35% of GDP to be spent on external debt service in 2012
- 16.03.2012, 14:39
The cost of the gross external debt service is to increase threefold in 2012.
The National Bank of Belarus (NBB) evaluates the cost of the gross external debt service in 2012 at $18,917bn, which is 34.5% of the GDP. The figures were published in the review "The Balance of Payments of the Republic of Belarus for 2011".
“The cost of the gross external debt service (including repayments of principal debt and interest) is expected to reach $18.9 billion (or 34.6% of annual GDP) in 2012,” the document reads.
According to the National Bank, the gross external debt cost $6.32bn (11.6% of GDP) in 2011. In 2011, $5.4 billion were spent for principal debt repayment and $915.5 million - on payments on interest. The external debt service to exports ratio was 13.5% in 2011.
So, the cost of the gross external debt service in 2012 will grow threefold in comparison with 2011.
The balance of payment for 2012 prepared by the Ministry of Economy forecasts exports to reach $49.87bn. So, the cost of the gross external debt in 2012 will be 37.9% of the country's annual volume of exports.
The cost of the external debt service in 2012 makes up 55.1% of its amount on January 1, 2012.
Belarus's gross external debt was $34.028bn (62.3% of the country's GDP) on January 1, 2012. The debt increased 19.8% in 2011 after a growth of 29.2% in 2010 and 45.4% in 2009.
The external debt per capita was $3595 on January 1, 2012, against $2995.5 on January 1, 2011, and $2322.1 on January 1, 2010.
The short-term external debt increased 13.9% in 2011 reaching $14.449bn (26.4% of GDP), the long-term external debt grew 24.6% reaching $19.578bn (35.8% of GDP).
The public external debt reached $12.351bn (22.6% of GDP) showing a growth of 22.8% in 2011. The external rate of the National Bank of Belarus decreased 17.5% to $1.529bn in 2011. The external debt of banks amounted to $6.077bn (a 5.7 growth) on January 1, 2012.
Belarus's gold and foreign currency reserves cover 23.3% of the gross external rate on January 1, 2012 against 17.7% on January 1, 2011.
According to the National Bank of Belarus, the country's GDP was $54.647bn in 2011 against $55.086bn in 2010. Belarus's GDP is expected to reach $54.6bn in 2012.