The debt of the non-financial public sector, which is essentially that contracted by the central government, increased last year by US$3,051.6 million, equivalent to a 6.83 percent increase.
The increase was essentially driven by the external debt component, which expanded by US$2,640.7 million, an increase of 8.60 percent compared to the balance of December 2020.
As of December 31, 2021, the balance of the debt of the non-financial public sector (SPNF) was placed at US$47,674.1 million, from US$44,622.5 million with which the period began.
official figures
According to figures from the General Directorate of Public Credit of the Ministry of Finance, the foreign debt component went from US$30,702.5 million to US$33,343.2 million in the analyzed period. Meanwhile, the internal component of the public debt, which is the minority, expanded last year by US$412.1 million, equal to 2.96 percent, going from US$13,918.8 million as of December 31, 2020 to US$14,330.9 million as of December 31, 2020. closing of 2021.
The position of the central government almost as absolute debtor of the financial commitments contracted by the SPNF. Of US$33,343.2 million of external debt balance, the Government was responsible for US$33,347.2 million, and of US$14,330.9 million accumulated in the domestic public debt segment, the Central Government was responsible for US$13,886.5 million. The trend and distribution proportions were maintained for the beginning of the current year 2022.
As of January 31, when the debt of the non-financial public sector represented just under half of GDP, the balance of the external and internal debt of the non-financial public sector (SPNF) totaled US$47,815.9 million, representing 48.1% of GDP. Estimated Gross Domestic (GDP). The NFPS debt balance was made up of 70.3% external debt, which presented an unpaid balance of US$33,603.4 million; while the remaining 29.7% corresponds to internal debt, which totaled RD$819,214.2 million, equivalent to US$14,212.5 million, at the exchange rate of RD$/US$=57.6405, indicates the explanation of a statistical table from the General Directorate of Credit Public.
It specifies that “these amounts represent 33.8% and 14.3% of the estimated GDP, respectively” and that “of the total domestic debt, some US$2,296.3 million (2.3% of GDP) correspond to intergovernmental debt of bonds issued by the Central Government for the recapitalization of the Central Bank.
Debt as a proportion of GDP skyrockets
The debt as a proportion of the size of the economy or GDP has maintained a constant growth since 2008, reaching its highest levels during the last two years, 2020 and 2021. And for the recently started 2022 the trend continued. In 2008 it represented close to 10% of GDP, but at the end of 2021 it was placed at 48% of national production. From 2013 to 2015 it remained at a level close to 27% of GDP.
