Turkey’s overall external debt to Gross Domestic Product ratio increased slightly to 48 percent in first quarter of 2014, extending the upward trend seen first in 2011, according to official data released Monday.
According to a report released by Turkey's Undersecretariat of Treasury, Turkey’s gross external debt was $386.8 billion while country’s net external debt was $232 billion.
The gross external debt to gross domestic product ratio, which was 39.2 percent in 2011, gradually increased to 47.3 percent in 2013 and came to 48 percent in first quarter of 2014. Gross domestic product is a measure of the size of a country's economy..
The private sector’s external debt, at $264.9 billion in first quarter of 2014, constituted the 68.5 percent of overall external debt of Turkey while the public sector’s debt stood at US$117 billion, 30.3 percent of total debt. The remaining 1.25 percent, amounting to $4.8 billion, belonged to Turkey's Central Bank.
Short-term external debt of the private sector -- debt that has a maturity date shorter than one year -- was $106.1 billion. Banking sector holds the biggest share with $70.7 billion.
The private sector's long-term external debt, defined as liabilities which have maturity date longer than a year, stood at $158.8 billion in first quarter and debts of nonfinancial institutions at $86.7 billion constituted the largest share from the long-term external debt of private sector.
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