PUBLIC DEBTDecember 2018

Public debt stockend of period, in EUR bn

Changes in public debtin the observed period, in EUR mn

23.0EUR bn

53.6% of GDP*

Public Debt of the Republic of Serbia

23.3EUR bn

54.3% of GDP*

Public Debtof General

Government

Public Debt ofGeneral Government

Public Debt of the Republic of Serbia

Publ

ic D

ebt o

f Gen

eral

Gov

ernm

ent*

Public Debt ofGeneral Government

Public Debt of the Republic of Serbia

in December(December compared to November)

since the beginning of the year(December 2018 compared to December 2017)

Compared to November direct and indirect liabilities and total non-guaranteed debt decreased: Compared to the end of 2017 direct liabilities increased, while indirect liabilities and total non-guaran-teed debt decreased:

Direct liabilities Indirect liabilities

+ + =21.5 1.5 0.3

-1,059.8

-38.6

-2.7 -18.6

-238.9

+32.0

in EUR mn in EUR mn

Total non-guaranteed debt**

Total non-guaranteed debt

Indirect liabilities

Direct liabilities

Total non-guaranteed debt

Indirect liabilities

Direct liabilities

0

5

10

15

20

25

30

2014 2015 2016 2017 2018

23.225.3 25.2 23.6 23.3

0

20%

40%

60%

80%

54.3%

67.5%

58.7%

71.2%68.8%

in EUR bn

in % of GDP*

-1,098.4EURmn

-1.101,1EURmn

-206.9EURmn

-225.5EURmn

Main Sources of Change in Public Debt***in the observed period, in EUR mn

in December(December compared to November)

since the beginning of the year(December 2018 compared to December 2017)

Payment of activated guarantees(in 2018)

Repayment of Eurobond 2018

Net borrowing in the domestic �nancial market (in 2018, amount of issued government securities exceeded the amount of matured government securities)

***Parliamentary Budget O�ce calculation

Parliamentary Budget O�ceInfographic JD 03/19e, March 2019

pbk@parlament.rswww.pbk.rs

Payment of activated guarantees(in December)

Net increase in loans of foreign governments(primarily due to the withdrawal of the State Export Credit extended by the Government of the Russian Federation, for the procurement of goods and services in the �eld of railways from authorized Russian companies)

Net increase in loans of foreign governments(primarily due to the withdrawal of the loan extended by the Abu Dhabi Fund for Development, for the purpose of the General Budget support and the State Export Credit extended by the Government of the Russian Federation, for the procurement of goods and services in the �eld of railways from authorized Russian companies)

Net repayment in the domestic �nancial market (in December, amount of matured government securities was EUR 73.2 mn, amount of early redeemed government bonds was EUR 84.6 mn, and there was no issuance of the government securities)

E�ect of exchange rate changes (compared to October, public debt denominated in euros decreased due to the exchange rate changes – primarily due to a 0.4% depreciation of the U.S. dollar against euro)

E�ect of exchange rate changes (compared to the end of 2017, public debt denominated in euros increased due to the exchange rate changes – primarily due to a 4.4% appreciation of the U.S. dollar against euro)

Cancellation of a portion of debt to the Paris club of creditors

Notes: *Statistical O�ce of the Republic of Serbia carried out revision of GDP calculations for the period 2005-17, which in�uenced the changes in the share of public debt in GDP in comparison to the previously published data. Additionally, Ministry of Finance has revised upwards its initial GDP forecast for 2018.**Total non-guaranteed debt (EUR 313.8 mn) consists of non-guaranteed local government debt (EUR 311.1 mn) and non-guaranteed debt of the PE Roads of Serbia (EUR 2.7 mn).Data sources: Public Debt Administration: Monthly Report PDA – December 2018 - preliminary data; Debt Statistics – December 2018; Quarterly Report – December, 2017;Ministry of Finance: Macroeconomic and Fiscal Data for December 2018, published on February 28, 2019;National Bank of Serbia: daily exchange rates, website.

Repayment of Eurobond 2018

-157.8

around

-20

around

-880 around

-880

-23.1

+23.7

Repayment of debt to the London and Paris clubs of creditors(includes regular repayment of debt to the London and Paris clubs of creditors, premature repayment of total debt to the London club of creditors and cancellation of a portion of debt to the Paris club of creditors)

-18.5 -247.5

+385.2

around

+370

+440.3

-166.9