At the end of July, Bulgaria's gross external debt reached 69.814 billion euros, which represents 56.1 percent of the country's estimated gross domestic product (GDP), according to preliminary data from the Bulgarian National Bank (BNB). In just one year, liabilities have increased by over 14.57 billion euros, which represents a jump of 26.4 percent compared to July 2025.
Dramatic growth in short-term liabilities
The statistics show a serious change in the structure of the debt. Short-term liabilities recorded a remarkable growth of 109 percent per year and now amount to 19.362 billion euros (27.7 percent of total debt). For comparison, a year earlier they were 9.262 billion euros.
At the same time, long-term liabilities increased at a more moderate pace of 9.7 percent, reaching 50.451 billion euros. As of the end of July, just over 57 percent of the country's gross external liabilities had a residual maturity of over one year, with 72.6 percent of all liabilities denominated in euros.
The Eurosystem Effect
The government retains the largest share in the external debt structure with 18.846 billion euros, which is an increase of just over 1 billion euros (5.9 percent) compared to last summer.
However, the most serious individual jump was recorded in the liabilities of the Central Bank, which jumped by an impressive 8.715 billion euros to a total of 10.604 billion euros. The BNB specifies that this change directly reflects the obligations related to the distribution of euro banknotes within the Eurosystem, which is a consequence of Bulgaria's accession to the eurozone on January 1 this year.
Banks and private sector
The external liabilities of other monetary and financial institutions, including banks and money market funds, increased by 47.8 percent and reached EUR 11.397 billion. In the other sectors, the growth was minimal - 4.1 percent to just over EUR 14.84 billion.
Intercompany lending in the country also marked a slight increase of 3.9 percent, reaching EUR 14.125 billion by the end of July.