05.05.2025

The central government debt^[1] as of end-March 2025 amounts to BGN 47,771.1 million, which is a decrease by BGN 181.1 million as compared to end-February2025. Domestic debt amounts to BGN 11 964.6 million and external debt to BGN 35,806.6 million.

The central government debt-to-GDP ratio^[2] is 21.9%, which is a decrease by 0.1 percentage points as compared to the level of the previous month. The share of domestic debt to GDP is 5.5% and of external debt – 16.4%. As regards the subsector’s debt structure, the share of domestic and external debt for March 2025 is 25.0% and 75.0%, respectively.  

As regards the debt structure by instruments, as of 31 March 2025, the main share continues to belong to bonds issued on international capital markets – 63.9%, followed by government securities issued on the domestic market – 24.6%, and by loans – 11.5%. As regards the interest structure of debt, the trend for predominance of fixed interest rate debt (99.3%) is preserved; as regards the currency structure of debt, EUR- and BGN-denominated debt instruments continue to have a large relative share (94.3%), with USD-denominated debt being 5.7%. As regards the maturity structure of debt by original maturity, the debt instruments with maturity of over 10 years have the largest share – 52.5%, followed by those with maturity from 5 to 10 years – 37.6%, from 1 year to 5 years – 9.7% and up to 1 year – 0.2%.
As regards the structure by residual maturity, the share of debt up to 1 year accounts for 9.1%, that from 1 year to 5 years accounts for 26.8%, the debt from 5 to 10 years accounts for 36.1% and that over 10 years accounts for 27.9%.

As of 31 March 2025, central government guaranteed debt amounts to BGN 1,082.3 million. Domestic guarantees amount to BGN 262.6 million and external guarantees – to BGN 819.6 million. The central government guaranteed debt/GDP ratio is 0.5%.  

According to the official register of government and government guaranteed debt kept by the Ministry of Finance on the grounds of Article 38(1) of the Government Debt Law, at end-March 2025 government debt reaches BGN 47,407.1 million, or 21.7% of GDP. Domestic debt amounts to BGN 12,085.4 million and external debt – to BGN 35,321.7 million. Government guaranteed debt amounts to BGN 1,712.3 million in March 2025, with the government guaranteed debt-to-GDP ratio being 0.8%.  

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

[1] Central government debt includes government debt assumed under the Government Debt Law, as well as the debt of institutional units classified in the central government subsector of the general government, including public hospitals, state-owned enterprises, the Deposit Insurance Fund, FLAG,  FMFI, etc. The full list of legal entities in the central government subsector can be found ^HERE.

[2] ^{Gross domestic product for 2025} according to the^{2025 Spring Macroeconomic Forecast of the Ministry of Finance}