Bulgaria’s government debt at 23.1% of GDP in November 2014

Bulgaria’s total government debt reached 9.6 billion euro at the end of November 2014, or 23.1 per cent of gross domestic product (GDP), rising by 0.3 percentage points in the month of November, statistics published by the Finance Ministry showed. Foreign debt stood at 5.6 billion euro, while the government’s domestic borrowing was four billion euro.

Bulgaria’s government debt has increased in the first 11 months of last year, rising from 17.9 per cent of GDP at the end of 2013, mainly from new debt issued under the now-departed Plamen Oresharski administration.

The ministry’s next monthly report is expected to show another sharp jump in government debt to about 28.4 per cent of GDP, reflecting new debt taken on by the current cabinet of Prime Minister Boiko Borissov following the Budget revision in late November, which doubled the government spending limit for 2014 to cover an increased deficit and to raise funds for a cash injection into the banking sector.

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