Turkey’s gross external debt stock reaches $412.4 billion

ANKARA - Anadolu Agency

Turkey’s gross external debt stock stood at $412.4 billion, nearly half its gross domestic product, at the end of March, the Treasury announced on June 30.

The country’s net foreign debt reached $266.7 billion at the end of March, accounting for more than 31 percent of GDP, the Treasury stated.

Loans under guarantee of the Undersecretariat of the Treasury stood at $12.4 billion during the same period. 

The Treasury said Turkey’s EU-defined general government debt stock, which is one of the lowest in Europe, was $220 billion, or 28.9 percent of GDP, as of March 31.

The European Commission forecasts Turkey’s general government gross debt to decline to 26.5 percent of GDP in 2017, down from 28.3 percent in 2016.