more than a month ago, but considerably less than a year before, according to a new analysis from the Raiffeisenbank Austria (RBA), reports Poslovni.hr on August 8, 2016.

“Although compared to March the debt recorded an increase, breaking a string of five consecutive months of decline, the total gross foreign debt in April continued the downward trend on an annual basis”, claims RBA analysis published on Monday.

Compared to April of last year, the gross external debt decreased by 5.3 billion euros or 10.6 percent. The largest contribution to the reduction in gross external debt came from the other monetary financial institutions whose debt dropped to 5.5 billion euros in late April. “That is primarily the result of the continued deleveraging of the banking sector which started in May 2012”, RBA analysts said commenting on the HNB data. The debt of other monetary financial institutions in April decreased by 243 million euros or 4.2 percent compared to March, while compared to April last year it fell by 2.7 billion euros or 33.1 percent.

A significant contribution to the reduction of external debt came from the general government sector, whose gross foreign debt in late April dropped to 14.9 billion euros, which is 1.6 percent or 237 million euros less than a month before.

Total gross foreign debt of the public sector, which also includes the external debt of the public non-financial companies, amounted to 18.7 billion euros at the end of April, which is 0.1 percent less than a month before, and 7.3 percent less on annual basis.

The other sectors, whose gross external debt amounted to 16.2 billion euros, reduced the level of debt by 252 million euros or 1.5 percent on an annual basis.


Subscribe to our newsletter

the fields marked with * are required
Email: *
First name:
Last name:
Gender: Male Female
Please don't insert text in the box below!

Leave a Comment