HNB.jpg
Photograph: HINA/ Damir SENČAR /ds

Croatia's gross foreign debt reached 49.2 billion euros at the end of July 2015, or 113.8% of the estimated GDP, according to the latest figures from the Croatian National Bank (HNB).

After falling for two consecutive months, gross foreign debt increased by EUR 421 million or 0.9% in July compared with June and by 3.2 billion euros or 7.1% compared with July 2014.

The strong annual increase in gross foreign debt was mostly due to growing obligations towards foreign creditors in the general government sector, whose foreign debt reached EUR 16.2 billion at the end of July, accounting for a third of the country's total gross foreign debt, analysts at Raiffeisenbank Austria (RBA) said on Friday.

Compared with June 2015, general government foreign debt decreased by EUR 86 million or 0.5%, but compared with July 2014 it rose by EUR 1.7 million or 12%. The RBA analysts said that July was the fifth month in a row to see a two-digit rate of general government foreign debt growth.

The total gross foreign debt of the public sector, which includes the foreign debt of public non-financial companies, reached EUR 20.3 billion at the end of July 2015, accounting for over 41% of the total gross foreign debt.

The foreign debt of the private sector amounted to EUR 29 billion in July 2015, which was a drop of 1% or EUR 291 million compared with June 2015, while in comparison with July 2014 it stagnated.

"These trends are predominantly the result of financial sector deleveraging, as confirmed by data on the foreign debt of monetary institutions, which reached EUR 7.9 billion at the end of July 2015, down by 3.3% on the monthly level and by 5.7% on the annual level," the RBA analysts said.

The foreign debt of other private financial institutions declined by 12.6% to EUR 3 billion at the end of July compared with the same month last year. The foreign debt of other domestic sectors was EUR 11.6 billion and 98% of it related to private non-financial companies, which recorded further foreign debt growth.

Related stories

Croatia's gross foreign debt at 103.7% of GDP

Croatia's gross foreign debt reaches 107.6 pct of GDP

Gross foreign debt grows 4.1% on year

Croatia's public debt reaches 87% of GDP in July

Latest news

German police shoot man who rammed car into pedestrians in Heidelberg

Police in Germany shot at a man who apparently rammed a car into pedestrians in the south-western town of Heidelberg on Saturday.

Egypt's president orders cabinet to help Christians escaping Sinai

Egypt's president Abdel Fattah al-Sissi ordered the government on Saturday to take all necessary measures to help Christians who escaped northern Sinai after the Islamic State militia killed at least six of them over the past month.

SDP MP calls on citizens to raise their voice against restriction of women's rights

Josko Klisovic, a Social Democrat member of the Croatian parliament, on Saturday called on all Croatians to raise their voice against a policy turnaround on women's rights after Croatia took a conservative position in a discussion on human rights in the Council of the European Union.

Egypt court acquits Mubarak's aide of 22 years

An Egyptian court on Saturday acquitted one of ousted president Hosny Mubarak's closest aides, ruling he was not guilty of corruption and illicit profits.

EU ambassador to Albania Romana Vlahutin under 24-hour police protection

EU Ambassador to Albania Romana Vlahutin and her family have been given 24-hour armed police protection due to threats she has been receiving lately, the Austrian paper Der Standard said on Saturday, explaining that the threats were linked to Vlahutin's monitoring of a reform of Albania's judiciary designed to curb corruption in that country.

Italy deports two over suspected contact with Berlin attacker

Italy has deported two Tunisian asylum seekers who have been classed as a danger to national security, the Interior Ministry in Rome said on Saturday.

Croatian PM says HEP IPO most efficient model for INA buyout

Prime Minister and HDZ leader Andrej Plenkovic on Saturday commented on models for buying back Hungarian oil and gas company MOL's stake in INA, saying that an initial public offering of 25% of the HEP power company's shares to obtain funds for INA's buyout was "the most efficient, fastest, simplest and cleanest option with the fewest participants, which enables the state, which is the owner (of HEP), to control the process in its entirety."

Iraqi forces advance in western Mosul amid fierce resistance from IS

Iraqi forces were making advances in western Mosul, entering a new neighbourhood north of the airport, amid fierce resistance from Islamic State militia, a security official said Saturday.

Mugabe says he will not step down as he celebrates 93rd birthday

President Robert Mugabe, the world's oldest head of state, marked his 93rd birthday with lavish celebrations in Zimbabwe on Saturday, despite a deepening economic crisis in the southern African country.

Poll: Majority of Greeks want new savings reforms to avoid elections

Over 60 per cent of Greeks are in favour of striking a new deal to unlock a fresh bailout from creditors as an alternative to snap polls, according to a survey commissioned by the To Vima newspaper.

Man commits suicide in protest at high-profile temple raid

A male devotee of a controversial Thai temple under siege by the authorities committed suicide late Saturday in protest at the junta's ongoing occupation of the temple complex, local media reported.

Investor Warren Buffett increases profit by 15 per cent

Profits at business magnate Warren Buffett's Berkshire Hathaway investment firm shot up by 15 per cent in the last three months of 2016 compared to the same period in 2015, the company announced on Saturday.