ZAGREB, 4 March, 2021 - At the November of 2020, Croatia's public debt totalled HRK 327.8 billion, rising by 35.3 billion, or 12.1%, from the end of 2019, and the country's public debt-to-GDP ratio increased by 15.3 percentage points to 88.6%, according to the Croatian National Bank (HNB) data.
Month on month, the public debt increased 0.6% at the end of November 2020.
A strong rise in the public debt in the first eleven months in 2020 is a result of the response to the crisis caused by the global COVID-19 pandemic, which reduced a large number of economic activities and consequently budget revenues while the state stepped in to cover a budget gap, according to assessments made by RBA bank's analysts.
The analysts also expect the reduction of the debt-to GDP ratio in 2021 below 85%, provided that economic recovery forecasts come true in the course of this year.
(€= HRK 7.5)
