The Ministry of Hacienda says the non-financial public sector debt, which is essentially that contracted by the central government, increased in 2021 by US$3.05 billion. As of 31 December 2021, the non-financial public sector (NFPS) debt balance stood at US$47.67 billion, up from US$44.62 billion at the beginning of the period.
The law states that non-financial public sector debt encompasses the debt of the central government, decentralized and autonomous non-financial institutions, social security institutions, non-financial public companies, municipal governments, and the National District.
The 6.83% increase was essentially driven by new foreign borrowing for US$2.64 billion, an increase of 8.60% over the December 2020 balance.
According to figures from the Public Credit General Office of the Ministry of Hacienda, the public external debt increased from US$30.70 billion to US$33.34 billion in the period analyzed. Meanwhile, the domestic 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$13.92 billion as of 31 December 2020 to US$14.33 billion at the end of 2021.
The public debt as a proportion of the size of the economy or GDP has maintained a steady growth since 2008, reaching its highest levels during the last two years, 2020 and 2021. In 2008 it represented about 10% of GDP, but by the end of 2021 it stood at 48% of national production. From 2013 to 2015 it remained at a level close to 27% of GDP. The trend continued in 2022.
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Ministry of Hacienda
El Caribe
9 March 2022